All Pensions articles – Page 36
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Article3i Group completes £650 million pension scheme buy-in
The Trustees of the 3i Group Pension Plan have completed a £650 million pension scheme buy-in.The buy-in transaction with Legal and General covers the benefits of 280 pensioners and 570 deferred members and will be held as an asset of the pension plan.The Trustees, were advised by Lane Clark and ...
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ArticleTribunal rules non-cash contributions are not eligible for pensions tax relief
HM Revenue and Customs (HMRC) has won a case at an Upper Tier Tribunal, which ruled that non-cash (in-specie) contributions are not eligible for pensions tax relief.In-specie contributions are where assets such as property or shares are transferred to a pension without first being converted to cash. Self-invested personal pension ...
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OpinionJoanna Sharples: Why responsible investment could be the pensions engagement message members need
Assets held by UK defined contribution (DC) pension schemes are expected to increase substantially over the next decade. That vast sum of money will support the retirements of millions of UK employees over the next 30 years and beyond.Over the last few months, stock markets around the world have suffered ...
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OpinionAmy Davies and James Edmonds: Should the burden of pensions move to the employee?
Employers in Australia make significantly larger contributions to their employees’ pensions than their UK counterparts. Thanks to the Superannuation Guarantee, Australian employers pay 9.5% of an employee’s earnings to their pension pot. In contrast, the minimum contribution rate for UK employers under the automatic-enrolment regime is just 3% for eligible ...
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Supplier articleBusy Bees Benefits: Pension Salary Sacrifice Considerations For Furloughed Employees
In these unprecedented economic times, there is much for an employer to consider around salary sacrifice pensions when managing furloughed employees during the COVID-19 lockdown restrictions. This article by Busy Bees Benefits aims to provide some clarity for business owners on what they must consider.It is important to remember that ...
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AnalysisHow can employers ensure pension scheme members get a good retirement outcome?
Need to know:Employers have many options that can help to improve employees' retirement outcome, without increasing contribution levels.Member communications should make employees aware of how their investment can vary over the long term.At-retirement support is vital to ensure employees are aware of the options available to them when ...
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Case StudiesTrowers and Hamlins offers employees above minimum pension provision
International law firm Trowers and Hamlins is typical of progressive firms that try to do a bit more than the minimum required by law when it comes to staff pensions.Some 700 of its 800 UK-based employees, as well as a number of the firm's partners, are members of the Trowers ...
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OpinionNigel Peaple: Employers need to show staff the value of pension contributions
With staff working from home and businesses under financial pressure from the Coronavirus lockdown, the government has provided two vitally important measures to support workplace pensions during this crisis.The first provides support for employers to meet automatic-enrolment contributions for workers. Grants paid to employers under the Coronavirus job retention scheme ...
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ArticleLeonardo Electronics completes £160 million pension scheme buy-in
Electronics organisation Leonardo Electronics has completed a £160 million buy-in pension scheme with Just Group.This is the first buy-in for the scheme, which has been obtained in an attempt to reduce risk while still offering new benefits to active employees.This deal benefits 1,253 members with non-trivial annual pensions in the ...
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OpinionTim Middleton: Pensions support for employers and staff is essential during the Covid-19 crisis
The Covid-19 (Coronavirus) crisis has had the most serious peacetime impact on society for over a century. With most of the population subject to lockdown, employers have scaled down their activities or suspended them altogether. This has seen an estimated nine million employees placed on the government’s furlough scheme and ...
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AnalysisWhat does the Covid-19 outbreak mean for employees' pensions savings?
Need to know:Diversified default funds have protected most defined contribution (DC) pension scheme members and, for younger employees, market falls can be an opportunity to buy into investments at a lower price.The Covid-19 (Coronavirus) job retention scheme has limitations and members who opt out can destabilise other employee benefit arrangements.As ...
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OpinionCarolyn Jones: Careful consideration is needed before making pensions decisions
The uncertainty caused by the Covid-19 (Coronavirus) pandemic means it is a crucial time for employers to support the financial wellbeing of staff. When it comes to concerns about pensions, employers should encourage staff not to panic and make rushed decisions without understanding all of the facts.For employees with defined ...
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OpinionChristopher Nuttall: Should the burden of pensions move to the employee?
Employers are familiar with the automatic-enrolment duties that oblige them to put certain staff into a pension scheme and contribute towards it. These duties began in 2012. But what comes next?The majority of schemes used in the private sector are defined contribution (DC) schemes in which the contributions, together with ...
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OpinionSam Smethers: Is pay transparency radical?
Sometimes the simple and obvious thing can still be perceived as radical. When it comes to pay transparency, the idea that we might find out what our colleagues are earning is, at one level, radical because pay secrecy is the norm in most workplaces and talking about pay is taboo. ...
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ArticleTPR allow trustees to freeze pension transfers for three months
The Pensions Regulator (TPR) has made changes to regulations to support employers and trustees as they work to meet the challenges of the Covid-19 (Coronavirus) pandemic.Trustees of defined benefit (DB) schemes will be able to suspend cash equivalent transfer value activity for up to three months.According to the regulator, if ...
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ArticleITV ordered to offer financial support to Box Clever pension scheme by TPR
Following an eight year long legal challenge against The Pensions Regulator (TPR), television broadcasting organisation ITV has been given a six month deadline to provide financial support for the Box Clever pension scheme.Box Clever was a joint venture formed in 2000 between ITV and Carmelite; employees were transferred to the ...
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ArticleSouthbank Capital Limited director fined £12,800 by Pensions Regulator
Director and shareholder of Southbank Capital Limited, Michael Woolley, has been handed a £10,000 fine, and ordered to pay a further £2,800 in costs, for failing to hand over information and documents requested by The Pensions Regulator (TPR).TPR requested that Woolley provide information about investments relating to money and assets ...
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ArticleHow will the Spring Budget 2020 affect pay and benefits?
Chancellor of the Exchequer Rishi Sunak delivered the Spring Budget speech to the House of Commons on Wednesday 11 March 2020. Below is a summary of the key announcements that could impact pay and benefits strategies:National insurance contribution threshold to rise to £9,500 from April 2020National living wage projected to ...
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Case StudiesCo-op transfers employees to a more flexible defined contribution scheme
In October 2015, food and retail business Co-op closed its defined benefit (DB) pensions arrangement and transferred employees out to a defined contribution (DC) group personal pension (GPP) scheme.During the change, the existing £8 billion DB scheme stayed as was, with all existing accruals retained. In terms of future pension ...
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AnalysisBack to basics on defined benefit to defined contribution pension transfers
Need to know: Defined benefit (DB) to defined contribution (DC) transfers are becoming increasingly popular, and employers should understand the basics to help staff make the right choices.Employees looking for greater flexibility must also understand and be comfortable with the higher level of risk associated with DC schemes.Many individuals would ...