All Pensions articles – Page 29
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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 ...
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ArticleSiemens completes £530 million pensions buy-in transaction
German manufacturer Siemens has completed a £530 million buy-in for its defined benefit (DB) pension scheme, securing pension benefits for more than 2,000 UK-based retirees.The agreement, secured with Legal and General, builds on a previous transaction agreed in 2018.The DB scheme sits under an umbrella contract to ensure that potential ...
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ArticleFamily Building Society completes £30 million defined benefit transfer
Family Building Society has completed a pension transfer to its Defined Benefit (DB) Complete Master Trust, from its previous DB scheme. The £30 million scheme, successfully agreed with TPT Retirement Solutions, will bring its 350 members onto the scheme, with 66 currently active in a cash balance section.The move is ...
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Case Studies
Infographic: Total reward during the Covid-19 pandemic
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Supplier articleBusy Bees Benefits: Engaging With Your Workforce About Pensions
The introduction of auto-enrolment in 2012 meant that more employees than ever have been saving for retirement without having to actively engage. Regardless, it is still generally accepted that the current minimum contribution levels will not create enough retirement income for the average person.It therefore remains critical that employers work ...
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ArticleConfessions of a benefits manager: Candid arranges crisis pensions training
The way Big Bad Boss is carrying on you would think there was a global financial crisis. Well, there is a global financial crisis, but surely this is a time for leaders to calmly steer us to a safer place, not to run around like lost children. Sadly, the Higher ...
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AnalysisHow can employers ensure pensions are the right savings vehicle in the current climate?
Need to know:The Covid-19 outbreak has opened up many financial short-term issues for employees.Employees may be unaware that they can change their contribution levels to their workplace pension scheme.Financial education is crucial to ensure that all employees understand where their pension contributions are going, and how to alter levels if ...
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OpinionJeremy Harris: Pensions remain an attractive form of investment
Covid-19 (Coronavirus) and lockdown have threatened livelihoods across all age groups. Constraints on current income may lead workers to defer financial planning decisions.They may be disinclined to invest following recent falls in markets. This reluctance may be most marked with pensions, which generally cannot be accessed until age 55.However, except ...