All Pensions articles – Page 34
-
Case StudiesSomerfield Pension Scheme insured £425 million of liabilities through buy-in
Manchester-based Somerfield Pension Scheme, sponsored by the Co-op, insured £425 million of liabilities through a buy-in with Pension Insurance Corporation (PIC) in January 2019. It covered 2,900 people, the scheme’s entire pensioner population excluding those with very small pensions.James Giles, pensions investment manager at Co-op, says: “One of the first ...
-
AnalysisHow to undertake a pensions buy-in transaction
Need to know:Pension buy-ins are on the rise, but insurers can afford to be selective and a lot will depend on the preparatory work conducted by the scheme.Sponsor and trustees should form a joint working committee early in the process, and member data must be as clean as possible to ...
-
OpinionLarisa Gordan: Pensions buy-ins are an effective way to de-risk part of members' liabilities
A buy-in policy is one way of transferring risk from a pension scheme to an annuity provider, normally an insurance firm. The trustees pay a premium to the insurer and in return receive a regular income which essentially matches the agreed benefits for each member of the scheme.This transaction is ...
-
ArticleMajority of 22 to 29 year-olds saving for retirement due to auto-enrolment
More than four-fifths (84%) of employees working in the private sector and aged between 22 and 29, saved for retirement via auto-enrolment in 2018, compared to the 24% who did so in 2012, according to research by The Pensions Regulator (TPR).Automatic enrolment – commentary and analysis: April 2018-March 2019, which ...
-
ArticleAviva completes £1.7 billion pension scheme buy-in
Insurance organisation Aviva has completed a pension buy-in transaction worth £1.7 billion with Aviva Life and Pensions UK.The buy-in arrangement will insure the liabilities of Aviva’s defined benefit (DB) pension scheme, the Aviva Staff Pension Scheme.The scheme has approximately 5,800 members, consisting of 4,300 deferred members and 1,500 current pensioner ...
-
ArticleOutsourced UCL staff to receive same pay, pension and annual leave as employees
Around 900 outsourced members of staff working at educational institution University College London (UCL) will receive the same pay, pension arrangements and annual leave entitlements as directly employed staff who perform the same roles.The deal, negotiated with trade union Unison, means that from 1 December 2019, outsourced porters, security staff ...
-
Case StudiesThe benefits offered by Charles Tyrwhitt
The benefits offered by Charles Tyrwhitt:Pension and protection benefitsDefined contribution (DC) workplace pension scheme for all employees, offering enhanced matching employer contributions of 6% for managers and above.Group income protection offered to all staff on an employer-paid basis.Health and wellbeingPrivate medical insurance (PMI) provided on an employer-paid basis; this includes ...
-
ArticleAsda and Walmart complete £3.8 billion pension scheme buy-in
Supermarket chain Asda, owned by US retailer Walmart, has completed a full pension scheme buy-in transaction, worth £3.8 billion.The transaction, completed with insurance organisation Rothesay Life, secures the long-term pension benefits for approximately 12,300 members of the Asda Group Pension Scheme.The buy-in procedure has taken place ahead of a full ...
-
AnalysisHow should retirement information change for employees at different life stages?
Need to know:Employees of all ages need help saving for a financially stable later life, but the format and delivery will need to vary across different demographics.To engage younger staff, employers could consider repackaging concepts such as pension payments and retirement planning to feel more relevant.Throughout the 15 years leading ...
-
Case StudiesACCA engages employees with retirement planning using tailored roadshow
Global professional accountancy body The Association of Chartered Certified Accountants (ACCA) has engaged its employees with retirement planning through a pensions roadshow that addressed their changing needs as they approach retirement.The roadshow, which was offered to all 850 ACCA UK employees, took place across its offices in September 2019, and ...
-
OpinionDr Aideen Young: Employers are well-placed to help staff prepare for later life
Auto-enrolment has led to huge gains in pension participation: according to May 2018 figures from the Office for National Statistics (ONS), around 73% of UK employees had an active workplace pension in 2017, up from less than 47% in 2012.While this is good news, pension contributions have remained at the ...
-
ArticleEXCLUSIVE: Only 9% of younger employees prioritise retirement savings
EXCLUSIVE: Less than one in 10 (9%) of employees aged between 18 and 35 rank retirement savings as their number one priority, despite 66% of employers believing that pension schemes are a priority for all staff, according to research by Smarterly.The survey of 1,248 employees and 508 HR professionals in ...
-
ArticleQueen’s Speech confirms Pension Schemes Bill and CDC pensions
The Queen has confirmed that the implementation of the Pensions Schemes Bill will be brought forward, legislating for the introduction of pensions dashboards as well as collective defined contribution (CDC) pension schemes.The Bill was one of the measures announced in the Queen’s Speech, delivered on Monday 14 October 2019 to ...
-
AnalysisHow financial education can help employees make sense of their benefits
Need to knowFinancial education that helps employees understand topics like money management, debt consolidation and savings will be most effective when accompanied by relevant products for them to subsequently use.Pensions are a primary subject for many employers, but more immediate concerns should be taken into account to get staff to ...
-
Case StudiesAMV uses financial advice to boost pensions understanding and financial wellbeing
In 2007, Advertising agency Abbott Mead Vickers BBDO (AMV) started working closely with benefits broker Connor Broadley to offer education around pensions and other financial matters, using staff surveys to discover what topics employees would be interested in learning about.Since then, employees have been able to book appointments with representatives ...
-
ArticleConfessions of a benefits manager: Candid looks at pension investments
Smarmy Consulting have invited us for an investment review meeting. Well, actually, they invited just me, but as it is to be held in the Gherkin, Big Bad Boss decided to come along too. At least this means we can share responsibility for any difficult decisions.I arrive early to take ...
-
ArticlePunter Southall Aspire acquires employee benefits division at BDO
Financial planning and retirement savings organisation Punter Southall Aspire has acquired the employee benefits division of UK accountancy and business advisory firm BDO.The acquisition aims to strengthen Punter Southall Aspire’s employee benefits business, enabling the organisation to offer a comprehensive range of reward products around pensions and auto-enrolment consultancy, pensions ...
-
ArticleCardano Group acquires Now: Pensions
Pensions risk and investment management business The Cardano Group has completed the acquisition of pension provider Now: Pensions from Danish pension fund Arbejdsmarkedets Tillaegspension (ATP).Now: Pensions, which received its master trust authorisation from The Pensions Regulator (TPR) on 24 September 2019, is the UK’s third largest auto-enrolment provider. The organisation ...
-
ArticleHigh Court rules that equalising state pension age is non-discriminatory
The High Court has ruled that equalising the state pension age between men and women is not discriminatory on the grounds of age or sex, confirming that successive governments were within their jurisdiction to implement legislative changes through numerous Pensions Acts.The case, Delve and Glynn v The Secretary of State ...
-
ArticleTake part in exclusive pensions research and be in with a chance to win £100 retail voucher
How are organisations providing financial education to employees? Are staff saving enough money to feel comfortable in retirement? How often do businesses conduct pensions-related communications?Employee Benefits readers can now benchmark their approach to pensions and retirement by participating in this year’s exclusive Employee Benefits/Wealth at Work pensions research. The survey ...