All Pensions articles – Page 37
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OpinionTony Pugh: Global challenges and solutions for DC pensions and financial wellbeing
A global financial wellbeing programme that takes into account localised pensions legislation, different taxation regimes and myriad different savings products might sound more like solving a Rubik’s Cube than building a benefits strategy.However, the DC pension and financial wellbeing global employee survey, published by Aon in June 2019, shows that, ...
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OpinionFerdy Lovett: Key issues for employers when transferring to a DC master trust
For some time now, the governance spotlight has been focusing on defined contribution (DC) pension benefits. Some employers find it expensive and time-consuming to meet the regulatory expectations placed on their occupational DC scheme or DC section of a hybrid scheme. As a consequence, there has been a sharp increase ...
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ArticleLeigh Day to launch pensions discrimination case for teachers and doctors
Law firm Leigh Day has today (27 August 2019) announced that it will bring legal challenges against the UK government for age discrimation in relation to public sector pensions for teachers and doctors.The case relates to changes made to pension arrangements across the public sector, which came into force on ...
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ArticleTPR used auto-enrolment enforcement powers 23,409 times in Q2
The Pensions Regulator (TPR) has used its enforcement powers to tackle pensions auto-enrolment non-compliance 23,409 times between April and June 2019, closing a total of 15,726 cases, according to research by TPR.The Compliance and enforcement quarterly bulletin: April-June 2019, which provides information on the powers TPR has used, as well ...
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ArticleHitachi completes bulk annuity transaction covering 120 pension scheme members
IT services organisation Hitachi has completed a pensions bulk annuity transaction with insurer Legal and General Assurance Society, protecting approximately 120 pension scheme members.The agreement provides insurance cover for 120 members of the Hitachi Data Systems Retirement Benefits Plan, who have retired since 2013 or are deferred pensioners.This is the ...
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Case StudiesThe benefits offered by TGI Friday’s
The benefits offered by TGI Friday’s:PensionsA defined contribution (DC) pension scheme via the National Employment Savings Trust (Nest): staff save 5% of their salary and TGI Friday’s contributes 3%.Managers and directors of operations can opt to save into a group personal pension (GPP), provided by Standard Life, which enables them ...
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ArticleCadbury UK completes pensioner buy-in transaction worth £520 million
Confectionery organisation Cadbury UK has completed a pensioner buy-in transaction for its defined benefit (DB) pension scheme, totalling £520 million.The transaction, completed with Rothesay Life, insures the pension liabilities for approximately 1,900 pensioner members of the Cadbury Mondelez Pension Fund; the bulk annuity will be held as an asset of ...
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ArticleTPR prosecutes recruitment agency for pensions non-compliance
The Pensions Regulator (TPR) is prosecuting Hertfordshire-based SKL Professional Recruitment Agency and its managing director for allegedly failing to enroll the organisation's 22 employees into a workplace pension.SKL Professional Recruitment Agency, which provides staff in the care sector, and 54-year-old managing director Linus Kadzere are accused of willfully failing to ...
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ArticleHSBC completes pension longevity swap transaction worth £7 billion
Banking organisation HSBC has completed a longevity swap transaction with The Prudential Insurance Company of America (PICA), to insure approximately £7 billion worth of pensioner liabilities.The transaction, which is the second largest deal of its kind confirmed for a UK pension scheme, has been designed to manage the longevity risks ...
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Article
Alice Honeywill: Will a bonus for new mothers sufficiently address the gender pensions gap?
I read with interest the June 2019 report that consumer association Which? published in collaboration with the Pension Policy Institute (PPI) entitled Top up the pots: Achieving adequate retirement incomes with automatic-enrolment.The reports looks at a variety of different areas, with one suggestion in particular that the state should award ...
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ArticleTim Pike: Will a bonus for new mothers sufficiently address the gender pensions gap?
Gender inequality in pension saving leads to an imbalance of finances within families and risks leaving women vulnerable at particularly sensitive times.Mothers who have not worked, but have instead taken time to raise a family, rate their financial wellbeing worse than any other group, according to the Wellbeing, health, retirement ...
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ArticleGareth Shaw: Will a bonus for new mothers sufficiently address the gender pensions gap?
The gender pension gap, which sees women retiring with less money than men, is rooted in a number of different issues. One of the main driving forces behind this, though, is the motherhood pension penalty.Automatic-enrolment into workplace pension schemes has been hugely effective in encouraging people to save for later ...
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ArticleDepartment of Health and Social Care to consult on changes to NHS pension scheme
The Department of Health and Social Care (DHSC) has announced a new public consultation on potential amendments to the National Health Service (NHS) pension scheme, designed to enable high-earning, senior doctors and surgeons to take on additional work, or continue working for longer, without the fear of tax charges impacting ...
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OpinionOliver Topping: How to spot personal data breaches and when to report them
In 2018, new data protection laws brought in a requirement for data controllers, like employers and trustees of pension schemes, to make reports swiftly after certain types of personal data breaches occur.Before rushing to pick up the phone to the Information Commissioner’s Office (ICO) or emailing affected employees or pension ...
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ArticleSavers have accessed £28.4 billion through pension freedoms since 2015
Retirement savers have accessed approximately £28.4 billion since pension freedom reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).The Flexible payments from pensions: July 2019 official statistics report also found that the number of individuals who received flexible payments from their pensions in the ...
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ArticleBritish American Tobacco completes pension buy-in transaction worth £3.4bn
Cigarette and tobacco manufacturing organisation British American Tobacco has completed a pension buy-in transaction for its defined benefit (DB) scheme, totaling £3.4 billion.The transaction, completed with the Pension Insurance Corporation (PIC), insures the pension benefits of 10,600 members of the British American Tobacco UK Pension Fund; this includes 8,300 pensioners ...
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OpinionRosalind Connor: How will the judges’ and firefighters’ case impact pensions?
Sometimes, legal changes creep up on us when we are looking the other way. When, in December 2018, the Court of Appeal decided in favour of the judges and the firefighters in their claim of age discrimination regarding the changes the government had made to their pensions, in Lord Chancellor ...
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ArticleFinancial and insurance organisations contribute most to employees’ pensions
Financial and insurance organisations are the employers that contribute the most into employees’ pension pots, paying an average of 9.5% of an individual's salary into their retirement savings, according to research by Profile Pensions.Its analysis of employees over the age of 22 but under the state pension age, who earn ...
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ArticleFCA publishes policy statement to improve informed pensions decision-making
The Financial Conduct Authority (FCA) has today (30 July 2019) published a policy statement confirming measures to improve informed decision-making around pension saving, in order to boost consumers’ retirement outcomes.The measures, due to come into force from 1 August 2020, are a result of the FCA’s Retirement outcomes review, which ...
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Supplier articleExcepted group life schemes - What you need to know
One aspect of your group life insurance policy which you may wish to consider is the implementation of an excepted group life insurance scheme to run alongside your current registered policy. As you may be aware, a registered group life insurance scheme counts towards an individual’s lifetime allowance total, whereas ...