All Pensions articles – Page 29
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ArticleWomen have 39% smaller pension pots
New research has revealed the pensions gender gap is more than double the difference between men and women’s average earnings, with women having significantly smaller pension pots.Profile Pensions' analysis of 20,000 customers discovered the gap is such that it means men can expect to retire on an average of £21,800 ...
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OpinionKate Payne and Max Ballad: Guaranteed minimum pensions (GMP) winners and losers
The UK Government has decided to make public service pension schemes fully responsible for increasing guaranteed minimum pensions (GMPs) in line with price inflation. Previously, these annual increases were effectively shared between the state pension and the public service schemes.Up until 5 April 2016, a convenient arrangement existed which met ...
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ArticlePension scheme members want more retirement decision help
Aon’s 2021 Member Options Survey, published today, has revealed that there continues to be a clear trend for schemes to provide members with more support for their retirement decisions.The survey, which asked for views of 316 pension schemes, revealed a new trend that 10% of schemes now provide members with ...
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ArticlePension savers would divest from firms that don't pay the living wage
One-third of pension savers would rather divest their savings from organisations that fail to pay the living wage.This is the main finding of research by PensionBee, which polled more than 1,500 savers last month.According to its research, 83% of savers expect the organisations in their pension to pay all of ...
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OpinionTim Middleton: Pensions Scheme Act brings major changes to pensions governance
The Pension Schemes Act 2021 was finally granted Royal Assent in February this year. This new Act took a year to work its way through Parliament, so the industry has had plenty of time to become familiar with its contents. However, the sheer volume of material contained within the legislation ...
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OpinionTom Barton: Employers can find different opportunities in the Pension Schemes Act
The Pension Schemes Act reminds us that workplace pensions mean different things to different employers. The dividing lines are between big and small, and defined benefit (DB) and defined contribution (DC).Very large employers have the opportunity to explore whether a collective defined contribution (CDC) scheme is right for them and ...
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AnalysisWhat does the Pensions Schemes Act 2021 mean for workplace pensions?
Need to know:The Pension Schemes Act sets out the framework for the dashboard with everyone’s pensions in one place. Employers should start getting their data ready now.It will enable trustees to ‘red flag’ a transfer request and block it. The new scam rules need to be communicated to employees.Large schemes ...
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ArticleKavitha’s keynote: Financial awareness is paramount
The pandemic has thrown many people’s finances into disarray, with some finding themselves unexpectedly being made redundant, while others at the end of their careers may be having to delay their retirement to save more money.While everyone’s situation is different, in these trying times what has become increasingly apparent is ...
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ArticleTPR publishes new climate change strategy
The Pensions Regulator (TPR) has published its new Climate change strategy, calling on pensions scheme trustees to invest in companies that protect savers from climate risk or face its own enforcement action.The report follows the recent recommendation by the Department for Business, Energy and Industrial Strategy (BEIS) for mandatory climate-related ...
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ArticleDB pensions still misunderstood by members
New research released by Hymans Robertson and employee engagement organisation Like Minds on defined benefits (DB) pensions has revealed workers lack confidence about making informed decisions at retirement, with more wanting greater levels of employer support.The study – which specifically focused on DB pensions members over the age of 55 ...
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ArticlePensions changes in the new tax year
A new tax year has begun and employers should make sure their payroll, and other HR systems, have been updated to meet their legal responsibilities with regard to pensions changes that have arisen.One of the key developments introduced yesterday (6 April) was the rise in national minimum wage (NMW) and ...
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Article58% of part-time employees have workplace pensions
Just over half (58%) of all part-time employees in the UK have workplace pensions, compared to 86% of full-time workers, according to new data from the Office of National Statistics (ONS).Men who work part-time in the private sector are particularly under-represented in employer pension schemes, with only 41% in one. ...
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AnalysisHow can employers link carbon-neutral goals with their reward strategy?
Need to know:Organisations are under pressure to reduce their carbon footprints and employee benefits can help with this.Ensuring pension funds are invested in environmentally-friendly businesses is a good place to start, while executives can be rewarded on similar metrics.The use of green reward schemes and encouraging greener forms of travel ...
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ArticleWomen have up to 45% less in their pension pots than men at retirement
A new report by Barnett Waddingham has revealed a stark gender disparity in wealth at retirement, with women having between 25% and 45% less than men in their pension pots when they retire.The research, based on an analysis of some 35,000 members in seven defined contribution (DC) schemes, found that ...
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ArticleGeneral Motors completes £53 million bulk annuity deal
The defined benefits (DB) liabilities of members of the General Motors VACPF (Vauxhall Associated Companies Pension Fund) have been insured by Aviva, it has been announced.The £53 million bulk annuity transaction means the DB liabilities of 1,392 members are now protected, removing the investment and longevity risk from the Fund.The ...
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ArticleRothesay secures £6m aviation pensions scheme buy-out
Rothesay and K3 Advisory, the bulk annuity and consolidator, have completed a £6 million pensions buy-out with an unnamed aviation scheme in a deal which insures the benefits of eight pensioners and 31 deferred members.The scheme had already insured the benefits for more than 20 members in 2009 through a ...
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ArticlePublic sector workers paying more into pensions
A report by the National Audit Office (NAO) has revealed most pensions have become more affordable in recent years – but it has also raised concerns that pensions affordability among public sector workers is now falling behind.According to the report, employee contribution levels have increased by 16% in real terms ...
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Case StudiesCarter Jonas engages staff with pensions through regular communication
The Carter Jonas pension and investment plan was established with Hargreaves Lansdown in 2014. There are currently 686 members. The default fund is the Schroder Managed Balanced fund, but engagement is good and 22% select their investments.Claire Matthews, head of human resources, says: “Hargreaves Lansdown has worked closely with our ...
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OpinionJackie Buttery and Daniel Gerring: Pensions engagement requires clear communication
Pensions have a long history as an important financial benefit for employees, helping to safeguard financial security in the long term. The Covid-19 (Coronavirus) pandemic has prompted many organisations and individuals to focus on some serious, short-term challenges.For some, pensions have not been a priority. For others, and increasingly more ...
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AnalysisTop tips on how to keep employees engaged with their pensions during the pandemic
Need to know:While employees may be experiencing financial pressures, it is important for them to remain engaged with their pensions during the Covid-19 (Coronavirus) crisis.Different approaches and communciation methods can be used to reach different groups of employees.Involving employees in pensions feedback and communication can help to increase engagement.At a ...