All Pensions articles – Page 33
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OpinionDavid Gallagher and Eleanor Duhs: Brexit and pensions
Last December's election seemingly showed a clear mandate to 'get Brexit done'. As the date draws near, those who have responsibility over pensions within their organisations will need to be aware that Brexit will have a number of effects.Product regulation for sales in the UK/EUIf an organisation has a traditional ...
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Article81% want more transparency over pension investments
More than 80% of consumers want transparency about what companies their pensions are invested in, according to research by PensionBee. The online pension provider's study of more than 2,000 customers of its largest fund found a consensus among how much UK workers want to know where their money is being ...
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ArticleGovernment will continue state pension for UK nationals living in EU after Brexit
In a document published on 24 January 2020, the Department for Work and Pensions (DWP) confirmed that UK citizens working in the European Economic Area (EEA) and Switzerland will continue to have access to benefits and pensions despite the UK leaving the EU. The DWP promised that there will be ...
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AnalysisHow to guide employees through a pensions consolidation process
Need to know:As individuals increasingly hold multiple jobs throughout their working lives, they may be at risk of missing out on retirement income if previous pension pots are forgotten.Consolidation can give employees a full overview of their retirement savings in one place, and may offer lower charges and better tools ...
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OpinionMichelle Cracknell: Is pensions consolidation always the right choice?
Employers have to provide a workplace pension and, with the average person having 11 jobs in their lifetime, according to the Department for Work and Pensions (DWP), this could lead to millions of dormant or lost pension pots. Keeping track of multiple pensions is hard and will continue to be ...
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Case StudiesNorth of England P&I Association engages staff with options during pensions change
When the North of England P&I Association (Nepia) moved from one group personal pension (GPP) plan to another in 2018, following an internal restructure, employees were supported with information and education on how to transfer to the new scheme and consolidate any other pensions they might have from previous jobs.The ...
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OpinionChintan Gandhi: Employers can help inform staff about pensions consolidation
The Association of Consulting Actuaries (ACA) welcomes the continued drive towards consolidating smaller occupational defined contribution (DC) schemes and members' pension pots. At a scheme level, it is widely recognised that better member outcomes can often be achieved in larger schemes with stronger governance, well-designed and diversified investment strategies, and ...
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ArticleDirector of accountancy firm fined for misleading pensions regulator
Former accountant Paul Rewrie has been ordered to pay £4,987 after pleading guilty to knowingly or recklessly providing false or misleading information to The Pensions Regulator (TPR).Rewrie was the director of accountancy firm PR Finance and Development, and was hired by a Cambridge-based organisation to enrol its employees into a ...
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Supplier articleEmployees face ticking time bomb as they approach retirement
Employees are often ill-prepared for the complex retirement challenges that lie ahead with many struggling to understand essentials such as tax, inflation risks or how investments and retirement income products work. As more and more people retire on defined contribution (DC) savings alone, this could be a recipe for disaster ...
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ArticleFormer BHS owner ordered to pay £9.5 million into affected pension schemes
The Pensions Regulator (TPR) has ordered Dominic Chappell, director and majority shareholder of the organisation that bought BHS, to pay £9.5 million into BHS pensions schemes, following the collapse of the high street retailer. In January 2018, TPR concluded that a series of factors during the collapse were materially detrimental ...
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OpinionJames Parker: What are the implications of Zurich's longevity swap transaction?
On 17 December, insurance organisation Zurich announced that it had entered into an 'enhanced pass through' longevity swap transaction, covering around £800 million of pensioner liabilities for a FTSE 100-sponsored pension scheme. Hymans Robertson and CMS acted as lead advisers to the pension scheme.The transaction was described as 'unique' by ...
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ArticlePensions Schemes Bill introduced to House of Lords
The Pensions Schemes Bill, originally confirmed in the Queen's Speech on 14 October 2019, and reintroduced on 19 December 2019, has been introduced to the House of Lords this week. The Commons Library Briefing, published on 7 January 2020, stated that the introduction of the Pensions Schemes Bill, which will ...
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OpinionAnna Rogers: Bauer judgment means more grief for the Pension Protection Fund
Last month, the European Court of Justice (CJEU) ruled in Bauer that the current 50% minimum level of protection is too low if it means that the pension member is living below the 'at risk of poverty' measure in the member state concerned.The court did not agree with the Advocate-General ...
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Article11,000 retirees to lose £70 of state pension per week from April 2020
According to a Freedom of Information request made to the Department of Work and Pensions (DWP) by Steve Webb, policy director at insurance organisation Royal London, an estimated 11,000 retirees are set to face a significant cut to their state pension from April 2010.This is the result of the abolition ...
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ArticleThree-fifths note increased interest in ESG factors following 2019 policy changes
Almost three-fifths (57%) of respondents stated that, although there is an increased interest in environmental, social and governance (ESG) concerns around pension schemes following recent legislative changes, no changes have been made as of yet, according to research by the Society of Pension Professionals (SPP). In 2019, new regulations were ...
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ArticleEXCLUSIVE: 77% say it is too early to gauge impact of Brexit on pensions
EXCLUSIVE: 77% of respondents say it is too early to tell how Brexit will impact pensions, according to research by Employee Benefits. This is a slight decrease on the 85% that said the same last year, but remains significantly higher than the 39% that said the same in 2017.At the ...
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ArticleEXCLUSIVE: 74% cite uncertainty on pension decision-making as key retirement concern
EXCLUSIVE: For the second consecutive year, uncertainty about how to make the best decisions when accessing pension benefits tops the list of concerns affecting the workforce in the run up to, or during, retirement. This year, 74% said this is the case, up from 54% in 2018, according to research ...
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ArticleEXCLUSIVE: Only 16% of employers measure their gender pensions gap
EXCLUSIVE: Although employers are increasingly focused on closing the widely discussed and publicised gender pay gap, just 16% of respondents proactively measure the gender pensions gap in their organisation, according to research by Employee Benefits.While it is encouraging that some organisations are doing so, there is still a long way ...
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ArticleEXCLUSIVE: 37% of employers provide financial education to all employees
EXCLUSIVE: The proportion of organisations that provide financial education for all employees has changed little since the research was conducted in 2018, going from 36% to 37% this year, according to research by Employee Benefits.The Employee Benefits/Wealth at Work Pensions research 2019, which was conducted during October 2019 among 135 ...
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ArticleEXCLUSIVE: Majority of employers use in-house teams to provide at-retirement support
EXCLUSIVE: Despite the increased sense that it is a pension provider’s responsibility, the primary source of at-retirement support continues to be HR, benefits, reward, and learning and development teams (34%), and in-house pensions teams (13%), according to research by Employee Benefits.The Employee Benefits/Wealth at Work Pensions research 2019, which was ...