All Pensions articles – Page 43
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OpinionMartin Parish: Money under the mattress - why support financial wellbeing
Although stashing money under the mattress is, we hope, a thing of the past, the legacy of bad money management continues. The Money Advice Service (MAS) estimates that four in 10 people in the UK have poor financial capability, meaning they cannot manage their money day-to-day, nor handle periods of ...
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Supplier articleAre Your Employees Pension Aware?
While many of us like to imagine the sort of life we might have after work, unfortunately not enough of us are making adequate financial provision to pay for that lifestyle. Despite approximately a third of employees having joined a pension scheme under auto-enrolment by the end of July 20191, ...
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ArticleHalf of UK residents are confident they can retire comfortably
Half (52%) of UK individuals are confident about their ability to retire comfortably, compared to 48% who agreed with this in 2017, according to research by Aegon.The Retirement confidence survey, which polled 830 UK residents, further found that 10% of individuals do not have any pension savings, while 36% have ...
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Case StudiesThe benefits offered by The Grand Brighton
The benefits offered by The Grand Brighton:PensionsA master trust pension scheme for auto-enrolment purposes, provided by The People's Pension, which follows the minimum statutory contribution rates. There are currently 240 eligible employees within this scheme, because some staff work flexibly or are too young to be eligible.Managers and supervisors are ...
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Case StudiesThe Grand Brighton reinvigorated benefits package upon becoming independent
Luxury seafront hotel The Grand Brighton reinvigorated the benefits and reward package offered to its 300 employees, to align with new corporate values developed when it became an independent entity in January 2018.This change in status empowered its HR and benefits team to revamp its reward offering and set a ...
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ArticleTPR prosecutes director for failing to cooperate with pensions investigation
The Pensions Regulator (TPR) is prosecuting director and shareholder of trustee firm PIM Trustees, Michael Woolley, for failing to provide information and documents in support of an ongoing pensions investigation.On 22 January 2019, TPR issued a notice in writing under section 72 of the Pensions Act 2004, requiring Woolley to ...
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ArticleSeven in 10 employees are not actively engaged with their workplace pension
More than seven in 10 (72%) employee respondents are not actively engaged with their workplace pension, according to research by Atlas Master Trust, part of Capita.Its Why engagement needs a reality check white paper, which surveyed 200 pension managers, 200 senior finance professionals, 100 senior HR professionals and 2,000 employees, ...
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ArticleThérèse Coffey appointed secretary of state for work and pensions
Conservative MP Thérèse Coffey (pictured) is the new secretary of state for work and pensions, replacing Amber Rudd MP.Coffey, who was elected as MP for Suffolk Coastal in May 2010, was appointed to her new office on Sunday 8 September 2019.Previously, Coffey served as the minister of state at the ...
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ArticleDefined benefit pension deficit increases to £340 billion as at August 2019
The deficit for defined benefit (DB) pension schemes in the UK has increased by £100 billion between July and August 2019, reaching £340 billion as at the end of August 2019, according to research by PricewaterhouseCoopers (PWC).The Skyval index, which is based on aggregated data from 5,450 corporate DB pension ...
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ArticleUK-based Ryanair pilots undertake three-day strike
UK-based pilots employed by airline Ryanair who are members of The British Airline Pilots Association (Balpa), are undertaking three days of strike action, starting today (Monday 2 September 2019).Balpa members employed by Ryanair were balloted in August 2019 with regards to industrial action; based on a 72% turnout, 80% voted ...
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ArticleDepartment for Education to increase teacher starting salary and pension contributions
The Department for Education has announced today (Monday 2 September 2019) that starting salaries for new teachers will increase to £30,000 a year by the 2022-2023 financial year, and that employer pension contributions will rise to 23.6%.Education secretary Gavin Williamson (pictured) has confirmed that new teacher salaries will increase by ...
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OpinionTony Pugh: Global challenges and solutions for DC pensions and financial wellbeing
A global financial wellbeing programme that takes into account localised pensions legislation, different taxation regimes and myriad different savings products might sound more like solving a Rubik’s Cube than building a benefits strategy.However, the DC pension and financial wellbeing global employee survey, published by Aon in June 2019, shows that, ...
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OpinionFerdy Lovett: Key issues for employers when transferring to a DC master trust
For some time now, the governance spotlight has been focusing on defined contribution (DC) pension benefits. Some employers find it expensive and time-consuming to meet the regulatory expectations placed on their occupational DC scheme or DC section of a hybrid scheme. As a consequence, there has been a sharp increase ...
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ArticleLeigh Day to launch pensions discrimination case for teachers and doctors
Law firm Leigh Day has today (27 August 2019) announced that it will bring legal challenges against the UK government for age discrimation in relation to public sector pensions for teachers and doctors.The case relates to changes made to pension arrangements across the public sector, which came into force on ...
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ArticleTPR used auto-enrolment enforcement powers 23,409 times in Q2
The Pensions Regulator (TPR) has used its enforcement powers to tackle pensions auto-enrolment non-compliance 23,409 times between April and June 2019, closing a total of 15,726 cases, according to research by TPR.The Compliance and enforcement quarterly bulletin: April-June 2019, which provides information on the powers TPR has used, as well ...
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ArticleHitachi completes bulk annuity transaction covering 120 pension scheme members
IT services organisation Hitachi has completed a pensions bulk annuity transaction with insurer Legal and General Assurance Society, protecting approximately 120 pension scheme members.The agreement provides insurance cover for 120 members of the Hitachi Data Systems Retirement Benefits Plan, who have retired since 2013 or are deferred pensioners.This is the ...
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Case StudiesThe benefits offered by TGI Friday’s
The benefits offered by TGI Friday’s:PensionsA defined contribution (DC) pension scheme via the National Employment Savings Trust (Nest): staff save 5% of their salary and TGI Friday’s contributes 3%.Managers and directors of operations can opt to save into a group personal pension (GPP), provided by Standard Life, which enables them ...
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ArticleCadbury UK completes pensioner buy-in transaction worth £520 million
Confectionery organisation Cadbury UK has completed a pensioner buy-in transaction for its defined benefit (DB) pension scheme, totalling £520 million.The transaction, completed with Rothesay Life, insures the pension liabilities for approximately 1,900 pensioner members of the Cadbury Mondelez Pension Fund; the bulk annuity will be held as an asset of ...
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ArticleTPR prosecutes recruitment agency for pensions non-compliance
The Pensions Regulator (TPR) is prosecuting Hertfordshire-based SKL Professional Recruitment Agency and its managing director for allegedly failing to enroll the organisation's 22 employees into a workplace pension.SKL Professional Recruitment Agency, which provides staff in the care sector, and 54-year-old managing director Linus Kadzere are accused of willfully failing to ...
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ArticleHSBC completes pension longevity swap transaction worth £7 billion
Banking organisation HSBC has completed a longevity swap transaction with The Prudential Insurance Company of America (PICA), to insure approximately £7 billion worth of pensioner liabilities.The transaction, which is the second largest deal of its kind confirmed for a UK pension scheme, has been designed to manage the longevity risks ...