All Pensions articles – Page 163
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Article
UK directors' average pension pot is $4.3m
Directors of the UK’s FTSE 100 companies have built up pension pots worth an average of £4.3 million, according to research by the Trades Union Congress (TUC).The tenth annual PensionsWatch survey, which analysed the pension arrangements of 351 directors from FTSE 100 companies, found that the average transfer value for ...
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Opinion
Helen Dean: Time for change
This industry forum is supplied by Nest.With the major changes happening to workplace pensions from October, it is important that employers of all sizes start thinking about their own arrangements as soon as possible, because it can take up to 18 months to prepare.They will need to consider everything from ...
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Article
Premier launches auto-enrolment product
Pensions and actuarial firm Premier has launched a product to help employers manage their auto-enrolment obligations.The Premier Auto-enrolment Manager (PAM) can be tailored to suit any size of organisation. It can also be adapted to work with multiple pension schemes and can interface with all payroll systems.Paul Couchman, managing director ...
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Article
Debi O'Donovan: DC needs careful attention
I am very pleased to see the debate about pension charges hitting the headlines. Not only because we desperately need transparency on annual management charges to avoid a future mis-selling scandal, but also because it means defined contribution (DC) schemes are finally getting more attention.As Lee Hollingworth, head of DC ...
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Opinion
Susan Jones: How many default funds?
Offering a choice of default funds to pension scheme members rather defeats their purpose. Defaults are for those who do not want to make any choice about investment, do not feel capable of doing it or think that someone is doing it for them. One of the painful facts about ...
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Article
Tui Travel reviews pension ahead of auto-enrolment
Tui Travel is consulting about moving its primary trust-based defined contribution (DC) pension scheme to a contract-based arrangement.The project, on which KPMG is advising, is part of its preparation involved ahead of Tui’s March 2013 auto-enrolment staging date.Speaking at Employee Benefits Live, Tim Taylor, head of group reward at TUI, ...
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Article
UK workers unaware of auto-enrolment
More than half (52%) of respondents are unaware of the incoming auto-enrolment legislation, according to research by Scottish Widows.The Scottish Widows Workplace pensions report 2012 found that awareness is particularly poor among employees on an income of under £20,000 per annum, with only a third conscious of the upcoming changes.Of ...
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Article
KFC prepares for pensions auto-enrolment
EXCLUSIVE: Kentucky Fried Chicken (KFC), part of Yum! Brands, will create an online learning module for staff to provide information about the impending auto-enrolment legislation.The module is the first step in a full review of the restaurant chain’s group personal pension (GPP) plan, auto-enrolment technology and communications strategy.The module will ...
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Article
Fund choices must be more flexible
Employers should consider how to build flexibility into the fund choices available through their pension schemes, to help employees optimise their retirement income, said Tim Taylor, head of group reward at Tui Travel.Speaking at Employee Benefits Live, Taylor, said the removal of the default retirement age (DRA) meant that a ...
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Article
Telefonica launches first phase of auto-enrolment communications
EXCLUSIVE: Telefonica has launched the first phase of its auto-enrolment communications campaign, focusing on the non-members of its pension scheme.The campaign, which is part of a package of communications services from Caburn Hope, will include a second phase later in 2012.The telecommunications firm has 6,000 employees, with around 50% in ...
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Article
Scottish Life partners Nest for auto-enrolment service
Scottish Life has partnered the national employment savings trust (Nest) to enable advisers to offer an integrated auto-enrolment service to employers.The Automatic Enrolment Service will be a compliant option for employers, regardless of whether the pension scheme is supplied by Scottish Life or Nest.Scottish Life and Nest will manage joint ...
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Article
Employers offering workplace savings
Only one fifth of employers are not making provision for staff to take advantage of tax breaks around workplace savings, according to research by Employee Benefits.The Employee Benefits/Premier pensions and workplace savings research 2012 found the number of employers offering no provision has fallen to 20% from 57% in 2011, ...
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Article
LCP launches auto-enrolment modeller for employers
LCP, the financial, actuarial and business consultancy, has launched an interactive defined contribution (DC) pensions modelling tool to help employers with their auto-enrolment requirements.The modeller allows employers to review the pension scheme design options that are available to meet the auto-enrolment obligations. Employers can input individual scheme and employee data ...
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Article
Employee Benefits/ Premier pensions and workplace savings research 2012
As auto-enrolment approaches, many employers’ attention is now firmly fixed on what compliance means for their organisation, according to the Employee Benefits/Premier pensions and workplace savings research 2012.Just under three-quarters (72%) of respondents said they have a project plan in place, while 69% have planned their budget for the changes.Three-quarters ...
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Article
PWC to begin auto-enrolment communications to staff
EXCLUSIVE: PricewaterhouseCoopers (PWC) is to embark on its auto-enrolment communications strategy by issung a guide to its 15,000 employees.The guide, which will be emailed to staff in the first two weeks of August, will detail the options available under auto-enrolment.These include joining the firm’s existing group personal pension (GPP) plan, ...
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Analysis
What level of investment risk should employers and employees take?
If you read nothing else, read this… Employers and pension trustees have been seeking ways to limit the level of risk in default funds. Poorly performing investments will reduce the size of pension pots, with repercussions for employers and staff Ascertaining risk for scheme members is fraught with difficulties. The ...
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Article
Holiday Extras sees 82% take up of flexible benefits
EXCLUSIVE: Holidays Extras has achieved an 82% take-up in its online flexible benefits scheme since it was launched in June.The most significant increase was in the take-up of the online holiday booker’s group personal pension (GPP) plan.While 99 of its 400 employees were members of the scheme prior to the ...
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Case Studies
Ove Arup engineers smooth transition to group personal pension
Ove Arup and Partners International has taken a number of steps to engage and encourage its employees to save for their retirement since closing its defined benefit (DB) pension scheme in 2010, and more recently in the run-up to auto-enrolment, which will begin to be introduced next month.Pension roadshows, run ...
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Analysis
How to clearly communicate pension scheme contributions
If you read nothing else, read this… Pension scheme communications should refer to contributions as pounds and pence rather than as a percentage of salary. Employers should clearly illustrate all tax relief relating to employees’ pension scheme contributions. Pension modelling tools can help engage employees by enabling them to assess ...
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Article
House of Fraser closes DB pension and introduces GPP
House of Fraser has closed its defined benefit (DB) pension scheme to future accrual and launched a group personal pension (GPP) plan in preparation for auto-enrolment.The GPP will be provided by Aviva. Johnson Fleming will manage the scheme’s administration, governance reporting and auto-enrolment compliance through its platform inform equip.The GPP, ...