All Pensions articles – Page 170
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Article
Employee Benefits Live: ICE Group closes DB pension scheme and saves money with new GPP
Since the Institute for Civil Engineers (ICE Group) closed its defined benefit (DB) pension scheme to future accrual and launched a group personal pension (GPP) scheme in 2010 it has saved £240,000 and reinvested in new benefits.Speaking at Employee Benefits Live, Ethan Kelly-Wilson, project director, human resources, ICE Group, said ...
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Analysis
Crucial choices ahead of pension reforms
If you read nothing else, read this … Employers will have to decide whether they offer new pension scheme joiners the existing level of contributions or the minimum required by the 2012 pension reforms. The reforms have increased the interest in cash balance schemes. Nest is likely to be most ...
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Article
Babel Media increases pension scheme take-up
Games and interactive entertainment firm Babel Media has increased pension scheme take-up and reduced annual management charges after introducing a new group personal pension (GPP) scheme for staff.Working in conjunction with Creative Benefits the firm introduced the scheme after closing two pre-existing GPP plans to future accrual. In doing so, ...
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Article
University of Reading auto-enrols staff into new defined contribution pension scheme
Following the closure of its final salary pension scheme to new entrants, the University of Reading will auto-enrol all employees over age 22 into a new defined contribution (DC) pension scheme.BlackRock has been appointed to the DC scheme to provide a full proposition of investment funds, administration and member communications.Around ...
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Article
Employee Benefits/Worplace Savings Research 2011: Investment
Employers are grasping the importance of adequate default funds and ensuring employees understand their investment choices, says Debbie Lovewell†More than three-quarters of respondents that offer a defined contribution (DC) pension scheme include at least one default investment fund for staff who do not choose to make active investment decisions. Some ...
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Article
Heineken UK introduces new defined contribution pension scheme
Heineken has introduced a new defined contribution (DC) pension scheme as part of changes to its pension provision for existing and new employees.As part of the changes, the beer and cider firm has also closed its defined benefit (DB) scheme to new employees and stopped future accrual for existing employees.The ...
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Article
Oracle completes roll out of group personal pension plan
Oracle has completed the roll out of its group personal pension (GPP) plan after launching the benefit to the remainder of its UK-based staff.The last group of employees to be to be introduced to the GPP, which replaced 31 pension schemes when it was introduced last year, used to work ...
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Article
Nelsons increases take-up of group personal pension plan and introduces salary sacrifice
Nelsons has increased the take-up of its group personal pension (GPP) scheme and introduced a salary sacrifice arrangement after an extensive communications campaign.The natural medicines provider, which re-launched its GPP between February and March, now has 67% of its employees saving into a pension, compared to 49% previously. Almost three ...
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Article
Specsavers appoints new pensions consultancy
Specsavers has appointed Capita Hartshead to provide pensions consultancy services to help increase engagement among employees.The optical retailer is keen to promote the benefits of its group personal pension (GPP) plan across its 18,000 employees, and target strategic communications to meet individual needs.Capita Hartshead will also provide a full scheme ...
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Article
Prudential UK appoints pension scheme administrator
Prudential UK has appointed Xafinity Paymaster for the administration services of its money purchase pension (MPP) and group personal pension (GPP) schemes.Linda Conner, customer services manager at Prudential, said: “Xafinity Paymaster has provided pensions administration services to Prudential for many years.“Our decision to extend the activity undertaken by Xafinity Paymaster, ...
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Article
Amey rejigs pension plans to prepare for 2012 reforms
?Amey has closed its trust-based defined contribution (DC) pension scheme to future accrual, moved members to its group personal pension (GPP) and introduced automatic participation in a pensions salary sacrifice arrangement to prepare for the 2012 pension reforms.After a consultation exercise, the private sector outsourcing contractor closed its trust-based DC ...
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Article
Oracle boosts take-up of group personal pension plan
?Oracle has boosted take-up of its group personal pension (GPP) plan after a communications campaign.The IT firm, which brought in the GPP last year to replace a trust-based defined contribution (DC) scheme after consolidating several legacy pension schemes from acquired organisations, has seen membership of the GPP rise from 77% ...
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Case Studies
Case study: Arup engineers matching pension contributions
When engineering firm Arup set up a new group personal pension (GPP) plan last June, it decided to offer a matched contribution to staff.The matches on offer range from a minimum 2% employee contribution which attracts 4% from the employer, up to a maximum 6% employee contribution which attracts a ...
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Article
Acxiom boosts group personal pension take-up after revamping structure
?Marketing services firm Acxiom has restructured its group personal pension (GPP) plan to simplify the arrangement and increase its appeal for its 1,200 UK-based staff.The company made the changes after closing its trust-based defined contribution scheme to new joiners and introducing the GPP two years ago. After the change, it ...
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Article
Travelport migrates staff to single pension
?Travelport is migrating its 2,000 UK employees from two existing pension schemes into a single plan and has launched an online benefits portal called My Benefits.The pension changes are intended to simplify provision, reduce annual management charges, and prepare for a smooth transition into auto-enrolment by 2012. Its previous two ...
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Article
Wolfson Microelectronics closes defined benefit pension scheme
?Wolfson Microelectronics is to close its final salary pension scheme to future accrual after a 60-day consultation with the 28 affected staff and has switched providers for its group personal pension (GPP) plan.The semiconductors supplier closed its scheme to new joiners in July 2002. Four of the remaining members were ...
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Article
Aon Hewitt research: Most employers offer over 20 DC pension investment options
The majority (63%) of employers offer over 20 investment options to defined contribution (DC) scheme members while only 12% offer no default investment option.The Aon Hewitt Employee Benefits and Trends Report, which surveyed 485 employers on various issues relating to employee benefits and pensions, warns that this array of investment ...
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Article
Employee Benefits Pensions Summit 2011: Nest does not aim to compete with existing workplace pension schemes
The national employment savings trust (Nest) is not intended to replace existing pension schemes such group personal pensions (GPPs), stakeholder schemes and group self-invested personal pensions (Sipps).Speaking at the first day of the Employee Benefits Pensions Summit 2011, Paul Gilbody, director of market engagement at the Nest Corporation, said that ...
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Article
Damovo launches group personal pension scheme
Communication technology firm Damovo has launched a group personal pension (GPP) plan. The scheme, which will be provided by Goddard Perry Consulting, will have 220 members.Goddard Perry Consulting will also provide workplace advice and face-to-face communication relating to the pension for the firm’s employees.Steve Goddard, managing director of Goddard Perry ...
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Article
KPMG launches defined contribution pensions practice
KPMG has launched a dedicated defined contribution (DC) practice.KPMG DC Solutions will advise organisations on all aspects of DC pensions provision including assistance in the design of the schemes, choosing platform providers, advising on employee communications, and delivering DC governance and investment services.KPMG’s pensions partner, Gurmukh Hayre, will lead the ...