All Pensions articles – Page 4
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Article49% of workers aged 50 and older are phasing into retirement
More than half (55%) of employees said a retirement plan is more important than ever as 49% of workers aged 50 and older have already started phasing into retirement, according to research by global advisory and broking firm Willis Towers Watson (WTW). Its 2024 Global benefits attitudes ...
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ArticleMajority of UK adults have moderate expectations for pension returns
The majority of UK adults admitted they only have moderate expectations for their pension returns, and prioritise stability in their retirement savings over higher-risk investments, a new survey by PensionBee has revealed. The consumer retirement market service’s survey, of both workplace and private pensions, included 1,000 UK ...
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ArticleBuyer's guide to master trust pension schemes
Credit: elina.nova/ShutterstockWhat are master trust pension schemes?Master trusts are defined contribution pension schemes, set up under trust law, which allow multiple employers that are unconnected with one other to participate. Each employer can set its own employer and employee contribution rates and usually has its own named section of the ...
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ArticleA quarter of UK employers think DC pension will provide comfortable retirement
Only a quarter of UK employers think their defined contribution (DC) pension provision will leave their workers with a comfortable retirement, according to research by Willis Towers Watson (WTW). The insurance and financial services firm’s annual Defined contribution pensions and savings report, which surveyed 112 FTSE 350 ...
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Supplier articleHow to boost pension engagement to help your people make better decisions
In the last year, more than one in five UK employees (22%) have had to borrow money from family and friends because of money worries, and a fifth have taken on debt (20%)[1].The impact of rising costs has also meant that 39% of employees think they will never be able ...
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Case StudiesHSB uses pension committee and resources to boost investment confidence
Specialist insurance and inspection business HSB improves employees’ confidence in investment choices through an approach centred around its pension governance committee and providing resources to staff.The organisation has a workforce of 550 UK and Ireland employees. Its committee comprises four appointed members, including external pension advisors and a representative from ...
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AnalysisHow to improve employees’ confidence in making pension investment choices
Choosing a pension provider that offers easily accessible and age appropriate investment education can increase employees’ confidence on the topic. Investment fund choices for employees with specific needs or beliefs ensure wider needs are met. Offering financial guidance and advice, as well as signposting to resources, ...
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ArticleHalf of employers advertise statutory requirements as perks
Almost half UK employers have been touting statutory requirements or basic rights as workplace benefits in their job adverts, according to a new analysis by Rippl. The employee benefits platform looked at employers’ recruitment advertising on the largest job listing sites. It found that 46% of them ...
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ArticleFirst Milk completes £42 million full-scheme pension buy-in
Dairy co-operative First Milk has completed a £42 million full-scheme pension buy-in for its Scottish Milk Retirement Benefits Plan. The transaction, which was carried out with financial services Just Group, secures the benefits of 452 scheme members, of which 292 are pensioners and 160 deferred members. The ...
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Article33% of retirees worry about being unable to meet living costs
One-third of retirees (33%) have concerns about being unable to meet living costs, according to research by Legal and General.Its survey of 1,000 retirees, which was carried out in partnership with the University of Sheffield, found that 38% of retiree respondents fear unexpected expenses during retirement, and 36% are anxious ...
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AnalysisHow to help staff trace and consolidate small pension pots
Credit: Dilok Klaisataporn/ShutterstockNeed to know:Significant amounts of money are tied up in small pension pots, many of which may have been forgotten.The Pensions Tracing Service can help people reconnect with lost pensions.Employers can help staff with this process and engage with pensions more generally.The UK is sitting on a ticking ...
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Case StudiesNewcastle Building Society increases staff awareness of how to trace small pension pots
When Ben Thomas joined Newcastle Building Society as head of reward in 2023, one of his first priorities was to benchmark how the organisation performed against competitors.Central to this was its pension scheme. “We offered a competitive pension that was above the market median but a majority of colleagues weren’t ...
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OpinionNigel Peaple: What does the new government's reform agenda mean for UK pension schemes?
The government’s pensions reform agenda could reshape the rewards and benefits landscape, presenting both opportunities and challenges for employers. So, what could this mean for the UK workforce? The newly announced pensions review presents an opportunity to improve pension adequacy. Likely to be considered during 2025, employers ...
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ArticleMacmillan Cancer Support completes £33.7 million pension bulk annuity deal
Credit: Serge Cornu / Shutterstock.comCharity Macmillan Cancer Support has completed a £33.7 million bulk annuity deal for its pension scheme.The full scheme buy-in with Aviva will secure the scheme’s retirees and deferred members’ benefits. The defined benefit (DB) scheme is maintained by Macmillan, under the stewardship of a board of ...
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ArticleChancellor launches pensions system review
Chancellor of the exchequer Rachel Reeves has launched a review to boost investment, increase saver returns and tackle waste in the pensions system. The review will be led by minister for pensions Emma Reynolds and will focus on defined contribution workplace schemes and the Local Government Pension ...
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ArticleReservist wins landmark Territorial Army pensions case
A retired major has won a landmark case against the Ministry of Defence (MoD) that could mean thousands of reservists will receive army pensions for the first time. Major Charles Milroy took the MoD to the employment tribunal in Glasgow, claiming that he should have been enrolled ...
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ArticleCaring responsibilities contribute to gender pensions gap
The amount of time women spend out of paid work because of caring responsibilities has been found to be one of the most significant contributing factors to the gender pensions gap, according to analysis by the Trades Union Congress (TUC).The findings have been published today to coincide with the trade ...
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ArticleFCA, DWP and regulator consult on DC pensions joint framework
The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) have launched a consultation on a joint framework for workplace defined contribution (DC) schemes.The proposed framework has been designed to move the focus from costs to long-term value and deliver better retirement savings. ...
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ArticleRawle Gammon and Baker completes £23m full pension buy-in
Building materials supplier Rawle Gammon and Baker has completed a £23 million full buy-in for its pension scheme, sponsored by commercial property sector business FTI Property. The transaction with K3 Advisory and Just Group secures the benefits of 113 deferred members and 154 pensioners. It was supported ...
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Article65% of pension scheme sponsors do not know how much members can expect at retirement
Two-thirds (65%) of those running pension schemes do not know how much a typical member can expect at retirement, according to Aon’s latest research.The global professional services firm drew insights from 214 UK defined contribution (DC) schemes, with combined assets of over £60 billion and more than one million members, ...