All Pensions articles – Page 21
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OpinionKate Payne: Is the GMP equalisation update realistic?
When it comes to guaranteed minimum pension (GMP) equalisation on past transfers, the new Pensions Administration Standards Association (PASA) guide does a good job of explaining the total mess schemes find themselves in as a result of the 2020 Lloyds judgement, and how the obligation might be discharged in a ...
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Case StudiesThe benefits on offer at Herbert Smith Freehills
The benefits offered by Herbert Smith Freehills:PensionA defined contribution (DC) pension scheme for all employees, with employer-matched contributions up to a total of 16% (employee/employer).Healthcare and wellbeingPrivate medical insurance (PMI) scheme, employer paid for all employees and their families.Income protection, employer paid for all employees.Health screening, employee paid.Health cash plan, ...
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Article50% of part-time staff have a workplace pension
Only half of part-time employees have a workplace pension despite all eligible staff being automatically enrolled into their employer's scheme, a survey has found.Fidelity International asked 2,004 male and female UK part-time workers about their typical income and retirement savings. It discovered that while women and men earn £13,468 and ...
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ArticleUK staff have the oldest expected retirement age
New data has highlighted that UK workers have the oldest expected retirement age out of five European countries.According to research from HR and payroll services specialist SD Worx, when compared to other countries in Europe, the UK is at the top of the list with an age of 66.67 years ...
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ArticleThe top 10 most-read articles between 13 August - 19 August 2021
The top 10 most-read stories on employeebenefits.co.uk between 13 August – 19 August 2021 were: XPO Logistics Drinks staff vote to strike over payHMRC exposes worst minimum wage excusesMore employees want Fridays off than MondaysConfessions of a benefits manager: Candid gets in trainingWhat employee engagement lessons can the UK learn ...
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ArticleCEOs earned 86 times median wage in 2020
The median-earning FTSE 100 chief executive was paid £2.69 million in 2020, 86 times the median wage of a full-time worker in the UK, according to analysis by the High Pay Centre.The highest paid was AstraZeneca CEO Pascal Soriot, who earned £14.45 million for his part in successfully delivering a ...
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ArticleEmployers still failing to offer financial education
New research has suggested employers are still not doing enough to help staff navigate their finances.According to a poll by Wealth at Work, even after the effects of jobs losses and furlough, a significant 41% of organisations are still failing to offer employees any support to enable them to better ...
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OpinionHayley James: Pensions engagement is becoming an increasingly important issue
The focus on the topic of engagement, meaning informing employees to encourage positive action, in retirement plans has increased recently. Despite the success of auto-enrolment in getting people to save, many are not contributing enough to ensure an adequate income in later life. Additionally, the pension freedoms mean that savers ...
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Case StudiesTesco focuses on pension scheme members' retirement outcomes
Pension scheme managers face a mountain of pressing regulatory work such as preparing data for the pension dashboards and new environmental, social and governance (ESG) reporting challenges, but there is a risk that this can divert attention from the day-to-day monitoring of a scheme’s providers.Ruston Smith, non-executive chair of the ...
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AnalysisWhat trends are currently impacting on workplace pensions?
Need to know:Workplace pension schemes are facing huge amounts of change in the coming months.Employers, trustees and administrators have to be aware of the new reporting requirements on climate change.Preparing for the pensions dashboards will see schemes having to supply data in line with a 2023 deadline.Pension managers, trustees and ...
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ArticleBrent Group completes £3 million buy-in
Brent Group, a family-owned business which includes the digital marketing and brand agency Brand Remedy, has completed a £3 million buy-in deal for its defined benefit pension scheme.The deal with Just Group and K3 Advisory, provider of specialist independent bulk annuity and consolidation advice to the pensions industry, was for ...
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Article11% of employees can no longer afford to retire
More than one in 10 (11%) people have had to delay their retirement because they can no longer afford to retire, according to new findings.The research from Wealth at Work, which was carried out by Vital Research among 1,320 UK adults aged over 50 in employment, uncovered the varying impact ...
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Article41% of employers list pensions as a perk
Despite being a legal requirement, only 41% of employers listed pensions as a perk that potential employees can expect if their application is successful.Communications provider Moneypenny analysed 1,000 job advertisements on Indeed.com to discover the most popular and unique benefits on offer, as well as the industries that boast the ...
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ArticleKavitha’s keynote: Saving for the future
More than half (55%) of respondents to a new survey said that the pandemic had made them more aware of the importance of saving for the future, highlighting a positive shift in people’s attitudes towards their finances.The findings from Cushon, which we reported on earlier this week, showed 62% of ...
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Article62% would stay in savings scheme if enrolled
More than six in 10 employees would stay in a savings scheme if their employer automatically put them in one, according to new data.The research, which was undertaken by workplace pension and savings provider Cushon, found that this number increased to 69% if the employer contributed too. While 22% are ...
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Case StudiesPodcast: Global Marine Group adapts reward strategy to support staff wellbeing during pandemic
?tynanbarton · Global Marine Group/Employee Benefits podcastListen: Paul Rose, director of HR and talent at Global Marine Group, talks to Employee Benefits about how the organisation adapted its reward strategy to place a high focus on employee wellbeing, especially during the Covid-19 (Coronavirus) pandemic.Rose explains that the offshore engineering orgnisation ...
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Case StudiesThe benefits on offer at Global Marine Group
The benefits offered to UK employees at Global Marine Group:PensionA group personal pension (GPP) for all employees with matched contributions at 7.5%.Closed defined benefit (DB) scheme.Healthcare and group riskPrivate medical insurance (PMI) scheme with Axa PPP, employer-funded for all employees.Health cash plan for all employees with Medicash, employee paid.Employee assistance ...
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ArticlePoll: 78% of organisations use salary sacrifice for workplace pensions
Employee Benefits poll: More than three-quarters of organisations use salary sacrifice for workplace pensions, according to the latest Employee Benefits research.Salary sacrifice schemes allow employees to agree to reduce their earnings by an amount equal to their pension contributions and, in exchange, the employer then agrees to pay the total ...
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ArticleKingfisher completes £900 million bulk annuity deal
Kingfisher, a retailing company that manages B&Q and Screwfix, has completed a £900 million bulk purchase annuity transaction for its pension scheme.Aviva will insure the defined benefit pension liabilities for more than 8,000 members, taking responsibility for the investment and longevity risk. Members will see no change in the amount ...
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Supplier article94% of Trustees fear retiring members will be targeted by scammers
WEALTH at work’s latest survey* with the Pensions Management Institute (PMI) has revealed that 94% of Trustees fear their members approaching retirement will be targeted by scammers.Jonathan Watts-Lay, Director, WEALTH at work, comments; “Pension scams are a persistent problem which has a devastating impact on those who become victims. Our ...