All Pensions articles – Page 32
-
ArticleNorthern Gas Networks completes £385 million pensions buy-in transaction
Gas distributor Northern Gas Networks (NGN) has completed a £385 million pensions buy-in transaction with Legal and General.The arrangement will secure the defined benefit (DB) pension benefits of 600 retired members of the Northern Gas Networks Pension Scheme, removing their investment and longevity risks from the scheme. Members will not ...
-
Supplier articleBusy Bees Benefits: Retirement Savings
There are certain things in life that will happen whether we plan for them or not. One of these is when we reach the conclusion of our working lives and want to continue to receive an income without having to work. This is otherwise known as retirement savings, wages without ...
-
ArticleHomestyle Pension Company completes £103m bulk annuity buy-in transaction
Homestyle Pension Company has completed a £103 million bulk purchase annuity transaction with Aviva.The arrangement will insure the defined benefit (DB) pension liabilities of all 1,294 members of the Homestyle 2007 pension scheme, removing their investment and longevity risks from the scheme. Members will not see any change in the ...
-
Case StudiesIpsos Mori ensures employee wellbeing ranks high on the agenda
At Ipsos Mori, employees are at the centre of everything the organisation does, and it follows that any benefits that are introduced serve the purpose of meeting employees’ needs. This approach means the market research organisation has made a number of changes to its reward stategy in order to support ...
-
ArticleEXCLUSIVE: 39% of organisations offer a group personal pension plan
The most common primary pension scheme offered by employers is a group personal pension (GPP), as offered by more than a third (39%) of respondents, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers found that a GPP has held the top ...
-
OpinionRobin Ford: Plugging the pension fund gap during the collapse of Arcadia
Roughly 13,000 Arcadia employees are at risk of redundancy after the group has gone into administration. The financial difficulties they are facing also include concerns over a £350 million deficit in its defined benefit (DB) pension fund.There have been reports of a £350 million deficit in the group’s pension fund, ...
-
ArticleEXCLUSIVE: 57% of organisations concerned about staff not having enough pension savings
More than half (57%) of respondents are concerned that the majority of employees do not have enough savings for a comfortable retirement, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that this issue has seen a slight decline of three ...
-
ArticleEXCLUSIVE: 16% of employees reduced pension contribution levels due to Covid-19
One-sixth (16%) of employees reduced their pension contribution levels, while 7% stopped their contributions altogether as a result of the Covid-19 (Coronavirus) pandemic, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, also found that a further 15% chose to come out ...
-
Supplier articlePension withdrawals rise during the pandemic: Do employees really understand their actions?
New figures from HMRC[1] show 347,000 people withdrew from their pensions throughout July, August and September 2020. This is a 6% increase on the same figures from last year, and a 2% rise compared to the previous three months, which is not the usual seasonal pattern.HMRC’s report detailed: "The number ...
-
OpinionKerry Shiels: An effective pensions communications strategy needs a winning formula
Trying to talk about pensions to 65,000 employees proves to be a difficult task. Some have different levels of knowledge and understanding, across different age profiles, and all have different work modes; be that at home, in the office, at contact centres, in shops or in the field. It is ...
-
AnalysisWhat makes an effective pensions communications strategy?
Need to know:An effective pensions communications strategy is crucial to ensure that all employees are engaged with their retirement savings.Design, branding and language are all important factors to consider when creating a communications strategy.New technology has given employers the opportunity to offer a personalised experience through tailored messaging.Pensions communication can ...
-
ArticleJust 12% of organisations currently measure gender pensions gap
Just over one in 10 (12%) of organisations proactively measure their gender pensions gap, according to research by Employee Benefits.The Employee Benefits Pensions research 2020, which surveyed 94 pension strategy decision-makers, found that while many organisations are proactively working towards closing the much-publicised gender pay gap, the proportion that say ...
-
OpinionDanyal Enver: High Court forces pension schemes to look at GMP payments
On 19 November, the High Court handed down its latest judgment in Lloyds Banking Group Pensions Trustees case, clarifying some (but not all) of the issues that were left outstanding by the first judgment in this case, back in 2018.Guaranteed minimum pensions (GMPs) were the mechanism by which employers would ...
-
ArticleRetail price index phase-out will impact defined benefit pension schemes
Source: Fred Duval / Shutterstock The phasing out of the retail price index (RPI) in favour of the consumer prices index plus the cost of housing (CPIH) will have a significant impact on traditional defined benefit pension schemes. In his Spending Review on 25 November, Chancellor Rishi ...
-
ArticleMedian pensions wealth signficantly lower among some ethnic groups
There is a stark difference in levels of pension saving between people of different ethnicities, according to data from the Office for National Statistics.Its analysis, which compared savings by ONS classifications of ethnic background, found that median private pension wealth among Bangladeshi, Chinese, Black African and ‘any other ethnic group’ ...
-
AnalysisEmployee Benefits Pensions research 2020
Click to download the Employee Benefits Pensions research 2020.The Employee Benefits Pensions research 2020 was conducted in October 2020 among readers of employeebenefits.co.uk.This report is aimed at helping compensation, reward and benefits professionals understand the key issues driving current pensions strategies, as well as issues shaping future provision.Key topics the ...
-
ArticleHigh Court rules on GMP equalisation of transfers
A new ruling by the High Court means that trustees of defined benefit (DB) pension schemes must revisit and equalise guaranteed minimum pensions (GMP) for historic transfers.The new judgement, issued on 20 November, ruled that Lloyds Banking Group pension scheme trustees are legally responsible for equalising the GMPs for the ...
-
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 ...
-
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 ...
-
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 ...