All Pensions articles – Page 30
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Case StudiesZurich UK supports employees' financial wellbeing with education platforms
Insurer Zurich UK uses a number of financial education measures to support its 4,500 employees, and has promoted their use during the Covid-19 (Coronavirus) pandemic to help employees better understand their financial situations and options available to them.Zurich began working with Lifeworks in October 2019 in order to give employees ...
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OpinionRosalind Connor: Is the Corporate Governance and Insolvency Act 2020 a problem for pensions?
The Corporate Governance and Insolvency Act 2020 received Royal Assent at the end of June, having been pushed through Parliament in record time. There had been much concern in the pensions world that this would damage the position of defined benefit (DB) pension schemes run by employers facing uncertainty, or ...
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ArticleCountrywide Farmers completes £100 million bulk annuity transaction
Countrywide Farmers has agreed to a £100 million bulk annuity transitions for its retirement benefits scheme for 360 deferred members and 712 retirees. The scheme was first initiated in March 2018, entering a pension protection fund, negotiated with Legal and General. The successful deal enables the organisation to secure benefits ...
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ArticleVodafone completes DC pension transfer for 45,000 members
Telecommunications business Vodafone has completed a pension transfer of 45,000 members of its UK defined contribution scheme to a master trust arrangement.Previously, Vodafone ran its own single-employer trust-based DC scheme for its members but wanted to provide greater flexibility for members at retirement, as well as provide more environmental, social ...
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ArticlePremaberg Holdings completes £5 million bulk annuity transaction
UK manufacturer Premaberg has completed a £5 million bulk annuity buy-in of Premaberg Holdings Retirement Benefits Plan with Just Group.The deal, which was completed in conjunction with Mercer, is the first step to securing the defined benefit (DB) pension retirement funds of the 64 members that will be affected by ...
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OpinionRosalind Connor and Aneliese Sweeney: Regulator's guidance for consolidators is just the beginning
The Pensions Regulator (TPR) has published guidance for defined benefit (DB) consolidators, setting out the framework for their authorisation and regulation.Specific consolidator legislation had been expected to be included in the Pension Schemes Bill which has now passed through the House of Lords. However, following the omission of consolidators from ...
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ArticleTPR increases pension standards and protection of members
The Pensions Regulator (TPR) has improved pension industry standards, and protected more schemes than ever before, according to its 2019-2020 Annual Report and Accounts (ARA).The ARA has showcased that the organisation has successfully completed national auto-enrolment, placing 98% of employees onto a pension scheme. Through introduced master trusts, 16 million ...
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ArticleHMRC publishes guidance on GMP equalisation
HMRC has published guidance on guaranteed minimum pension (GMP) equalisation, providing clarity into how schemes should distribute lump sum benefits when looking to equalise payments.This guidance has been published to explain to schemes how they can handle lump sum payments aligned with changes to GMP, after many schemes were left ...
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ArticleHouse of Lords approves Pension Schemes Bill
The House of Lords has approved the Pension Schemes Bill, which is aimed at improving protection for pension savers and ensuring more guidance for businesses. The bill will now be taken through the House of Commons later this year.The bill will ensure occupational pension schemes are accommodating for climate and ...
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Supplier article66% of individuals say pensions are far too complicated
Low employee engagement rates remain a critical concern Getting employees more engaged with their pensions remains a critical issue for businesses. Recent research[1] from Cushon, the workplace savings and investment platform, found that one of the biggest reasons for this is that pensions are far ...
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OpinionSonya Fraser: A closer look at guaranteed minimum pension conversion
The statutory mechanism for guaranteed minimum pension (GMP) conversion has not been widely used in practice, in part due to uncertainties around how the requirements can (or should) be met.However, now that the decision in the Lloyds case has made it clear that schemes must equalise for the effect of ...
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AnalysisHow can employers manage pension risk in the current climate?
Need to know:Some employees have experienced sharp losses which have derailed their retirement plans.Many very low risk default funds have lost money as gilts plummeted.Unfortunate timing of the stock market falls in March will be starkly reflected in annual statements.Covid-19 (Coronavirus) has created a perfect storm for poor decisions ...
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Case StudiesBNP Paribas' pension scheme manages risk through employee communication
The BNP Paribas pension scheme is a mastertrust set up in 2014, formed from legacy schemes that date back to 1987. It has over 20,000 members, of whom 8,000 are active.Ten UK BNP Paribas companies participate, with varying contribution levels. The organisation operates a pensions committee to manage the scheme’s ...
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OpinionNeil Bowden: Employers can manage pension costs when emerging from lockdown
The first step to mitigating pension costs might be a simple one: surprisingly, according to government figures published in May 2020, 40% of employers have not claimed for the national insurance and pension contributions elements available under the Coronavirus Job Retention Scheme (CJRS).If an employer is concerned about their pension ...
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ArticleKeep updated with the mini-Budget 2020
Chancellor Rishi Sunak will deliver his mini-Budget speech at approximately 12.30 pm on Wednesday 8 July 2020.He will be expected to discuss further plans to get the UK economy back on track to help businesses and the UK population deal with the financial ramifications of the Covid-19 (Coronavirus) pandemic.Stay tuned ...
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ArticleBrandsby Agricultural Trading Association completes £13 million bulk annuity transaction
Brandsby Agricultural Trading pension scheme has completed a £13 million bulk annuity buy-out transaction with Legal and General.The buy-out transaction has secured the benefits of all 120 members under the scheme. The trustees appointed Legal and General Investment Management (LGIM) as fiduciary manager in 2018. The trustees were advised on ...
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ArticlePension savings have increased by 35% since 2017
The average pension pot in the UK for employees in large firms is now £120,000, a 35% increase from 2017, according to research by Close Brothers.The study of 200 employees, published June 2020, also found that average savings and investments has fallen by 3%.Over the three year period, on average ...
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ArticleEXCLUSIVE: 73% of employers offer group personal pension schemes
Just under three-quarters (73%) of respondents offer a group personal pension (GPP) scheme for auto-enrolment, making it the most popular type of pension scheme that is offered.The Employee Benefits research 2020, published in May 2020, which surveyed 269 HR decision-makers, found that this has been the most popular pension scheme ...
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ArticleGeneral Healthcare Group completes £150 million insurance scheme buy in
The trustee of the General Healthcare Group (GHG) Pension and Life Assurance plan has completed a £150 million insurance scheme buy in.The deal, which the organisation secured with Aviva, covers all of its 700 defined benefit (DB) members. In 2008, the trustee hired scheme secretariat firm Inside Pensions to provide ...
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Article88% of employees participated in workplace pensions during 2019
Overall, 88% of eligible employees (19.2million) participated in a workplace pension in 2019, an increase from 87% in 2018, according to research by the Department for Work and Pensions (DWP).The analysis that looked at all members of all qualifying workplace pension schemes, occupational pension schemes, group personal pensions (GPPs), and ...