All Pensions articles – Page 28
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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, ...
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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 ...