All Pensions articles – Page 39
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ArticleEligible employees saved £90.4bn into workplace pension pots in 2018
Eligible employees contributing to workplace pension pots saved a total of £90.4 billion in 2018, an increase of £7 billion on the amount saved over the previous year, according to research by the Department for Work and Pensions (DWP).Its annual Workplace pension participation and savings trends of eligible employees official ...
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ArticleGovernment to consult on new flexible option for NHS pension scheme
The Department of Health and Social Care and the Cabinet Office have announced a consultation on potential changes to the National Health Service (NHS) pension scheme, with the aim of enabling senior doctors to work for longer without the fear of tax charges impacting their retirement savings.The new 50:50 pension ...
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ArticleFTSE 350 defined benefit pension deficit rises to £57 billion in May 2019
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations increased by £5 billion between April 2019 and May 2019, rising from £52 billion to £57 billion, according to research by Mercer.The Pension risk survey, which analyses the pension deficit calculated using the approach FTSE ...
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Case StudiesThe benefits offered by Inspired Villages
The benefits offered by Inspired Villages:Pension, protection and payA defined contribution (DC) pension scheme is available for all staff through auto-enrolment; contributions are set at the statutory minimum of a monthly 5% from employees and 3% from the employer.Life insurance, at three times an employee’s base salary, is available on ...
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ArticleKavitha’s keynote: Employee benefits keep one in six at work after 65
Around seven in 10 UK employees expect to work past the age of 65, while almost two in five anticipate retiring after they turn 75, research from Canada Life Group Insurance revealed earlier this week.More than 70% of those set to continue working beyond their 65th birthday attribute this to ...
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ArticleA third plan to work past age 65 because their pension is not sufficient
Around a third (32%) of respondents plan to work beyond the age of 65 because their pension savings will not be sufficient to allow them to cease earning a wage, according to research by Canada Life Group Insurance.Its survey of 1,002 full and part-time employees also found that 25% believe ...
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ArticleMarks and Spencer completes pensioner buy-in transactions equating to £1.4bn
Retail organisation Marks and Spencer has completed two pensioner buy-in transactions for its defined benefit (DB) pension scheme, totalling approximately £1.4 billion.The buy-in policies have been completed with insurance organisations Phoenix Life and the Pension Insurance Corporation (PIC) as part of the scheme’s long-term de-risking strategy. This approach aims to ...
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AnalysisBeyond pay: Gender differences in the workplace
Need to know:While organisations are focusing on addressing the gender pay gap, they may be missing some of the underlying discrepancies that exist alongside it.Wage differences and the higher likelihood of career breaks among women can influence financial wellbeing and retirement incomes.Progression and career development are impacted not only by ...
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ArticleCalifornia-based cannabis organisation boosts pay and benefits for delivery drivers
Something for the weekend: California-based cannabis organisation Caliva has boosted the pay and employee benefits for its delivery drivers, offering up to $16 (£12.62) an hour and a 401K pension scheme.Caliva, which grows its own cannabis to use in a range of consumer products, available in shops or online, has ...
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ArticlePWC Australia to pay superannuation contributions while staff are on parental leave
Global professional services firm PricewaterhouseCoopers (PWC) is to pay full superannuation contributions for up to 12 months for employees in Australia on parental leave.The new policy, applicable for the organisation’s 8,000 staff based in Australia, will see PWC make full superannuation contributions into an employee’s workplace retirement savings for up ...
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OpinionMichael Kind: Tech platforms help engage employees with their pensions
Could technology be the answer to pensions engagement? To some extent, yes. PensionBee and Smart Pension being integrated into Yolt and Alexa, respectively, increases the points at which they are visible, and makes employees’ user journey smoother. Simpler touches, such as using educational videos rather than long reams of text, ...
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Supplier articleMembers are ill-prepared for the risks they face when accessing their pension
Pension scheme members approaching retirement are likely to be ill-prepared for the risks they face when accessing their pension, ranging from paying too much tax, to running out of money before the end of their days, or even losing their life savings to scams, according to a new survey of ...
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ArticleTwo-fifths are most interested in receiving paid annual leave as employee benefit
Two-fifths (44%) of employee respondents are most interested to receive between 22 and 35 days of paid annual leave as an employee benefit, according to research by insurance organisation Aviva.Its survey of 2,011 UK employees and 502 managers with recruitment responsibilities further found that other workplace benefits staff are most ...
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ArticleJohn Lewis Partnership to close defined benefit section of workplace pension scheme
John Lewis Partnership, which consists of retailers John Lewis and Waitrose, will close the defined benefit (DB) section of its occupational pension scheme, instead providing an improved defined contribution (DC) scheme for its 83,900 employees.The employee-owned organisation currently provides staff with a hybrid pension scheme, which combines elements of both ...
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ArticleFour in 10 mothers would work longer hours if childcare costs were lower
Almost four in 10 (38%) women with children would choose to work longer hours if childcare was cheaper, according to research by The People's Pension.Gender pensions gap: Tackling the motherhood penalty, published in May 2019, found that after having children, more than two-fifths of women (44%) reduced their hours, more ...
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ArticleChris Curry: What does the CDC decision mean for workplace pension schemes?
One of the most eagerly anticipated parts of the new Pensions Bill promised in the 2019 Queen’s Speech is legislation that will enable Royal Mail to open a new collective defined contribution (CDC) scheme for its employees, replacing their current defined contribution (DC) pension.The expected legislation, as trailed in the ...
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ArticleGraham Wrightson: What does the CDC decision mean for workplace pension schemes?
The government recently set out plans for introducing legislation to facilitate collective defined contribution (CDC); it is clearly committed to legislating for these schemes. However, if and when it happens, there is still a question mark around just how popular CDC will be with employers.In CDC, members receive a pension ...
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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 ...