All Pensions articles – Page 163
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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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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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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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Article
Originem sets out plans for pensions auto-enrolment
EXCLUSIVE: Originem plans to comply with the auto-enrolment legislation from October, well ahead of its staging date in September 2013.The outsourced recruitment company is the employer of record for about 900 temporary and contract staff, which it places with UK organisations in the construction, education, healthcare and IT industries.Chris Clowes, ...
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Case Studies
FirstGroup up to speed with auto-enrolment hub
Transport operator FirstGroup will ensure its compliance with the reforms by introducing an auto-enrolment hub that will sit between its pension provision, payroll system, reward portal and communication processes.The firm conducted a beauty parade of potential providers in June and planned to make an appointment last month, ahead of its ...
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Analysis
Beware penalties for pensions auto-enrolment non-compliance
If you read nothing else, read this… Employers must refer to pensions in an employee’s contract of employment, but those that provide too much detail could run into difficulties if they want to make changes in the future. Employers cannot provide staff with opt-out forms if they want to leave ...
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Analysis
The latest changes to auto-enrolment legislation
If you read nothing else, read this… Auto-enrolment legislation has undergone several changes since it was announced in the Pensions Act 2008. The qualifying earnings threshold for staff to be eligible for auto-enrolment has risen from £5,000 to £8,105. More flexibility around contribution levels has also been granted for employers ...
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Article
Employee Benefits Pensions and Workplace Savings Research 2012: Auto-enrolment
After many years in the pipeline, the Pensions Act 2008 will finally begin to take effect from October this year. For some organisations, compliance is already a reality, with some having opted to bring their staging date forward to last month. The legislation will introduce compulsory minimum employer and employee ...
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Article
Employee Benefit Pensions and Workplace Savings Research 2012: Key Findings
Our survey, which was carried out in June 2012 among readers of Employee Benefits magazine and users of www.employeebenefits.co.uk, received 206 responsesKEY FINDINGS85% will use their existing pension scheme for implementing the auto-enrolment reforms.75% know how much auto-enrolment will cost, with 32% saying it will increase costs by 1-9%.34% will ...
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Article
ISS UK to implement multi-employer trust for auto-enrolment
ISS UK is to implement a multi-employer trust to comply with the auto-enrolment legislation.The facility service provider will introduced the trust, provided by Now:Pensions, for the eligible employees in its 42,500-strong workforce from its staging date in January 2013.Matthew Brabin, chief financial officer at ISS UK, said: “With the imminent ...
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Article
Shilling Communication launches auto-enrolment product
Shilling Communication has launched an auto-enrolment communications product, to help employers with the administrative burden of auto-enrolment.The product can be used by organisations of all sizes, but is particularly targeted at large employers, which have a large annual turnover or a high number of new joiners per annum.The product is ...
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Article
Johnson Matthey increases additional voluntary contributions and bonus sacrifice by 350%
Johnson Matthey has seen a 350% increase in employees sacrificing their annual bonus to pay 1% in additional voluntary contributions (AVCs) into their pension scheme.The increase followed the launch of a personalised newsletter, which was sent out to all 3,500 active members of the global chemicals and precious metals firm’s ...
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Article
British public unaware of auto-enrolment
Only 19% of the British public are aware of auto-enrolment, according to research by Aon Hewitt.The research, carried out by YouGov, found that those already in workplace pension schemes were more likely to have heard of auto-enrolment (37%), while only 16% of those who are not currently part of a ...
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Article
Administration is key auto-enrolment concern
A majority (92%) of employers said the administration of auto-enrolment is a key concern in relation to the incoming pension duties, according to research by Staffcare.The research, which surveyed both employers and advisers, found that 70% of advisers plan to use a specialist external system to handle the ongoing administration ...
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Article
Payroll departments to lead auto-enrolment implementation
Almost half (40%) of respondents said their payroll departments will take the lead in the implementation of auto-enrolment, according to research by The Chartered Institute of Payroll Professionals (CIPP).The CIPP research paper to understand business readiness for automatic enrolment found that 29% of respondents said their HR department would take ...
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Article
DWP publishes guidance on certifying DB schemes for auto-enrolment
The Department for Work and Pensions (DWP) has published guidance on certifying defined benefit (DB) pension schemes and hybrid schemes for auto-enrolment.The guidance aims to help organisations continue to use existing schemes, rather than setting up a new one, to comply with the pension reforms.Steve Webb, minister for pensions, said: ...
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Article
The Pensions Regulator warns employers on auto-enrolment inducements
Laws prohibiting inducements around auto-enrolment came into effect on 1 July.The Pensions Regulator (TPR) has published a reminder that it will take action where it sees evidence of inducement. This includes an initial fine of up to £400, with escalating penalties of up to £10,000 a day for larger employers.Charles ...
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Article
Co-operative Group conducts pension review to prepare for auto-enrolment
The Co-operative Group has conducted a review of its retirement benefits to ensure it is prepared for its auto-enrolment staging date in January 2013.The group, which has more than 100,000 employees, will enrol its 40,000 employees who do not currently contribute to a workplace pension scheme in a defined contribution ...
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Article
Dev Raval: Are default funds the best option for the majority of staff?
Default funds the best option for the majority of staff according to 92% of FTSE 100 pension funds [Towers Watson’s FTSE 100 DC pension scheme survey 2012], which operate a default investment strategy, with more than half of those having more than 90% of their members in the default option. ...
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Article
David Noakes: Are default funds the best option for the majority of staff?
The default funds selected by some pension schemes seem to have been chosen using a path of least resistance, to minimise possible employee comeback. This is not to be confused with less risk, although unfortunately it often is.This approach typically identifies an equity-biased, index-tracking fund as the default option. Tracking ...