All Pensions articles – Page 25
-
ArticleEmployee pension contributions fell by 11% in 2020
Employee and employer contributions to defined contribution (DC) pension schemes dropped by 11% and 5% between quarter one and quarter two of 2020 respectively, according to the Office for National Statistics (ONS).Its analysis, which looked at UK-based funded occupational pension schemes from October 2019 to June 2020, found that total ...
-
OpinionTim Middleton: Employees need to make informed decisions about their retirement
Retirement plans for 2021 have changed for many due to the Covid-19 (Coronavirus) pandemic. While some have decided to put their retirement on hold due to their savings taking a hit because of Covid-19, others are deciding to retire early after being discouraged about finding employment again when faced with ...
-
AnalysisHow has the Covid-19 (Coronavirus) pandemic impacted at-retirement support?
Need to know:Baby boomers have been disproportionately hit by the pandemic and are keen to access retirement support.Holistic financial planning guidance, covering debt as well as savings and pensions, and offering practical help, can make a real difference to outcomes.At-retirement support is most effective when it is part of a ...
-
Case StudiesNationwide overhauls at-retirement support during Covid-19 pandemic
Nationwide Building Society offers a group personal pension, provided by Aviva, with around 14,000 members, and a defined benefit (DB) scheme with around 5,000 active members that will close to future accrual on 31 March 2021.Amanda Innes, pensions communications manager, employee pensions, at Nationwide, says: “We’ve worked closely with our ...
-
OpinionJeremy Harris: What will 2021 bring for pensions?
This year has seen monumental changes to employment law and employer/employee relations. For instance, we saw the introduction of the furlough scheme, completely new to employment law, which meant the government handed out billions of pounds to organisations in grants. With government support for the UK economy due to continue ...
-
ArticleEXCLUSIVE: 33% of organisations offer cash to staff who reach lifetime or annual limits
EXCLUSIVE: A third (33%) of organisations offer cash as an alternative to pension contributions for those employees that reach their lifetime or annual allowance limits, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers found that this year, 49% of respondents that ...
-
ArticleMaersk completes £1.1 billion bulk annuity buy-in transaction
Danish transportation and energy organisation Maersk has completed a £1.1 billion pensions bulk annuity transaction with Legal and General.The arrangement will secure the defined benefit (DB) pension benefits of 1,900 deferred members and 3,000 retired members of the Maersk Retirement Benefit Scheme, removing their investment and longevity risks from the ...
-
ArticleEXCLUSIVE: 68% say uncertainty on pension decision-making is their key retirement concern
For the third consecutive year, uncertainty around how to make the best decision when accessing pension benefits is the primary concern when it comes to the time leading up to, and during, retirement, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers ...
-
ArticleEXCLUSIVE: 44% of employers support staff at retirement
Just over two-fifths (44%) of respondents to this year’s research stated that their organisation supports staff at an employee's retirement life stage according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers found that this is compared to the 46% of respondents that ...
-
ArticleNorthern Gas Networks completes £385 million pensions buy-in transaction
Gas distributor Northern Gas Networks (NGN) has completed a £385 million pensions buy-in transaction with Legal and General.The arrangement will secure the defined benefit (DB) pension benefits of 600 retired members of the Northern Gas Networks Pension Scheme, removing their investment and longevity risks from the scheme. Members will not ...
-
Supplier articleBusy Bees Benefits: Retirement Savings
There are certain things in life that will happen whether we plan for them or not. One of these is when we reach the conclusion of our working lives and want to continue to receive an income without having to work. This is otherwise known as retirement savings, wages without ...
-
ArticleHomestyle Pension Company completes £103m bulk annuity buy-in transaction
Homestyle Pension Company has completed a £103 million bulk purchase annuity transaction with Aviva.The arrangement will insure the defined benefit (DB) pension liabilities of all 1,294 members of the Homestyle 2007 pension scheme, removing their investment and longevity risks from the scheme. Members will not see any change in the ...
-
Case StudiesIpsos Mori ensures employee wellbeing ranks high on the agenda
At Ipsos Mori, employees are at the centre of everything the organisation does, and it follows that any benefits that are introduced serve the purpose of meeting employees’ needs. This approach means the market research organisation has made a number of changes to its reward stategy in order to support ...
-
ArticleEXCLUSIVE: 39% of organisations offer a group personal pension plan
The most common primary pension scheme offered by employers is a group personal pension (GPP), as offered by more than a third (39%) of respondents, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers found that a GPP has held the top ...
-
OpinionRobin Ford: Plugging the pension fund gap during the collapse of Arcadia
Roughly 13,000 Arcadia employees are at risk of redundancy after the group has gone into administration. The financial difficulties they are facing also include concerns over a £350 million deficit in its defined benefit (DB) pension fund.There have been reports of a £350 million deficit in the group’s pension fund, ...
-
ArticleEXCLUSIVE: 57% of organisations concerned about staff not having enough pension savings
More than half (57%) of respondents are concerned that the majority of employees do not have enough savings for a comfortable retirement, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that this issue has seen a slight decline of three ...
-
ArticleEXCLUSIVE: 16% of employees reduced pension contribution levels due to Covid-19
One-sixth (16%) of employees reduced their pension contribution levels, while 7% stopped their contributions altogether as a result of the Covid-19 (Coronavirus) pandemic, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, also found that a further 15% chose to come out ...
-
Supplier articlePension withdrawals rise during the pandemic: Do employees really understand their actions?
New figures from HMRC[1] show 347,000 people withdrew from their pensions throughout July, August and September 2020. This is a 6% increase on the same figures from last year, and a 2% rise compared to the previous three months, which is not the usual seasonal pattern.HMRC’s report detailed: "The number ...
-
OpinionKerry Shiels: An effective pensions communications strategy needs a winning formula
Trying to talk about pensions to 65,000 employees proves to be a difficult task. Some have different levels of knowledge and understanding, across different age profiles, and all have different work modes; be that at home, in the office, at contact centres, in shops or in the field. It is ...
-
AnalysisWhat makes an effective pensions communications strategy?
Need to know:An effective pensions communications strategy is crucial to ensure that all employees are engaged with their retirement savings.Design, branding and language are all important factors to consider when creating a communications strategy.New technology has given employers the opportunity to offer a personalised experience through tailored messaging.Pensions communication can ...