All Pensions articles – Page 22
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ArticlePensions changes in the new tax year
A new tax year has begun and employers should make sure their payroll, and other HR systems, have been updated to meet their legal responsibilities with regard to pensions changes that have arisen.One of the key developments introduced yesterday (6 April) was the rise in national minimum wage (NMW) and ...
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Article58% of part-time employees have workplace pensions
Just over half (58%) of all part-time employees in the UK have workplace pensions, compared to 86% of full-time workers, according to new data from the Office of National Statistics (ONS).Men who work part-time in the private sector are particularly under-represented in employer pension schemes, with only 41% in one. ...
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AnalysisHow can employers link carbon-neutral goals with their reward strategy?
Need to know:Organisations are under pressure to reduce their carbon footprints and employee benefits can help with this.Ensuring pension funds are invested in environmentally-friendly businesses is a good place to start, while executives can be rewarded on similar metrics.The use of green reward schemes and encouraging greener forms of travel ...
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ArticleWomen have up to 45% less in their pension pots than men at retirement
A new report by Barnett Waddingham has revealed a stark gender disparity in wealth at retirement, with women having between 25% and 45% less than men in their pension pots when they retire.The research, based on an analysis of some 35,000 members in seven defined contribution (DC) schemes, found that ...
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ArticleGeneral Motors completes £53 million bulk annuity deal
The defined benefits (DB) liabilities of members of the General Motors VACPF (Vauxhall Associated Companies Pension Fund) have been insured by Aviva, it has been announced.The £53 million bulk annuity transaction means the DB liabilities of 1,392 members are now protected, removing the investment and longevity risk from the Fund.The ...
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ArticleRothesay secures £6m aviation pensions scheme buy-out
Rothesay and K3 Advisory, the bulk annuity and consolidator, have completed a £6 million pensions buy-out with an unnamed aviation scheme in a deal which insures the benefits of eight pensioners and 31 deferred members.The scheme had already insured the benefits for more than 20 members in 2009 through a ...
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ArticlePublic sector workers paying more into pensions
A report by the National Audit Office (NAO) has revealed most pensions have become more affordable in recent years – but it has also raised concerns that pensions affordability among public sector workers is now falling behind.According to the report, employee contribution levels have increased by 16% in real terms ...
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Case StudiesCarter Jonas engages staff with pensions through regular communication
The Carter Jonas pension and investment plan was established with Hargreaves Lansdown in 2014. There are currently 686 members. The default fund is the Schroder Managed Balanced fund, but engagement is good and 22% select their investments.Claire Matthews, head of human resources, says: “Hargreaves Lansdown has worked closely with our ...
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OpinionJackie Buttery and Daniel Gerring: Pensions engagement requires clear communication
Pensions have a long history as an important financial benefit for employees, helping to safeguard financial security in the long term. The Covid-19 (Coronavirus) pandemic has prompted many organisations and individuals to focus on some serious, short-term challenges.For some, pensions have not been a priority. For others, and increasingly more ...
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AnalysisTop tips on how to keep employees engaged with their pensions during the pandemic
Need to know:While employees may be experiencing financial pressures, it is important for them to remain engaged with their pensions during the Covid-19 (Coronavirus) crisis.Different approaches and communciation methods can be used to reach different groups of employees.Involving employees in pensions feedback and communication can help to increase engagement.At a ...
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ArticleOne in eight quit work due to ill-health
A new report by the Trades Union Congress (TUC) has revealed the extent to which employees are forced out of the workforce early due to ill-health and lack of employer support.The Ending working lives report, published today (12 March), has revealed one in eight (12%) employees have to cut short ...
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ArticleKavitha’s keynote: Choosing to challenge
You would have had to have been hiding under a rock to miss the fact that it was International Women’s Day at the beginning of this week (8 March). Celebrated across the globe, this year’s theme was about choosing to challenge, encouraging people to call out gender bias and inequality.At ...
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ArticleThe Pensions Regulator consults on new powers
The Pensions Regulator (TPR) has published a consultation on how it will use new powers to investigate and prosecute those who avoid employer debts to pension schemes or put savers’ pensions at risk.The powers relate to sections 58A and 58B of the Pensions Act 2004 and were introduced by the ...
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ArticleReport highlights huge gender pension gap
Research released by the Organisation for Economic Co-operation and Development (OECD) has revealed a signifcant gender pension gap, with women over the age of 65 receiving 26% less income than men from their pensions.The study, which combines datasets from around the world, also found that this difference has only decreased ...
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ArticlePenny Cogher: How will the pensions lifetime allowance freeze affect staff retirement plans?
While freezing the lifetime allowance at £1,073,100 until 2026 allows the Treasury to kick pension tax reform down the road, employers need to manage the retirement expectations of mainly their higher earners and executives. However this may also impact on those on a more modest salary if they have defined ...
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ArticleDaniela Silcock: How will the pensions lifetime allowance freeze affect staff retirement plans?
The 2021 Budget announced the freezing of the pensions lifetime allowance at its current level of £1,073,100 for the next five years as a way of reducing tax relief. This means that those with pension savings or entitlement above this level will need to pay additional taxes of 25% in ...
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ArticleNigel Peaple: How will the pensions lifetime allowance freeze affect staff retirement plans?
Despite widespread speculation that the level of support the Treasury provides pension savers through tax relief on contributions could be cut in this year’s Budget, Chancellor Rishi Sunak saw fit to spare pension savers from drastic changes on 3 March.This is fortunate, because in our assessment such a move would ...
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ArticleLucy Dunbar: How will the pensions lifetime allowance freeze affect staff retirement plans?
The freezing of the pensions lifetime allowance may seem like a problem that would be nice to have. For most, the problem will be whether they can afford to save enough to enable retirement, not whether they will be able to retire with a certain level of income or lifestyle. ...
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ArticleYounger women face £100,000 gender pensions gap
A new report from Scottish Widows has revealed that younger women face a six-figure gender pensions gap.The company’s findings, published to coincide with International Women’s Day, showed that a female saver can expect to have £100,000 less in her retirement pot thanks to time taken out of the workplace to ...
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ArticlePensions lifetime allowance frozen until April 2026
Budget 2021: The pensions lifetime allowance (LTA) limit will be frozen for five years, Chancellor of the Exchequer Rishi Sunak confirmed in his Budget 2021 speech.Under the plans, LTA will be held at its current level of £1,073,100 until April 2026.The measure is one of a number designed to freeze ...