All Pensions articles – Page 45
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ArticleOne third admit that retirement is not part of current financial planning
Nearly half (46%) of working people in the UK say their biggest fear for the future is not having enough money in retirement, but almost a third (30%) admit retirement is not part of their current financial planning, according to research by Punter Southall Aspire.The survey of over 2,000 workers ...
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ArticleGovernment announces DC pensions investment drive for business growth
Autumn Budget 2018: The government will support defined contribution (DC) pension funds to invest in growing UK organisations and start-ups through the British Business Bank, according to the Autumn Budget 2018 statement.The British Business Bank is the government’s UK-wide economic development bank aimed at making finance markets work more effectively ...
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ArticlePensions cold calling to be made illegal
Autumn Budget 2018: The government has confirmed that it will be introducing new legislation to make pensions cold calling illegal.In Monday’s Autumn Budget 2018 speech, chancellor Philip Hammond (pictured) announced that the government will shortly be implementing legislation to make pensions cold calling illegal.Alongside the Budget, it is also due ...
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ArticleGovernment to provide £5m additional funding to make pensions dashboard a reality
Autumn Budget 2018: The government will provide an additional £5 million in funding in 2019-2020 to help bring the pensions dashboard to fruition.Chancellor Philip Hammond (pictured) confirmed in his Autumn Budget 2018 speech, delivered on Monday 29 October, that the Department for Work and Pensions (DWP) will consult later this ...
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AnalysisPensions versus other workplace investments: what are employees' options?
Need to know:Pensions are still viewed as the primary workplace savings vehicle for employees, but other tools include the corporate Individual savings account (Isa) or the Lifetime individual savings account (Lisa).The Pension Freedoms Act has made pensions more accessible and potentially more desirable as a savings vehicle, but employees may ...
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Case StudiesMott MacDonald offers range of financial benefits to help employees save
The Mott MacDonald Group is a global engineering, management and development consultancy with 16,000 employees across 150 countries, and a headquarters in the UK. It is one of the largest employee-owned organisations in the world.Mott MacDonald has a defined contribution (DC) pension scheme for all UK staff; this is a ...
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OpinionJane Fuller: Does the pensions system provide enough incentives for long-term saving?
Before starting to think about incentives to save into the pensions system, it must be remembered that the UK state pension is far from generous. At £164.35 a week, the new single-tier pension is little more than half a week’s income on the national living wage rate of £7.83 an ...
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ArticleLloyds Banking Group ordered to equalise pensions for men and women
The High Court has ruled that Lloyds Banking Group must equalise its guaranteed minimum pensions (GMP) for men and women, in a landmark judgment that could cost major pension schemes £15 billion.The case relates to GMP schemes that ran between 1990 and 1997 for members who contracted out of the ...
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ArticleWorkchain staff fined and sentenced for illegal pension opt-outs
Directors and senior staff at Derby-based recruitment organisation Workchain have received suspended prison sentences, and have been ordered to pay more than £280,000 in fines for plotting to illegally opt workers out of their pension scheme.Owners and directors Phil Tong and Adam Hinkley encouraged five senior Workchain staff members to ...
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ArticleTPR bans masterminds of £13.7m pension scam from being trustees
The individuals identified as the masterminds behind a £13.7 million pension scam have been banned from being trustees of pension schemes.David Austin, Susan Dalton, Alan Barratt and Julian Hanson ran a scam that cheated 245 people out of their pension savings after the members were persuaded to transfer funds into ...
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Case StudiesCarlsberg uses staff feedback to gauge success of financial wellbeing strategy
Brewery giant Carlsberg launched a proactive financial wellbeing programme in January 2018 for its 700 UK employees, ranging from head office staff, brewery production, sales teams and contact centres.Activities within the programme include on-site mortgage sessions and one-to-one independent mortgage advice, pension presentations, access to payroll loans, a home rental ...
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ArticleKavitha Sivasubramaniam: Championing financial wellbeing at work
As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.Many employers recognise that financial stress can have a significant impact on an individual’s mental and ...
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OpinionJonathan Watts-Lay: Ensuring the savings effort pays off
Nearly half (46%) of all UK adults rate their own knowledge about financial matters as low and almost a quarter (24%) have little or no confidence in managing their money, according to the Financial Conduct Authority's Understanding the financial lives of UK adults report, published in October 2017.The impact of ...
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ArticleFCA and TPR launch joint strategy to tackle 'fundamental' pensions challenges
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy, identifying issues contributing to inadequate saving for retirement and outlining priorities for addressing fundamental challenges in the pensions sector.The joint strategy sets out how the FCA and TPR will work in tandem in the ...
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ArticlePositive, personal language is best for pension communications
A study by investment management organisation Invesco into the language of defined contribution (DC) pension schemes has identified four key language principles for communicating with employees about their pensions.Research for the report, ReDefined contribution schemes, published on 18 October 2018, included interviews with heads of pension schemes, focus groups and ...
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Supplier articleAre defaults at-retirement really in members best interest?
By Jonathan Watts-Lay, Director, WEALTH at workI find the idea of defaulting members into something without a positive choice being made extremely worrying for a number of reasons.Firstly, it raises questions over if it is actually within the providers or the member’s best interest? Because if the default is with ...
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ArticleFour in 10 UK employees want a flexible reward package
More than four in 10 (43%) UK workers want a flexible reward package and the ability to control their benefits, according to research carried out by payroll and HR service provider SD Worx.The survey of employees in the UK, Austria, Belgium, France and the Netherlands, sampling 500 workers in each ...
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ArticleNASUWT staff begin series of one-day strikes over pay and pensions
Image credit: GMBAround 140 employees of the NASUWT teaching union are staging a series of three one-day strikes over pay and changes to pensions.The industrial action, which starts today, is being taken by members of the GMB union, with further strikes planned for 5 November and 9 November.GMB regional organiser ...
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Supplier articleAon’s Global Defined Contribution Points of View August 2018
Around the globe, Aon is helping our clients tackle the challenges that come with the growing reliance on defined contribution savings. We are happy to share our findings with you. Download the report here »
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ArticleThree-quarters support pension tax relief changes if they help lower income employees
Three-quarters (75%) of employers would support changes to the pensions tax relief system if this would provide more help to lower income employees, according to research conducted by the Association of Consulting Actuaries (ACA).Its 2018 Pensions trends survey, which polled 349 employers, also found that 59% of respondents believe the ...