All Pensions articles – Page 164
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Article
Expedia replaces group personal pension scheme with group Sipp
Expedia is to close its group personal pension (GPP) scheme and introduce a group self-invested personal pension (Sipp), with staff able to make contributions via salary sacrifice.The change, which happens this month, will affect 900 staff in the UK, including those in two of Expedia's other businesses, TripAdvisor and Egencia.The ...
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Wolfson Microelectronics adds sharesave and group personal pension salary sacrifice
Wolfson Microelectronics is launching a sharesave (save-as-you-earn) scheme and introducing a salary sacrifice arrangement for contributions to its group personal pension (GPP) for its 350 UK employees.Through sharesave, staff will be able to invest £5 to £250 a month for three years. They will then be able to take their ...
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Article
Towry winds up legacy defined contribution (DC) plan
Financial advisory group Towry is winding up the trust-based defined contribution (DC) pension plan of Edward Jones, which it acquired last November.It will offer the firm’s 250 staff the option of joining Towry’s group personal pension (GPP) plan, run by Zurich, or group self-invested personal pension (Sipp).Towry has also increased ...
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Analysis
Pensions roundtable: How to offer a defined contribution pension
In the past, defined benefit (DB) plans operated on a trust basis - a proven format offered along with independent oversight supplied by a board of trustees assisted by professional advisers.But the mass migration to defined contribution (DC) pensions has changed this and put more responsibility on the employer. This ...
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FSA confirms commission ban on group personal pensions
The Financial Services Authority (FSA) has confirmed commission on all new group personal pensions (GPP) will be banned under the Retail Distribution Review from 2013.The regulator's policy document Delivering the retail distribution review - Corporate pensions: feedback to CP09/31 and final rules has stated commission will be allowed to continue ...
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Mercer launches defined contribution pensions governance tool
Mercer has launched a new tool to help trustees and governance committees improve the performance of their defined contribution (DC) pension schemes.The tool will help reduce the running costs and ensure schemes meet the needs of members, while also preparing them for new guidance expected from The Pensions Regulator.The Mercer ...
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Analysis
Make sure defined contribution pension default funds are dependable
Most defined contribution scheme members choose the plan's default fund, so employers should make sure it is not a bad option, says Jenny KeefeIn an episode of The Simpsons, Homer achieves one of his dreams by becoming a Nasa astronaut. It looks like his buddy, Barney, will be the one ...
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Article
Framestore moves group personal pension into flexible benefits
Visual effects specialist Framestore has boosted take-up of its group personal pension (GPP) after moving it into its flexible benefits scheme as a salary sacrifice arrangement.Annabel Jones, human resources manager at the company, which has worked on films such as Avatar, said the GPP, provided by Scottish Widows, was the ...
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Article
Computershare moves acquired EES employees into group personal pension scheme
Computershare Investor Services has harmonised its pensions provision after acquiring HBOS Employee Equity Solutions (EES).The firm has integrated staff from the employee share plan administrator's legacy defined benefit and defined contribution (DC) schemes into its group personal pension (GPP) plan. Of EES's 397 staff, 371 have chosen to join their ...
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PensionDCisions research: most DC plans to review default option
More than half (54%) of defined contribution (DC) plans intend to review or change their default strategy in the near term. This figure is up from 20% in 2009.The findings are part of the 2010 PensionDCisions UK Sponsor Default Survey, which polled 62 large UK plans, representing 630,000 DC members ...
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Article
Babcock International to consolidate defined contribution (DC) schemes
Support services company Babcock International Group is to consolidate its existing unbundled defined contribution (DC) schemes and contract-based plans for the group in the UKThe new pensions arrangement will provide a single defined contribution (DC) pension scheme for employees without access to its existing defined benefit (DB) schemes.All new staff, ...
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Article
Corona Energy relaunches group personal pension
Corona Energy, a leading commercial energy supplier of natural gas to British-based businesses, has re-launched its group personal pension plan (GPP).Corona Energy had an existing GPP in place but it was some time since a systematic review to assess the scheme had taken place.It has appointed benefits consultancy Cartlidge Morland ...
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Article
AllianceBernstein launches default investment strategy
Global investment firm AllianceBernstein has launched a bespoke range of funds for defined contribution (DC) schemes.The funds combine features from the traditional approaches of lifestyling and balanced (diversified growth) strategies.The AllianceBernstein Customized Retirement Strategies is aimed at DC pension members who do not have the time or inclination to make ...
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Article
FSA to eradicate commission on GPPs, stakeholder pensions and Sipps
The Financial Services Authority (FSA) has proposed that providers of group personal pensions (GPP),stakeholder pensions and self-invested personal pensions (Sipps) should not be able to pay commission to firms that advise employers in setting up pensions schemes.This proposal, outlined in the FSA’s consultation paper, Delivering the retail distribution review, would ...
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Article
BT to raise default contribution rates for staff pensions
BT will increase the matching contribution rates for its contract-based defined contribution next April.From April 2010 the default employer contribution rate will rise to 8%, from the current 5%, with a matchingemployee contribution rate of 7%. Employees wishing to contribute a little more can also increase their matchingcontribution rates to ...
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Buyer's guide to group personal pensions (October 2009)
Sales of group personal pension schemes are thriving as employers look to shed the burden of trust-based plans and start planning for the 2012 pension reforms, says Ceri JonesThe group personal pension (GPP) market is experiencing a second wave of growth as some employers switch from trustbased pensions to contract-based ...
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Analysis
New trends for DC pension default funds
Most defined contribution pension members use schemes' default funds, but investment trends are changing, says Matthew CraigIf you read nothing else, read this...Some 82% of defined contribution members do not actively decide where to invest.Their contributions go into a default fund, which generally aims for positive returns without excessive risk-taking. ...
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Article
Whitbread perks up defined contribution plan ahead of 2012
Whitbread, the leisure group which owns Costa Coffee and Premier Inns, will extend eligibility for its trust-based defined contribution (DC) pension scheme to an extra 14,000 staff and increase employer contribution rates to between 4.5% and 6% of salary.This announcement, which is partly motivated by the changes to pensions legislation ...
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Article
Benefits Surgery: Default funds for defined contribution pensions
As an employer, what legal obligations do we have if the default fund of our defined contribution (DC) pension turns out to be a poor investment?In strict legal terms, employers do not have any particular legal obligation to select or monitor a default fund. But that may be a moot ...
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Analysis
Do Sipps spell an end for GPPs?
Self-invested personal pensions are putting the popularity of GPPs under pressure as employers and employees seek greater flexibility in their investment options, says Tom WashingtonIf you read nothing else, read this…- Group personal pensions (GPPs) are a contract-based defined contribution occupational pension vehicle.- Their popularity was threatened in 2001 with ...