All Pensions articles – Page 4
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ArticleEmma Reynolds named pensions minister
Credit: UK government, under Attribution 3.0 Unported Deed, resizedEmma Reynolds, the elected Labour MP for Wycombe, has been appointed parliamentary secretary for both the Department of Work and Pensions (DWP) and HM Treasury.The new joint role is part of the new government's recognition that pensions are the responsibilities of both ...
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ArticleLiz Kendall named secretary of state for work and pensions
Credit: UK government, under Attribution 3.0 Unported Deed, resizedLiz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week.In her new role, she will have overall responsibility for the Department for ...
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ArticleMenzies completes £260 million pensions buy-in
Aviation services firm Menzies has completed a £260 million pensions buy-in for its Menzies Pension Fund.The transaction secures the benefits of more than 3,000 members, including almost 1,400 pensioners and 1,650 deferred members.The process included a secondary market sale of an illiquid asset and deferral of premium, which enabled the ...
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ArticleOnly 28% of employees feel employers are supporting their financial wellbeing
Nearly half (49%) of employers said they believe they are supporting their workforce’s financial wellbeing, while only 28% of employees agree, according to new research by Payroll Integrations. The technology firm surveyed 250 full-time employees and HR leaders between the ages of 18 and 65 for its ...
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Article39% of UK staff do not think they will be able to retire
Two-fifths (39%) of full-time UK employees do not believe they will ever be able to retire due to the rising cost of living, up from 33% 12 months ago, according to research by Wealth at Work.The financial wellbeing and retirement specialist surveyed 2,019 UK adults aged 22 and above in ...
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ArticleNottingham Building Society introduces defined benefit pension platform
Credit: Electric Egg / Shutterstock.comNottingham Building Society has introduced a platform to modernise the management of its defined benefit pension scheme in order to support its members.The building society selected defined benefit (DB) consolidation platform Enplan, which is operated by Entrust and Isio, following a review of its DB scheme ...
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Article49% of employees do not know how they will access pension savings
Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings, according to research by workplace pensions provider TPT Retirement Solutions.Its survey of 2,500 defined contribution (DC) members also found that 23% of respondents would draw it down over time, 16% ...
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OpinionBeth Brown: How does the lifetime allowance abolition impact employers?
The abolition of the lifetime allowance (LTA) in April came with implications that employers will want to be aware of. When the Chancellor Jeremy Hunt announced the overhaul of the LTA in the 2023 budget, pension experts suggested it was unlikely the change could happen in the ...
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Case StudiesHowdens provides staff with valuable retirement-planning tools
Following a review of its pension scheme and a consultation in 2020, kitchen furniture manufacturer Howdens chose to close its defined benefit (DB) scheme in 2021. Alongside this, it improved its offer to employees through the defined contribution (DC) scheme, including increasing the core employer contributions significantly and introducing additional ...
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AnalysisEducating staff about at-retirement choices
Credit: Andrii-Yalanskyi/ShutterstockNeed to know:Employees nearing retirement need to know if they can retire and what their options are.Employers can direct them to support from providers, send out newsmails or facilitate access to qualified financial advisers.It is important for employers not to be seen to be pushing people towards retirement or ...
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ArticleFormer sports centre director receives fine for withholding pensions information
A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information.The Pensions Regulator formally requested information from Lee Bartholomew on 10 June 2020 as part of an investigation into allegations of fraudulent evasion relating to employee pension contributions. It ...
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ArticleTelereal Trillium completes £130m full pension scheme buy-in
Commercial property investment firm Telereal Trillium, now known as TT Group, has completed a £130 million bulk purchase annuity full scheme buy-in for its pension plan.The plan is sponsored by Telereal Services. The transaction, which was carried out by Aviva, will see that the defined benefit liabilities for around 500 ...
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ArticleMorrisons warehouse workers strike over pension contribution change
About 1,000 Unite union members working at two Morrisons warehouses have undertaken strike action for three days over a cut in company contributions to their pensions. The workers at sites in West Yorkshire and Cheshire claim to be losing £500 each through the company’s plan to reduce ...
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ArticleNortel Networks UK pension plan completes third buyout deal
Nortel Networks UK pension plan has completed a third and final buyout deal to insure the final tranche of members’ benefits.The plan entered a Pension Protection Fund (PPF) assessment after Nortel Networks went into administration in 2009. The plan was able to secure material additional funds from the Nortel insolvency ...
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Article23% of employees unsure of pension size needed to achieve retirement income
Nearly one-quarter (23%) of UK employees are unsure of the size of pension pot they require to achieve their desired retirement income, according to research by online pension provider PensionBee.Its survey of 1,000 working-age UK adults also found that 15% of respondents thought they would need a pension pot of ...
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AnalysisHow can employers nudge staff into saving more into their pensions?
Credit: Stephen Barnes/ShutterstockNeed to know:Employers should seek to understand the competing priorities that might stop individuals saving for retirement.Inertia is a powerful tool: enrol people at a higher rate and most will not choose to opt-out.There is no one-size-fits-all when it comes to communications, which should be highly personalised.It is ...
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Case StudiesHow SSE engages employees to increase pension contributions
Scottish energy multinational SSE was one of the first employers to become accredited by the living pension scheme in 2023. The Living Pension savings target is 12% of a full-time living Wage worker’s salary, of which the employer pays at least 7%. With SSE contributions averaging 16%, it is clear ...
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ArticleICI completes £900 million pensions buy-in
ICI has completed a £900 million pensions buy-in deal.The transaction, which was carried out with Legal and General Assurance Society, has secured the benefits of more than 7,000 retired members. The fund was able to meet its de-risking objectives as part of its long-standing relationship and collaborative approach with the ...
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ArticleNovus Health becomes living pension employer
Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation.The employer delivers free audiology, physiotherapy and dermatology services on behalf of the NHS. It employs 65 members of staff from its Horbury headquarters and four local health and wellbeing hubs in Wakefield, Pontefract, Normanton and ...
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ArticleSiemens and Stockton-on-Tees Borough Council shortlisted for Best pensions strategy
Technology firm Siemens and Stockton-on-Tees Borough Council are among the employers shortlisted for Best pensions strategy at the Employee Benefits Awards 2024.This award was created to recognise organisations that have developed a pensions strategy which best meets the needs of employees, whether that includes reviewing and changing existing pensions provision, ...