All Pensions articles – Page 41
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ArticleCaring responsibilities lead to 47% reduction in women's pension savings
Being unable to work due to maternity leave and taking time off to raise a family results in a 47% reduction in women's pensions compared to men's; this is considerably higher than the 28% reduction in pension pots caused by the gender pay gap, according to research by Now: Pensions.The ...
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AnalysisHow to help employees overcome auto-enrolment apathy
Need to know:Group presentations alongside online calculators and pension modellers can help employees see whether their retirement savings are on track.Consolidating pension pots can make retirement savings easier to understand and manage, making it more likely that employees will engage with saving for retirement.Financial incentives, such as matching contributions and ...
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Case StudiesDWF engages employees with pensions through enhanced matched contributions
Legal services firm DWF employs around 2,300 staff across 11 offices throughout the UK and Ireland. In April 2019, it launched a new self-invested personal pension (Sipp) plan, to encourage employees to engage more with their retirement savings.Stephen Jones, head of reward at DWF, says: “We’d offered matched contributions based ...
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Supplier articleWhy is employer training on the decline?
Research by CIPD in July this year shows that employer training has been declining since as far back as 1998, even despite the introduction of government initiatives in attempt to stop the decline. So, why is this the case? And what can employers do?Participation in training has declined 20% in ...
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AnalysisHow to align pensions provisions with a wider benefits strategy
Need to know:Pensions should be positioned as a vital part of an overarching benefits package, rather than a separate and often distant concern.Employers should package pensions within a wider financial planning provision, promoting it alongside a range of other benefits that can help employees with short- and long-term stability.Focusing on ...
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Case StudiesNationwide demonstrates the role of workplace pensions within wider package
To engage its 18,500 employees with their retirement savings, Nationwide Building Society provides a dashboard through which staff can view all of their pension information in one place, uses nudges to promote behavioural change, and runs competitions during which, for example, employees can design posters illustrating their personal retirement dreams.Currently, ...
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ArticleDebbie Lovewell-Tuck: Putting pensions in prime position
As our Pensions Week draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.A pension is arguably one of the most important benefits in an organisation’s package. Yet, despite representing the largest proportion of an employer’s ...
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OpinionHelen Ball: What does the future hold for defined contribution pension schemes?
Until the publication of the recent Pension Schemes Bill, confirmed during the Queen's Speech in October 2019, defined contribution (DC) scheme trustees and providers had been suffering from planning blight, namely the reduction of activity due to expected future development. However, we now have some important proposals affecting DC pensions ...
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OpinionMel Duffield: Initiatives to engage younger employees with pensions
For an employee starting out in their 20s, facing higher costs of living, saddled with student debt, and with the prospect of retirement only a distant goal on the horizon, apathy about pension saving, and even opting out of the auto-enrolment process altogether, is not unexpected.However, there are strong indications ...
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Case StudiesJohnson Matthey uses intuitive technology to make pensions personal
Johnson Matthey is a multinational specialty chemicals and sustainable technologies business, employing 4,300 people in the UK across 14 sites. Our workforce is very diverse, ranging from production workers to scientists.Our pension scheme has a complex benefit structure, offering members different retirement savings options, encompassing career average revalued earnings, closed ...
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Case StudiesSomerfield Pension Scheme insured £425 million of liabilities through buy-in
Manchester-based Somerfield Pension Scheme, sponsored by the Co-op, insured £425 million of liabilities through a buy-in with Pension Insurance Corporation (PIC) in January 2019. It covered 2,900 people, the scheme’s entire pensioner population excluding those with very small pensions.James Giles, pensions investment manager at Co-op, says: “One of the first ...
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AnalysisHow to undertake a pensions buy-in transaction
Need to know:Pension buy-ins are on the rise, but insurers can afford to be selective and a lot will depend on the preparatory work conducted by the scheme.Sponsor and trustees should form a joint working committee early in the process, and member data must be as clean as possible to ...
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OpinionLarisa Gordan: Pensions buy-ins are an effective way to de-risk part of members' liabilities
A buy-in policy is one way of transferring risk from a pension scheme to an annuity provider, normally an insurance firm. The trustees pay a premium to the insurer and in return receive a regular income which essentially matches the agreed benefits for each member of the scheme.This transaction is ...
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ArticleMajority of 22 to 29 year-olds saving for retirement due to auto-enrolment
More than four-fifths (84%) of employees working in the private sector and aged between 22 and 29, saved for retirement via auto-enrolment in 2018, compared to the 24% who did so in 2012, according to research by The Pensions Regulator (TPR).Automatic enrolment – commentary and analysis: April 2018-March 2019, which ...
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ArticleAviva completes £1.7 billion pension scheme buy-in
Insurance organisation Aviva has completed a pension buy-in transaction worth £1.7 billion with Aviva Life and Pensions UK.The buy-in arrangement will insure the liabilities of Aviva’s defined benefit (DB) pension scheme, the Aviva Staff Pension Scheme.The scheme has approximately 5,800 members, consisting of 4,300 deferred members and 1,500 current pensioner ...
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ArticleOutsourced UCL staff to receive same pay, pension and annual leave as employees
Around 900 outsourced members of staff working at educational institution University College London (UCL) will receive the same pay, pension arrangements and annual leave entitlements as directly employed staff who perform the same roles.The deal, negotiated with trade union Unison, means that from 1 December 2019, outsourced porters, security staff ...
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Case StudiesThe benefits offered by Charles Tyrwhitt
The benefits offered by Charles Tyrwhitt:Pension and protection benefitsDefined contribution (DC) workplace pension scheme for all employees, offering enhanced matching employer contributions of 6% for managers and above.Group income protection offered to all staff on an employer-paid basis.Health and wellbeingPrivate medical insurance (PMI) provided on an employer-paid basis; this includes ...
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ArticleAsda and Walmart complete £3.8 billion pension scheme buy-in
Supermarket chain Asda, owned by US retailer Walmart, has completed a full pension scheme buy-in transaction, worth £3.8 billion.The transaction, completed with insurance organisation Rothesay Life, secures the long-term pension benefits for approximately 12,300 members of the Asda Group Pension Scheme.The buy-in procedure has taken place ahead of a full ...
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AnalysisHow should retirement information change for employees at different life stages?
Need to know:Employees of all ages need help saving for a financially stable later life, but the format and delivery will need to vary across different demographics.To engage younger staff, employers could consider repackaging concepts such as pension payments and retirement planning to feel more relevant.Throughout the 15 years leading ...
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Case StudiesACCA engages employees with retirement planning using tailored roadshow
Global professional accountancy body The Association of Chartered Certified Accountants (ACCA) has engaged its employees with retirement planning through a pensions roadshow that addressed their changing needs as they approach retirement.The roadshow, which was offered to all 850 ACCA UK employees, took place across its offices in September 2019, and ...