All Pensions articles – Page 3
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Case StudiesNewcastle Building Society increases staff awareness of how to trace small pension pots
When Ben Thomas joined Newcastle Building Society as head of reward in 2023, one of his first priorities was to benchmark how the organisation performed against competitors.Central to this was its pension scheme. “We offered a competitive pension that was above the market median but a majority of colleagues weren’t ...
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OpinionNigel Peaple: What does the new government's reform agenda mean for UK pension schemes?
The government’s pensions reform agenda could reshape the rewards and benefits landscape, presenting both opportunities and challenges for employers. So, what could this mean for the UK workforce? The newly announced pensions review presents an opportunity to improve pension adequacy. Likely to be considered during 2025, employers ...
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ArticleMacmillan Cancer Support completes £33.7 million pension bulk annuity deal
Credit: Serge Cornu / Shutterstock.comCharity Macmillan Cancer Support has completed a £33.7 million bulk annuity deal for its pension scheme.The full scheme buy-in with Aviva will secure the scheme’s retirees and deferred members’ benefits. The defined benefit (DB) scheme is maintained by Macmillan, under the stewardship of a board of ...
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ArticleChancellor launches pensions system review
Chancellor of the exchequer Rachel Reeves has launched a review to boost investment, increase saver returns and tackle waste in the pensions system. The review will be led by minister for pensions Emma Reynolds and will focus on defined contribution workplace schemes and the Local Government Pension ...
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ArticleReservist wins landmark Territorial Army pensions case
A retired major has won a landmark case against the Ministry of Defence (MoD) that could mean thousands of reservists will receive army pensions for the first time. Major Charles Milroy took the MoD to the employment tribunal in Glasgow, claiming that he should have been enrolled ...
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ArticleCaring responsibilities contribute to gender pensions gap
The amount of time women spend out of paid work because of caring responsibilities has been found to be one of the most significant contributing factors to the gender pensions gap, according to analysis by the Trades Union Congress (TUC).The findings have been published today to coincide with the trade ...
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ArticleFCA, DWP and regulator consult on DC pensions joint framework
The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) have launched a consultation on a joint framework for workplace defined contribution (DC) schemes.The proposed framework has been designed to move the focus from costs to long-term value and deliver better retirement savings. ...
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ArticleRawle Gammon and Baker completes £23m full pension buy-in
Building materials supplier Rawle Gammon and Baker has completed a £23 million full buy-in for its pension scheme, sponsored by commercial property sector business FTI Property. The transaction with K3 Advisory and Just Group secures the benefits of 113 deferred members and 154 pensioners. It was supported ...
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Article65% of pension scheme sponsors do not know how much members can expect at retirement
Two-thirds (65%) of those running pension schemes do not know how much a typical member can expect at retirement, according to Aon’s latest research.The global professional services firm drew insights from 214 UK defined contribution (DC) schemes, with combined assets of over £60 billion and more than one million members, ...
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ArticleSCA UK Pension Plan completes £1.1 billion pensions buy-in
The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in.Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. Its portfolio includes Tena, Cushelle, Tork, Plenty, Velvet and Bodyform.The transaction, which ...
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ArticleMoog completes £25 million pensions buy-in
Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan.The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.Gallagher worked with the trustees to monitor the affordability ...
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ArticleGreggs pension scheme completes £100m buy-in
The trustee of Greggs plc 1978 Retirement and Death Benefit scheme has entered into a £100 million bulk purchase annuity transaction with Aviva.Greggs provided additional funding support that facilitated the buy-in to increase the long-term security of all member’s benefits, as part of the trustee’s long-term de-risking strategy.The deal covers ...
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ArticleCourt of Appeal upholds High Court ruling on Virgin Media pension scheme
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pension benefits for past or future service benefits.This was in relation to section 9(2B) contracted-out rights and was based on the relevant legislation ...
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ArticleITV agrees deal for Box Clever pension scheme members to receive benefits
Members of the Box Clever pension scheme will receive their pension benefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV.The TV rental businesses of Granada, now ITV, and Thorn, now Carmelite, together formed Box Clever as a joint venture in 2000. Employees were then transferred ...
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AnalysisEmbedding a joined-up savings approach
Credit: tadamichi/ShutterstockNeed to know:Employers are reporting more appetite among employees to save, especially for retirement, but encouraging a joined-up savings habit can still be challenging.Using payroll-based tools is becoming popular, but whatever products employers put in place need to be accompanied by ongoing financial education.Employee benefits professionals are key to ...
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Case StudiesAWE promotes pension understanding as part of a whole-life savings approach
Since 2017, nuclear security technologies organisation AWE has worked to help its more than 7,000 employees on a journey towards embedding a whole-life savings approach.Working with Nudge, the employer's approach encompasses offering a range of financial education and planning tools around retirement, budgeting, and investment, and tools such as mortgage ...
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ArticleNewcastle Building Society accredited as living pension employer
Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation.The society’s commitment will see its new employees, who join the organisation after 1 April 2024, receive a higher default level of pension than current auto-enrolment contributions, with workers paying 5% and employers paying 7%. Through auto-enrolment, ...
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ArticleGovernment launches pensions review to boost investment and outcomes
Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. The chancellor’s plans include looking at how broader investment strategies could potentially deliver higher pensions returns and how to unlock ...
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Supplier articleWill the planned defaults for those retiring be in their best interest
Jonathan Watts-Lay, Director, WEALTH at work, comments;“As a result of the new Pensions Bill, announced in the King’s speech, it will be interesting to hear more of the plans for trust-based schemes to be legally required to offer retirement income solutions to members, including default investment options.Defaulting members may have ...
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ArticlePension Schemes Bill announced in King’s Speech
The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes.In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.The bill is designed to help people get more from their ...