All Pensions articles – Page 39
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ArticleDavid Pitt-Watson: What does the CDC decision mean for workplace pension schemes?
The Work and Pensions Select Committee described the adoption of collective defined contribution (CDC) pensions as a 'new Beveridge', a new chapter in delivering pensions. Unlike its defined contribution (DC) counterpart, CDC achieves the proper purpose of a pension: to deliver an income in retirement.Employers offer pensions because they are ...
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ArticleEXCLUSIVE: Starr Companies sees 90% member engagement with new pension scheme
EXCLUSIVE: As of May 2019, global insurance and investment organisation Starr Companies has reported 90% engagement among the 180 members of its workplace pension, which was launched in October 2018.The organisation's new group pension, provided by Hargreaves Lansdown, was launched six months ago in response to the need for staff ...
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AnalysisHow could pensions dashboards influence engagement with employee contributions?
Need to know: The pensions dashboard, due to be launched in 2019, will facilitate better engagement, but will be most effective as part of a broader communications strategy that includes face-to-face methods.In the earlier stages, the biggest attraction of the dashboard will be for consumers to track down lost pensions ...
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Case StudiesNationwide uses technology to engage employees with pension scheme
According to Amanda Innes, pensions communications manager at Nationwide, the introduction of a pensions dashboard can only be a good thing: “By having all their information under one roof, employees will be able to see at a glance what they’re in line to get, instead of just guessing."Nationwide has, in ...
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AnalysisAdvance interest: The pensions dashboard in numbers
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Case StudiesThe benefits offered by Royal Mail
The benefits offered by Royal Mail:Pensions, pay and group riskRoyal Mail's defined benefit (DB) pension scheme was closed to new members in March 2008 and new employees are provided with a defined contribution (DC) pension. The DB arrangement closed to future accrual in March 2018; members of this scheme have ...
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ArticleSavers have accessed £25.6 billion through pension freedoms
Retirement savers have accessed approximately £25.6 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: April 2019 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleThree-fifths increase pension contributions if employer offers to match them
Around three-fifths (61%) of workplace pension scheme members opt to increase their pension contributions if their employer offers to match them, according to research by investment organisation Hargreaves Lansdown.Its analysis of nearly 53,000 scheme members enrolled in the Hargreaves Lansdown workplace pension also found that 49% choose to increase their ...
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ArticleGovernment publishes guidance on equalisation of GMPs
The Department for Work and Pensions (DWP) has published official guidance to help pension scheme trustees equalise the benefits of guaranteed minimum pensions (GMPs), following a High Court ruling in October 2018.The guidance, produced in conjunction with an industry working group, was published on 18 April 2019. Designed to mitigate ...
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ArticleBT and Siemens shortlisted for Best pensions communications
Telecommunications provider BT, construction business Kier Group and technology organisation Siemens are among those shortlisted for the Best pensions communications category at this year’s Employee Benefits Awards and Summer Party.The Best pensions communications award celebrates employers that have implemented effective strategies in order to engage employees with their retirement savings ...
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ArticleTwo-thirds believe benefits are equal to or more important than basic salary
Two-thirds (66%) of employees in the UK believe that the employee benefits offered to them are equal to or more important than their basic salary, according to research by corporate gift organisation Adler.The survey of 1,000 UK employees also found that 14% would accept an increase in benefits over a ...
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ArticleBank of America Merrill Lynch completes £400 million pensioner buy-in
Financial services organisation Bank of America Merrill Lynch has completed a pensioner buy-in transaction with Scottish Widows, totalling £400 million.The policy insures the pension liabilities for 915 pensioner members of the Bank of America Merrill Lynch UK Pension Plan, which is the largest pension scheme offered by the organisation.The transaction ...
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Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
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ArticleEXCLUSIVE: Seven in 10 multinationals have effective global benefits strategies
EXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a ...
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Case StudiesSiemens changes pension structure ahead of 2019’s auto-enrolment increases
Ahead of the auto-enrolment minimum contribution changes in April 2019, global technology organisation Siemens amended its defined contribution (DC) structure with a view to creating behavioural change.Siemens, which employs 15,000 staff in the UK overall, 11,000 of whom are enrolled in the pension scheme, now offers enhanced matching contributions based ...
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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OpinionNichola Hawden: How will auto-enrolment increases impact reward?
When auto-enrolment was first introduced in October 2012, the minimum total contribution rate for a workplace pension was a modest 2%, with employers contributing a minimum 1%. From 6 April 2018, the total minimum contribution rate increased to 5%, with 2% contributed by the employer, and from 6 April 2019, ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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Case StudiesEvoluted uses a local accountancy firm to keep abreast of pensions change
Sheffield-based digital marketing organisation Evoluted specialises in bespoke web development and digital design. It was founded in 2006 and currently employs 27 staff.The organisation originally implemented a group stakeholder pension scheme for employees, but with the introduction of auto-enrolment in October 2012 came a slew of challenges revolving around communication ...
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OpinionLesley Alexander: The pensions employee experience
At The Pensions and Lifetime Savings Association’s (PLSA) conference this year, the key theme centred on engaging employees with their workplace pensions.Outside of the interested few, this can undoubtedly be an uphill struggle. However, if we do not address the under-saving culture in the UK, we will be faced with ...