All Pensions articles – Page 42
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OpinionStuart O'Brien: Be aware of updates to statements of investment principles
From October 2019, trustees of all occupational pension schemes with more than 100 members must update their pension scheme’s statement of investment principles (Sip) to cover the trustees’ policies on environmental and other sustainable investment issues.It is important that employers are aware of these changes and discuss approaches with their ...
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ArticleHalf believe benefits are not meeting the needs of multigenerational workforce
Half (50%) of employers do not think their benefits offering is meeting the needs of all generations within their workforce, with 89% believing that they will need to change their package to suit future generations entering the workforce, according to research by Aon.The Benefits and trends survey 2019, which polled ...
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ArticleEXCLUSIVE: Almost nine in 10 employers feel responsibility to provide financial wellbeing
EXCLUSIVE: Almost nine in 10 (88%) HR and benefit professionals have stated that it is their responsibility to provide support to employees on financial wellbeing, according to research by Smarterly.Realigning the workplace savings offering to meet the needs of millennials, which surveyed 1,248 employees and 508 HR professionals in the ...
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ArticleConsumers’ association recommends new mothers receive a £2,000 pension bonus
Consumers’ association and charity Which? has recommended that new mothers receive a £2,000 pension bonus to help mitigate the gender pensions gap.In its Top up the pots: Achieving adequate retirement incomes with automatic enrolment report, conducted with the Pensions Policy Institute and published in June 2019, Which? proposesd that new ...
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ArticleConfessions of a benefits manager: Candid examines HR policies
I am still reeling from the shock. Big Bad Boss has called me in and said they (presumably the Higher Beings on the third floor) want me to update the intranet. What all of it? Big Bad Boss seems to think so. He waves my concerns away with the back ...
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ArticleRolls-Royce completes pensioner buy-in transaction to insure £4.1bn pension liabilities
Engineering organisation Rolls-Royce has completed a pensioner buy-in transaction with Legal and General Assurance Society, totalling £4.1 billion.The policy insures the pension liabilities, worth around £4.1 billion, for 33,000 pensioner members of the Rolls-Royce UK Pension Fund, which has a total of 76,000 members. In addition, approximately £4.6 billion of ...
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ArticleDefined benefit pension deficit increases to £240 billion as of May 2019
The deficit for defined benefit (DB) pension schemes in the UK has increased to £240 billion as of the end of May 2019, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on aggregated data from 5,450 corporate DB pension funds, and is collected through the Skyval pensions ...
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ArticleGovernment introduces recruitment and retention allowance for judges
The Ministry of Justice (MOJ) has introduced a new temporary allowance for High Court, Circuit and Upper Tribunal judges in order to improve retention and recruitment.The policy, which was announced on Wednesday 5 June 2019, will award an allowance at 25% of base salary for High Court judges, while Circuit ...
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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 ...