All Pensions articles – Page 33
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Case StudiesPolice Scotland harmonises pay and benefits for 6,000 staff
Three years ago, national police force Police Scotland embarked on a project to harmonise its employee benefits, as well as its employment terms and conditions, for its 6,000 non-officer staff.Known internally as the Staff Pay and Reward Modernisation Programme (SPRM), the project aimed to introduce equality and fairness to the ...
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Case StudiesThe benefits offered by Police Scotland
The benefits offered by Police Scotland:PensionsThe Local Government Pension Scheme, a career average revalued earning (Care) scheme, is available for all staff; employee contributions vary dependent on salary and Police Scotland contributes around 19% of an employee’s salary.PayOvertime pay of time and a half, and double time for working on ...
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OpinionPhilomena Price: Employment law changes to watch out for from April 2020
April 2020 sees some key changes coming into force that employers need to be aware of. As with any employment law matter, it is beneficial if employers start thinking about how these changes may affect their businesses now, and plan accordingly, rather than waiting.First, all workers, including employees starting work ...
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ArticleApproximately 4.3 million Generation X employees will retire with inadequate savings
Generation X are at a greater risk of reaching retirement with a pension pot that is below what they need to retire comfortably, compared with the baby boomer and millennial generations.According to the Pension Policy Institute's (PPI) Generation VeXed: Solving the retirement puzzle report published in November 2019, employees who ...
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AnalysisRetirement income: Pensions in numbers
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Supplier articleTop 5 considerations for employees and members before accessing their pension
Whilst freedom and choice in pensions is popular with individuals, the downside is it can be easy for employees and pensions scheme members to make poor decisions which can create a permanent dent in their retirement income. For example, paying more tax than necessary, falling victim to a scammer or ...
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ArticleTiny Hearts Day Nursery prosecuted for auto-enrolment compliance violations
Childcare provider Sulouste, which trades as Tiny Hearts Day Nursery, is being prosecuted by The Pensions Regulator (TPR) in relation to failures to comply with auto-enrolment regulations.Tiny Hearts Day Nursery and its director Christine Moore have been accused of wilfully failing to undertake the auto-enrolment responsibilities outlined under sections 45 ...
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OpinionPhil Spary: Testing times for master trust pension schemes
It is no surprise that considerable emphasis on governance standards and regulatory expectations have continued to be a focus in the minds of those responsible for running master trust pension schemes. Having been taken through a rigorous authorisation process, trustees and their advisers will have considered the suitability of their ...
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AnalysisInfographic: Key dates surrounding GMP equalisation
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AnalysisWhat do employers need to know about the GMP equalisation process?
Need to know:Following the Lloyds Banking Group case, organisations must explore how to equalise historical guaranteed minimum pensions (GMP) between men and women.Employers can opt to convert into a non-GMP pension scheme, or they can use dual records to calculate the correct amount of pension benefit on a year-by-year basis.Although ...
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ArticleCaring responsibilities lead to 47% reduction in women's pension savings
Being unable to work due to maternity leave and taking time off to raise a family results in a 47% reduction in women's pensions compared to men's; this is considerably higher than the 28% reduction in pension pots caused by the gender pay gap, according to research by Now: Pensions.The ...
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AnalysisHow to help employees overcome auto-enrolment apathy
Need to know:Group presentations alongside online calculators and pension modellers can help employees see whether their retirement savings are on track.Consolidating pension pots can make retirement savings easier to understand and manage, making it more likely that employees will engage with saving for retirement.Financial incentives, such as matching contributions and ...
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Case StudiesDWF engages employees with pensions through enhanced matched contributions
Legal services firm DWF employs around 2,300 staff across 11 offices throughout the UK and Ireland. In April 2019, it launched a new self-invested personal pension (Sipp) plan, to encourage employees to engage more with their retirement savings.Stephen Jones, head of reward at DWF, says: “We’d offered matched contributions based ...
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Supplier articleWhy is employer training on the decline?
Research by CIPD in July this year shows that employer training has been declining since as far back as 1998, even despite the introduction of government initiatives in attempt to stop the decline. So, why is this the case? And what can employers do?Participation in training has declined 20% in ...
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AnalysisHow to align pensions provisions with a wider benefits strategy
Need to know:Pensions should be positioned as a vital part of an overarching benefits package, rather than a separate and often distant concern.Employers should package pensions within a wider financial planning provision, promoting it alongside a range of other benefits that can help employees with short- and long-term stability.Focusing on ...
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Case StudiesNationwide demonstrates the role of workplace pensions within wider package
To engage its 18,500 employees with their retirement savings, Nationwide Building Society provides a dashboard through which staff can view all of their pension information in one place, uses nudges to promote behavioural change, and runs competitions during which, for example, employees can design posters illustrating their personal retirement dreams.Currently, ...
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ArticleDebbie Lovewell-Tuck: Putting pensions in prime position
As our Pensions Week draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.A pension is arguably one of the most important benefits in an organisation’s package. Yet, despite representing the largest proportion of an employer’s ...
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OpinionHelen Ball: What does the future hold for defined contribution pension schemes?
Until the publication of the recent Pension Schemes Bill, confirmed during the Queen's Speech in October 2019, defined contribution (DC) scheme trustees and providers had been suffering from planning blight, namely the reduction of activity due to expected future development. However, we now have some important proposals affecting DC pensions ...
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OpinionMel Duffield: Initiatives to engage younger employees with pensions
For an employee starting out in their 20s, facing higher costs of living, saddled with student debt, and with the prospect of retirement only a distant goal on the horizon, apathy about pension saving, and even opting out of the auto-enrolment process altogether, is not unexpected.However, there are strong indications ...
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Case StudiesJohnson Matthey uses intuitive technology to make pensions personal
Johnson Matthey is a multinational specialty chemicals and sustainable technologies business, employing 4,300 people in the UK across 14 sites. Our workforce is very diverse, ranging from production workers to scientists.Our pension scheme has a complex benefit structure, offering members different retirement savings options, encompassing career average revalued earnings, closed ...