All Pensions articles – Page 26
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ArticleJust 12% of organisations currently measure gender pensions gap
Just over one in 10 (12%) of organisations proactively measure their gender pensions gap, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that while many organisations are proactively working towards closing the much-publicised gender pay gap, the proportion that say ...
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OpinionDanyal Enver: High Court forces pension schemes to look at GMP payments
On 19 November, the High Court handed down its latest judgment in Lloyds Banking Group Pensions Trustees case, clarifying some (but not all) of the issues that were left outstanding by the first judgment in this case, back in 2018.Guaranteed minimum pensions (GMPs) were the mechanism by which employers would ...
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ArticleRetail price index phase-out will impact defined benefit pension schemes
The phasing out of the retail price index (RPI) in favour of the consumer prices index plus the cost of housing (CPIH) will have a significant impact on traditional defined benefit pension schemes.In his Spending Review on 25 November, Chancellor Rishi Sunak announced that the RPI measure of inflation will ...
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ArticleMedian pensions wealth signficantly lower among some ethnic groups
There is a stark difference in levels of pension saving between people of different ethnicities, according to data from the Office for National Statistics.Its analysis, which compared savings by ONS classifications of ethnic background, found that median private pension wealth among Bangladeshi, Chinese, Black African and ‘any other ethnic group’ ...
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AnalysisEmployee Benefits Pensions research 2020
Click to download the Employee Benefits Pensions research 2020.The Employee Benefits Pensions research 2020 was conducted in October 2020 among readers of employeebenefits.co.uk.This report is aimed at helping compensation, reward and benefits professionals understand the key issues driving current pensions strategies, as well as issues shaping future provision.Key topics the ...
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ArticleHigh Court rules on GMP equalisation of transfers
A new ruling by the High Court means that trustees of defined benefit (DB) pension schemes must revisit and equalise guaranteed minimum pensions (GMP) for historic transfers.The new judgement, issued on 20 November, ruled that Lloyds Banking Group pension scheme trustees are legally responsible for equalising the GMPs for the ...
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Supplier articleGlobal benefits platforms: Proving return on investment
James Brace, Client Director, BenefexBack by popular demand! Our attendees were so impressed with our last webinar about proving ROI, that we’ve brought our global panel back for another live session! If you’ve ever wondered how you can demonstrate the return on investment of a global benefits platform, this is ...
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OpinionLesley Alexander: Do pensions require a radical re-think?
I am taking over the presidency of the Pensions Management Institute (PMI) against a backdrop of a global pandemic and the potential of further restrictions to our personal freedoms as we face a second wave of the Covid-19 virus.It seems a lifetime ago, not a year ago, since I chaired ...
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AnalysisHow has the Covid-19 pandemic impacted workplace pension schemes?
Need to know:Few pension scheme members chose to reduce contributions or switch investment funds during the pandemic.Nonetheless there was a marked improvement in engagement with pension schemes.The jobs market fallout will lead to a big rise in dormant pensions.Despite the pandemic’s massive impact on the economy, employers have so far ...
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OpinionRichard Fitzjohn: Effective pensions communication is essential during pandemic
For Thames Water, it is not simply that we are an important service, we deliver life’s essential service so that our customers, communities and the environment can thrive. As such, meeting the challenges of the Covid-19 pandemic matters not only to our employees, but also to every home, every business, ...
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Supplier articleBusy Bees Benefits: Extension of the Coronavirus Job Retention Scheme
This week marks the beginning of the second week of the national lockdown put into place across England to prevent the spread of the coronavirus.During this time, we have been communicating with our customers regularly to provide more clarity over the details of the extended Coronavirus Job Retention Scheme. This ...
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ArticleReckitt Benckiser completes £415 million pensions buy-in transaction
Consumer goods organisation Reckitt Benckiser has completed a £415 million pension buy-in transaction with Scottish Widows.The buy-in arrangement will insure the defined benefit (DB) pension liabilities of 1,400 members in the Reckitt Benckiser Pension Fund. The new transaction removes the interest rate, inflation and longevity risk relating to these liabilities. ...
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OpinionOliver Topping: The journey continues for pensions dashboards
The pensions dashboards of the 2020s will, hopefully, help staff on a different kind of journey: a digital path to retirement.Recent updates from the Pensions Dashboards Programme (PDP) has set out a timeline for bringing dashboards online from 2023 onwards, though this may slip given the complexity of the project. ...
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Supplier articleEmployee wellbeing in a shaken population
Pension schemes don’t exist in isolation - the pension strategy always has to be looked at in the joint contexts of the wider employee benefit and engagement strategies. ‘Better outcomes for pension scheme members’ takes joined up thinking that incorporates the evolving employee experience. The Covid-19 pandemic ...
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Article51% likely to review or reduce pension contributions due to Covid-19 pandemic
Approximately half (51%) of UK savers are likely to review or reduce pension contributions in favour of short-term saving or debt reduction or elimination as a result of the Covid-19 (Coronavirus) pandemic, according to research by BlackRock.Its Defined contribution (DC) pulse survey, which surveyed 1,000 UK savers, also found that ...
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ArticleMarks and Spencer completes two pension buy-in transactions worth £750m
Marks and Spencer has completed two pensions buy-in transactions worth approximately £750 million for its defined benefit (DB) pension scheme.The move, which follows two previous buy-in transactions completed in 2018 and 2019, means that 80% of the scheme’s pensioner liabilities are now insured. The buy-in policies are provided by Aviva ...
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Case StudiesThe benefits offered by Fujitsu UK and Ireland
The benefits offered by Fujitsu UK and Ireland:PensionsA master trust pension scheme for all employees. Double matched employer contributions, for example if an employee pays 3%, the employer pays 6%, with employer contributions are capped at 10%. Contributions can be changed on a monthly basis.Healthcare and group riskGroup income protection ...
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Case StudiesFujitsu responds to Covid-19 pandemic with a focus on employees’ physical and mental wellbeing
At Fujitsu, employees’ wellbeing and safety has always been a high priority. The Covid-19 (Coronavirus) pandemic placed this even more under the spotlight.Paula Evans, head of pensions and benefits, UK and Northern Ireland, explains how the organisation’s thinking behind its benefits strategy seeks to support this: “[The philosophy] is really ...
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ArticlePensions lifetime allowance to increase by £5,800 next year
The pensions lifetime allowance (LTA) limit is to increase to £1.078 million from April 2021/2022.This represents an increase of £5,800 from the current £1.073 million limit that was set in the 2020/2021 tax year, meaning that pension members can save more money into their funds without receiving a tax charge.The ...
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OpinionKeith Richards: Employers must monitor the gender pay gap to tackle the pensions gap
Before the Covid-19 pandemic, women already faced a pension deficit that meant they retired on roughly a fifth of the amount a man had accrued.Data collected by the Chartered Insurance Institute’s Insuring Women’s Futures initiative before Covid-19 showed career breaks and part-time work reduce women’s prospects of getting a promotion, ...