All Pensions articles – Page 43
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ArticleTwo-fifths are most interested in receiving paid annual leave as employee benefit
Two-fifths (44%) of employee respondents are most interested to receive between 22 and 35 days of paid annual leave as an employee benefit, according to research by insurance organisation Aviva.Its survey of 2,011 UK employees and 502 managers with recruitment responsibilities further found that other workplace benefits staff are most ...
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ArticleJohn Lewis Partnership to close defined benefit section of workplace pension scheme
John Lewis Partnership, which consists of retailers John Lewis and Waitrose, will close the defined benefit (DB) section of its occupational pension scheme, instead providing an improved defined contribution (DC) scheme for its 83,900 employees.The employee-owned organisation currently provides staff with a hybrid pension scheme, which combines elements of both ...
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ArticleFour in 10 mothers would work longer hours if childcare costs were lower
Almost four in 10 (38%) women with children would choose to work longer hours if childcare was cheaper, according to research by The People's Pension.Gender pensions gap: Tackling the motherhood penalty, published in May 2019, found that after having children, more than two-fifths of women (44%) reduced their hours, more ...
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ArticleChris Curry: What does the CDC decision mean for workplace pension schemes?
One of the most eagerly anticipated parts of the new Pensions Bill promised in the 2019 Queen’s Speech is legislation that will enable Royal Mail to open a new collective defined contribution (CDC) scheme for its employees, replacing their current defined contribution (DC) pension.The expected legislation, as trailed in the ...
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ArticleGraham Wrightson: What does the CDC decision mean for workplace pension schemes?
The government recently set out plans for introducing legislation to facilitate collective defined contribution (CDC); it is clearly committed to legislating for these schemes. However, if and when it happens, there is still a question mark around just how popular CDC will be with employers.In CDC, members receive a pension ...
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ArticleDavid Pitt-Watson: What does the CDC decision mean for workplace pension schemes?
The Work and Pensions Select Committee described the adoption of collective defined contribution (CDC) pensions as a 'new Beveridge', a new chapter in delivering pensions. Unlike its defined contribution (DC) counterpart, CDC achieves the proper purpose of a pension: to deliver an income in retirement.Employers offer pensions because they are ...
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ArticleEXCLUSIVE: Starr Companies sees 90% member engagement with new pension scheme
EXCLUSIVE: As of May 2019, global insurance and investment organisation Starr Companies has reported 90% engagement among the 180 members of its workplace pension, which was launched in October 2018.The organisation's new group pension, provided by Hargreaves Lansdown, was launched six months ago in response to the need for staff ...
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AnalysisHow could pensions dashboards influence engagement with employee contributions?
Need to know: The pensions dashboard, due to be launched in 2019, will facilitate better engagement, but will be most effective as part of a broader communications strategy that includes face-to-face methods.In the earlier stages, the biggest attraction of the dashboard will be for consumers to track down lost pensions ...
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Case StudiesNationwide uses technology to engage employees with pension scheme
According to Amanda Innes, pensions communications manager at Nationwide, the introduction of a pensions dashboard can only be a good thing: “By having all their information under one roof, employees will be able to see at a glance what they’re in line to get, instead of just guessing."Nationwide has, in ...
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AnalysisAdvance interest: The pensions dashboard in numbers
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Case StudiesThe benefits offered by Royal Mail
The benefits offered by Royal Mail:Pensions, pay and group riskRoyal Mail's defined benefit (DB) pension scheme was closed to new members in March 2008 and new employees are provided with a defined contribution (DC) pension. The DB arrangement closed to future accrual in March 2018; members of this scheme have ...
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ArticleSavers have accessed £25.6 billion through pension freedoms
Retirement savers have accessed approximately £25.6 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: April 2019 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleThree-fifths increase pension contributions if employer offers to match them
Around three-fifths (61%) of workplace pension scheme members opt to increase their pension contributions if their employer offers to match them, according to research by investment organisation Hargreaves Lansdown.Its analysis of nearly 53,000 scheme members enrolled in the Hargreaves Lansdown workplace pension also found that 49% choose to increase their ...
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ArticleGovernment publishes guidance on equalisation of GMPs
The Department for Work and Pensions (DWP) has published official guidance to help pension scheme trustees equalise the benefits of guaranteed minimum pensions (GMPs), following a High Court ruling in October 2018.The guidance, produced in conjunction with an industry working group, was published on 18 April 2019. Designed to mitigate ...
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ArticleBT and Siemens shortlisted for Best pensions communications
Telecommunications provider BT, construction business Kier Group and technology organisation Siemens are among those shortlisted for the Best pensions communications category at this year’s Employee Benefits Awards and Summer Party.The Best pensions communications award celebrates employers that have implemented effective strategies in order to engage employees with their retirement savings ...
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ArticleTwo-thirds believe benefits are equal to or more important than basic salary
Two-thirds (66%) of employees in the UK believe that the employee benefits offered to them are equal to or more important than their basic salary, according to research by corporate gift organisation Adler.The survey of 1,000 UK employees also found that 14% would accept an increase in benefits over a ...
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ArticleBank of America Merrill Lynch completes £400 million pensioner buy-in
Financial services organisation Bank of America Merrill Lynch has completed a pensioner buy-in transaction with Scottish Widows, totalling £400 million.The policy insures the pension liabilities for 915 pensioner members of the Bank of America Merrill Lynch UK Pension Plan, which is the largest pension scheme offered by the organisation.The transaction ...
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Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
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ArticleEXCLUSIVE: Seven in 10 multinationals have effective global benefits strategies
EXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a ...
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Case StudiesSiemens changes pension structure ahead of 2019’s auto-enrolment increases
Ahead of the auto-enrolment minimum contribution changes in April 2019, global technology organisation Siemens amended its defined contribution (DC) structure with a view to creating behavioural change.Siemens, which employs 15,000 staff in the UK overall, 11,000 of whom are enrolled in the pension scheme, now offers enhanced matching contributions based ...