All Pensions articles – Page 44
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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OpinionNichola Hawden: How will auto-enrolment increases impact reward?
When auto-enrolment was first introduced in October 2012, the minimum total contribution rate for a workplace pension was a modest 2%, with employers contributing a minimum 1%. From 6 April 2018, the total minimum contribution rate increased to 5%, with 2% contributed by the employer, and from 6 April 2019, ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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Case StudiesEvoluted uses a local accountancy firm to keep abreast of pensions change
Sheffield-based digital marketing organisation Evoluted specialises in bespoke web development and digital design. It was founded in 2006 and currently employs 27 staff.The organisation originally implemented a group stakeholder pension scheme for employees, but with the introduction of auto-enrolment in October 2012 came a slew of challenges revolving around communication ...
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OpinionLesley Alexander: The pensions employee experience
At The Pensions and Lifetime Savings Association’s (PLSA) conference this year, the key theme centred on engaging employees with their workplace pensions.Outside of the interested few, this can undoubtedly be an uphill struggle. However, if we do not address the under-saving culture in the UK, we will be faced with ...
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ArticleCommerzbank AG completes £1.2bn pensions buy-in
International commercial bank Commerzbank AG has completed a full pensions buy-in transaction with the Pension Insurance Corporation (PIC), totalling £1.2 billion.The policy has been completed to insure the pension liabilities of the Dresdner Kleinwort Pension Plan, which Commerzbank AG is responsible for following its acquisition of Dresdner Bank in December ...
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ArticleGovernment approves phased implementation of pensions dashboard
The government has approved a phased introduction of the pensions dashboard, advising that pension schemes need to start preparing now in order to hit a three to four year delivery timeline.Yesterday (Thursday 4 April 2019), the government published its response to the Pensions dashboards: Working together for the consumer consultation, ...
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ArticleAccountant jailed for three years for pensions fraud
Accountant Roger William Bessent has been sentenced to three years in prison for fraudulently transferring more than £290,000 of pension funds into his own businesses and investments.An investigation conducted by The Pensions Regulator (TPR) found that 66-year-old Bessent took money from the Focusplay Retirement Benefit Scheme; this was the pension ...
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AnalysisHow can employers put their core benefits in the spotlight?
Need to know:Core benefits can be costly to provide, but are an important aspect of promoting employee wellbeing and financial protection.Employers must demonstrate the relevance that these benefits hold for employees, and show how they can be used to their advantage.Targeted communication campaigns, delivered in ways that employees will appreciate, ...
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ArticleGovernment recommends cap on executives’ total remuneration
The Business, Energy and Industry Strategy (BEIS) Committee has recommended that employers’ remuneration committees should set, publish and explain an absolute cap on executives’ annual total remuneration, in order to encourage fairer pay practices.In its Executive rewards: Paying for success report, published on 26 March 2019, the BEIS Committee states ...
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ArticleGender pensions gap grew to £126 in 2018
Women saved an average of £126 less than men into their workplace pensions in 2018, putting aside £433 on average, compared to the £559 saved by their male counterparts, according to research by workplace pension provider Now: Pensions.Its analysis of the 1.7 million members saving into its pension scheme found ...
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Case StudiesThe benefits offered by Severn Trent Water
The benefits offered by Severn Trent Water:Pension, protection and payA defined contribution (DC) pension scheme for all employees, offering 2:1 matching contributions and a maximum 15% employer contribution.Group income protection, available for all staff on an employer-funded basis. This operates on a phased reduction model: once an employee's sick pay ...
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OpinionMatthew Smith: Supreme Court rules on meaning of 'unfavourable treatment'
In Williams v The Trustees of Swansea University Pension and Assurance Scheme and Swansea University the Supreme Court confirms a common-sense approach to the meaning of 'unfavourable treatment' under section 15 of the Equality Act 2010.Williams had a disability under the Equality Act. He had originally worked full-time, but was ...
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ArticleGovernment supports the introduction of collective DC pension schemes
Amber Rudd (pictured), secretary of state for work and pensions, has confirmed that primary legislation for the introduction of collective defined contribution (CDC) pension schemes in the UK will be brought forward, to be implemented as soon as parliamentary time allows.In a consultation response published on Monday 18 March 2019, ...
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ArticleNearly half do not know how much their employer pays into their pension
Nearly half (48%) of respondents do not know how much their employer pays into their workplace pension, according to research by not-for-profit pension provider The People’s Pension.Its survey of 2,378 UK adults, including 2,009 individuals who have a pension, also found that 35% are not aware that the government contributes ...
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ArticleWomen in southern Scotland have a 48% smaller pension pot than men
Women living in southern Scotland have 48% less in their pension pot compared to men from the same region, with average pension savings of £19,039, compared to £36,836, according to research by pensions advice organisation Profile Pensions.Analysing the retirement savings of 9,446 of its customers, Profile Pensions further found a ...
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Supplier articlePoll results: Tax rules when withdrawing pension money
Poll results: 91% of employers believe employees don’t understand the tax rules when withdrawing money from their pensionLack of understanding around pension tax could lead to many losing outWEALTH at work recently conducted a poll1 which revealed that 91% of employers believe that employees do not understand the tax rules ...
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Supplier articleFinancial education is essential in helping employees save enough for retirement
As part of the government’s plans to help individuals save more for retirement, minimum automatic enrolment contribution rates are due to rise from 5% to 8% this April. But is this enough to secure an adequate retirement income and what more can be done to help employees?Jonathan Watts-Lay, Director, WEALTH ...
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ArticleEXCLUSIVE: More than half of employers offer group personal pension as primary scheme
EXCLUSIVE: Group personal pension (GPP) plans continue to be the most commonly offered primary pension scheme, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, which surveyed 246 respondents and was published in December 2018, found that more than half (55%) of employers provide ...
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ArticleTPR to prosecute charity chairman for pensions fraud
The Pensions Regulator (TPR) is prosecuting the former chief executive officer and chairman of charity Yateley Industries for the Disabled on suspicion of defrauding the organisation’s pension scheme.Patrick McLarry, 70, has been accused of transferring more than £250,000 from Yateley Industries’ pension scheme between April 2011 and September 2013, when ...