All Pensions articles – Page 26
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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, ...
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Case StudiesFord seeks to address pay and pension gender inequalities through recruitment and retention policies
Ford Motor Company’s gender pay gap report reads differently to that of most employers. The organisation, which employs over 13,000 people in the UK, has a negative pay gap, in other words, women earn more than men on average. But the overall picture is much more nuanced than the headline ...
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AnalysisHow can employers address the gender pensions gap during the pandemic?
Need to know:While the gender pay gap is well understood, another income gap is much less publicised: the extremely stark gender pensions gap. On average, women are retiring on a fraction of the amount men accumulate during their working lives.The Covid-19 pandemic may worsen an already-widening gap. In difficult times, ...
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ArticleEXCLUSIVE: Ford utilises real-time analytics to increase pensions engagement
Employee Benefits Reset 2020: Ford UK has been working on a data analytic project for all of its pension plans globally in order to engage and educate its employees. On the second day of the Employee Benefits Reset online series on 6 October, Oliver Payne, international pensions and data analytics ...
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ArticleSmiths completes £142 million bulk annuity buy-in transaction
Technology engineering organisation Smiths has completed a £142 million pension buy-in transaction with Aviva and under TI Group Pension Scheme.The buy-in arrangement will insure the defined benefit (DB) pension liabilities of 1,224 members of the TI Group Pension Scheme, removing their investment and the long-term risks. Under the new transaction, ...
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Article30% of employees do not know where their pension savings go
Just under one-third (30%) of employees do not know where their pension savings go, according to research by Teamspirit.Its survey of 2,000 people, also found that just 34% say they know their pension is invested in the stock market and other assets. Just over a fifth (22%) know it is ...
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ArticleThe Pensions Regulator updates Covid-19 guidance for employers
The Pensions Regulator (TPR) has updated its Covid-19 (Coronavirus) guidance explaining what is to be expected of pension scheme providersThe guidance explains that from 1 January 2021, defined contribution (DC) schemes and providers will resume reporting late contributions no later than 90 days to ensure schemes have enough time to ...
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ArticleDepartment for Work and Pensions launches consultation on long-term asset planning
The Department for Work and Pensions (DWP) has launched consultation encouraging pension schemes to invest more in a wide range of long-term assets.These products encouraged by the government will include venture capital and green infrastructure. The seven-week consultation published 11 September 2020, is an addition to the government's response in ...
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ArticleEXCLUSIVE: Ford to discuss reinventing post-pandemic pensions at EB Reset 2020
EXCLUSIVE: Oliver Payne, international pensions and data analytics manager at car manufacturer Ford, will discuss how the Covid-19 (Coronavirus) pandemic has impacted the world of pensions at Employee Benefits Reset 2020.The strategy session titled ‘Re-Inventing pensions for a post-pandemic world’ will take place at 10am on Tuesday 6 October in ...
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ArticleUSS launches consultation on changes to pension scheme's 2020 valuation
The Universities Superannuation Scheme (USS) has launched a consultation with Universities UK (UUK) on key changes of the pension scheme’s 2020 valuation.The consultation will determine the pension contributions required by employees working in the UK university sector. Based on initial proposals put forward by USS, and depending on which employers ...
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ArticleThe Pensions Regulator forces former chief executive to pay £286,852
The Pensions Regulator (TPR) has forced the former chief executive of Yateley Industries to pay £286,852 to compensate members of a charity pension scheme that he defrauded.Pattrick McLarry, aged 72, who was CEO of Yateley Industries for the Disabled, a charity dedicated to supporting vulnerable adults, stole over £250,000 from ...
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ArticleTake part in Employee Benefits pensions research for a chance of winning £100 voucher
How is Covid-19 impacting employees’ behaviour around pensions? How are organisations providing financial education with a largely mobile workforce and how are organisations communicating these benefits?Employee Benefits' readers can now benchmark their approach to pensions and retirement by participating in this year’s exclusive Employee Benefits pensions research. The survey aims ...
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Case StudiesSiemens uses pensions education to increase contribution levels
Global technology organisation Siemens launched a pensions education strategy for its 15,000 employees in January 2019 to increase the number of staff that contributed to their pension savings.Siemens found that, under its money purchase defined contribution (DC) pension scheme, 83% of its employees were predicted not to reach the Department ...
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OpinionSteven Hull and Rosamund Wood: The pensions industry needs to generate interest among young employees
With the country entering economic recession, the Chancellor’s Kickstart scheme will provide much needed support for some young people seeking jobs in what may otherwise be an impossible market. For those aged over 22, these jobs will also come with the benefit of pension contributions, as the minimum wage paid ...
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AnalysisWill the Kickstart scheme encourage more young people to start saving into pensions?
Need to know: The government's Kickstart scheme will pay 100% of the wages of employees aged 16 to 24, with those over the age of 22 being automatically enrolled into a workplace pension scheme.This scheme could be the first opportunity for younger employees to contribute into pension savings.Employers have the ...
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ArticleThe Department for Work and Pensions publishes consultation on pension climate risk
The Department for Work and Pensions (DWP) has published a consultation, setting out proposals for larger occupational pension schemes and authorised master trusts to publish their climate risk financial disclosures.The consultation, published 26 August 2020, recommends that trustees of large occupational pension schemes must have effective governance, strategy, risk management ...
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ArticleHitachi UK completes £275 million pensions buy-in transaction
Hitachi UK has agreed to a £275 million buy-in transaction for its defined benefit (DB) pension scheme with Legal and General Assurance Society (Legal and General).This is the first transaction between Hitachi UK and Legal and General, which covers the remaining uninsured deferred members and retirees, since Hitachi's first buy-in ...
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OpinionLiam Goulding: Are employers and trustees working in harmony?
Employers have been facing unprecedented challenges in recent years, and this year in particular as a result of Covid-19 (Coronavirus). With the potential for significant reductions in cash flows and deepening funding strains for defined benefit (DB) schemes, trustees will be scrutinising employers more closely than ever in order to ...
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Case StudiesNatwest Group's benefits agenda reflects its strategy of championing people potential
When Alison Rose was appointed the chief executive of Natwest Group in November 2019, she put forward her purpose-led strategy for the banking group: to champion the potential of people, families and businesses.It is this strategy that has been driving the reward and benefits agenda at the organisation. Sharon Midwinter, ...
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ArticleSupreme Court rules that inheritance tax should not be applied to pension transfer
The Supreme Court has ruled that there should be no charge to inheritance tax on a transfer to an individual's personal pension plan.The case was brought to the Supreme Court when Mrs Rachel Staveley who, before she passed away in 2006, transferred her pension fund from a company pension under ...