All Pensions articles – Page 166
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Article
Staffcare to launch auto-enrolment software
Staffcare is to launch an auto-enrolment platform.The product will manage the administration, compliance and reporting of employer's auto-enrolment requirements.It is available as a standalone product or can be used as an integrated suite of products, including total reward, flexible benefits and HR self-service.The product also:Allows users to gauge the financial ...
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Article
34% of respondents unprepared for auto-enrolment
Employers in the UK are unprepared for auto-enrolment and pensions are a “ticking time bomb” in their organisations, say HR and payroll providers.NorthgateArinso research shows 34% of businesses are totally unprepared for auto-enrolment. However, 65% are largely unconcerned by the new regulations, while nine out of 10 see it as ...
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Article
Informa gets set for pension reforms
Informa has renegotiated the annual management charge (AMC) on its group personal pension (GPP), and is introducing a pensions governance committee and financial education sessions in the run-up to auto-enrolment.The changes follow a market review the publishing and events firm conducted with its pension provider, Friends Life, to ensure it ...
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Article
EXCLUSIVE: EB Summit: Call for care on default funds
One-third (36%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 have an active duty of care over the investment funds/strategy in the default fund(s) offered to staff.A similar number leave this to their adviser or provider, while 15% said a member/staff committee is responsible.In a panel ...
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Article
Kantar Worldpanel boosts pension take-up
Kantar Wordpanel has boosted the take-up of its group personal pension (GPP) plan following a communications exercise.The membership of the firm’s GPP scheme increased from 72% in 2011 to 79% in 2012, following a series of communications with provider JLT Online Benefits in February.The sessions also informed staff about auto-enrolment ...
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Analysis
Get a full view of pension annual management charges
If you read nothing else, read this…Annual management charges (AMCs) can range from approximately 0.3% to 1%.Employers setting up a new pension scheme may be able to take advantage of competitive terms being offered by providers in a ‘land grab’ ahead of the Retail Distribution Review coming into effect from ...
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Article
Mills and Reeve to consolidate pensions and switch providers ahead of pension reforms
?Mills and Reeve plans to consolidate its stakeholder and group personal pension (GPP) schemes into one GPP, has switched its pensions adviser, and will offer its 800 staff a pension modelling tool ahead of the pension reforms.The law firm is reviewing its schemes, which have take-up levels above 90%, in ...
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Article
Aspire adds 1% match to employees' pension contributions
EXCLUSIVE: Aspire has introduced a 1% match on its employees’ contributions to the group personal pension (GPP) scheme to encourage them to get used to saving in advance of auto-enrolment.The matched contribution is for employees who contribute at least £20 of their salary per month. The scheme is offered as ...
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Article
Getting payroll systems ready for auto-enrolment is a big challenge for employers
Getting HR and payroll systems ready for compliance with auto-enrolment requirements is the biggest challenge relating to defined contribution (DC) pensions facing employers, according to research by Mercer.The research, which analysed the DC pension offerings of more than 300 UK employers, showed that getting employees to understand pensions ranked as ...
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Article
Government aligns auto-enrolment with tax and NI thresholds
The government has aligned auto-enrolment rates for the next tax year with tax and national insurance (NI) thresholds.The Automatic enrolment earnings thresholds review and revision has been published six months before the largest employers begin enrolling eligible staff into a pension scheme in October 2012.The Pensions Act 2011 requires the ...
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Article
Budget 2012: Delay to auto-enrolment staging dates to save government £380 million
The delay to auto-enrolment staging dates for employers with fewer than 50 employees is forecast to save the government £380 million in reduced tax relief on pension contributions by 2017.According to figures contained in the 2012 Budget report documentation, delaying the staging dates for this group until the next Parliament ...
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Article
The Pensions Regulator launches next phase in contacting employers about auto-enrolment
More than 200,000 employers, advisers and industry bodies have been contacted by The Pensions Regulator (TPR), advising them of their role in workplace pensions reform.In a series of interviews with TPR, employers made it clear that HR will be central to both the implementation and the ongoing monitoring of pension ...
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Article
Standard Life to launch auto-enrolment product for employers
Standard Life is to launch an auto-enrolment product, which removes the demands of data administration in three key areas: eligibility assessment, waiting periods and opt-outs.The product has been developed on Standard Life’s pension platform. The technology will link with the provider's group flexible retirement plan and trust-based pension scheme.Stephen Ingledew, ...
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Article
University of Sheffield appoints pension administrator in preparation for auto-enrolment
The University of Sheffield has appointed Capita Hartshead to administer its pension scheme in preparation for auto-enrolment.The scheme has 3,000 members, made up from the university’s non-academic staff.Andrew Wood, head of financial services at the university, said: “We had two key criteria when choosing our new administrator.“It was essential it ...
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Article
Employers plan to use existing DC pension plan for auto-enrolment
More than two-thirds of employers plan to use their existing defined contribution (DC) pension plan to automatically enrol their employees, according to research by Towers Watson.The Towers Watson DC governance survey 2012, conducted among 145 fiduciaries of UK DC plans, found that the national employment savings trust (Nest) is being ...
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Article
Confidence in pensions plummets ahead of auto-enrolment
More than half (54%) of employees are not confident in pensions compared to other ways of saving, according to research conducted by the National Association of Pension Funds (NAPF).The survey, run by pollsters Populus, also found that a third (33%) of those who are eligible for auto-enrolment will not stay ...
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Article
EB Summit: Informa is well ahead on auto-enrolment plans
Informa has developed a methodical step-by-step approach to auto-enrolment, as it moves up its staging date from July 2013 to January 2013.Thomas Humphris, head office HR and UK reward director at Informa, shared the publishing and events organisation’s journey towards auto-enrolment in a session called ‘Preparing for the cost of ...
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Article
EB Summit: Auto-enrolment prompts employers to consider benefits cuts
Half of delegates at the Employee Benefits Pensions and Workplace Summit 2012 will consider slashing their benefits budgets because of auto-enrolment.Pension provision cuts are a consideration for almost a quarter (24%) of the leading benefits and reward professionals polled at the summit, taking place at the Four Seasons in Hampshire, ...
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Article
EB Summit: Quarter of delegates believe auto-enrolment will not close retirement savings gap
Nearly a quarter (24%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 believe that auto-enrolment will not close the retirement savings gap in the UK, according to a poll taken on 8 March at the event.A fifth (18%) of the high-level reward and benefits professionals attending ...
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ArticleWhite paper — can employers' systems cope with auto-enrolment?
Employers must consider the cost of additional pension contributions and scheme administration will have on their organisation.To download the white paper, click on the link above right under Related Files.White paper supplied by Johnson Fleming.