All Pensions articles – Page 45
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ArticleMore than a quarter plan to increase investment in health and wellbeing benefits
More than a quarter (29%) of employer respondents state that they are likely to increase investment in their health and wellbeing benefits in the next two years, for example around occupational sick pay, employee assistance programmes (EAPs) and flu jabs, according to research by the Chartered Institute for Personnel and ...
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OpinionHelen Ball: Continued supervision of master trusts implemented on a scale not seen before
Master trust schemes that wish to continue in business after 31 March 2019 are currently applying for their authorisation badge from The Pensions Regulator (TPR). However, getting that badge is only stage one. During stage two, there will be continued supervision of the master trust by TPR, on a scale ...
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ArticleTPR used enforcement powers 38,095 times to tackle non-compliance in Q3
The Pensions Regulator (TPR) used its enforcement powers to deal with pensions auto-enrolment non-compliance 38,095 times between July and September 2018, compared to 43,700 times in the previous quarter, according to its latest compliance and enforcement quarterly bulletin.The report, which provides information on the powers TPR has used, as well ...
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Case StudiesNationwide uses matching contributions to encourage employees to save more
Nationwide Building Society's 18,000 employees benefit from generous minimum pension contributions; they save 4% of their salary into their pension pot, while their employer adds a further 13%.To encourage positive spending habits even further, however, the organisation also offers to match employees’ contributions if they save over and above this ...
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AnalysisHow can behavioural psychology tailor workplace savings messages to staff?
Need to know:A behavioural psychology approach to workplace savings communications can help employees develop positive savings habits.The language used in communications should target different motivators to ensure that the underlying message resonates with as many employees as possible.Employees sharing personal experiences can help to motivate behaviour change, but employers must ...
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ArticleTimpson to be first employer to trial 'sidecar savings' auto-enrolment model
Shoe repair organisation Timpson will be the first employer to trial a new 'sidecar savings' model for auto-enrolment, launched by Nest Insight.In a sidecar structure, contributions over and above the auto-enrolment minimum are managed through a mechanism designed to create an optimal level of liquid savings, while also maximising long-term ...
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OpinionKate Payne: GMP equalisation is needed, but it will not be straightforward
The mist has begun to clear from the recent October 2018 High Court judgment in the Lloyds Bank case, relating to equalisation of guaranteed minimum pensions (GMPs). As lawyers digest the clear and lucid 174-page judgement, they are considering the practical future implications for members, trustees and employers in UK ...
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Case StudiesThe benefits offered by Equifax
The benefits offered by Equifax:Pension and group riskDefined contribution, salary sacrifice pension scheme for all employees. From April 2019, those contributing 3% into their pension direct from salary will receive a 5% contribution from Equifax; if employees contribute 4%, Equifax will contribute 6% and if they contribute 5%, it will ...
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ArticleFlexible working tops list of most desired benefits for SME employees
Flexible working tops the benefits wishlist for employees at UK small to medium enterprises (SMEs), according to a study by financial adviser Drewberry.Some 42% of respondents to the survey, which polled 1,000 workers, said flexible hours were the most desired benefit, while 29% valued work-from-home options the highest.Insurance also proved ...
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OpinionFerdinand Lovett: Good governance for pension schemes gets the green light
The government has published regulations bringing the governance requirements of the second European Pensions Directive (IORP II) into UK law.The regulations, which align with the recent direction of travel in UK pensions policy, will update the current law on pension scheme governance, requiring trustees of pension schemes to establish 'an ...
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Supplier articleHow employees could pay little, or no tax at-retirement with careful planning
By Jonathan Watts-Lay, directorIndividuals could end up paying 200 times more tax depending on the way they decide to access their retirement income, according to research by the Pension Policy Institute* (PPI). The findings were based on comparing the tax someone would pay if they were to fully withdraw their ...
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ArticleFTSE 350 defined benefit pension deficit reaches £36bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations is £36 billion as at October 2018, resulting in the largest deficit since October 2017, according to research by Mercer.Its Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations ...
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VideoSpotlight on Wealth at Work: Why is it important to have a financial wellbeing strategy in place?
In this six minute video, Jonathan Watts-Lay, director of Wealth at Work, discusses financial wellbeing strategies and their implementation. His interview with Kavitha Sivasubramaniam, editor of Employee Benefits, covers the following topics:Why is it important for organisations to have a financial wellbeing strategy in place?Why is it important to consider ...
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ArticleSavers access £21.7 billion through pension freedoms
Retirement savers have accessed approximately £21.7 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).The Flexible payments from pensions: November 2018 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleHalf do not know how much is in their pension
Around half (49%) of respondents do not know how much is in their pension pot, according to research by price comparison website MoneySuperMarket.Its survey of 1,000 adults also found that 26% of respondents do not have a personal pension and 67% do not have life insurance; in addition, only 18% ...
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ArticlePrimadell accountant fined £6,857.50 for pensions auto-enrolment non-compliance
An accountant working on behalf of Primadell, the organisation that runs Gran Caffe Londra in Knightsbridge, has been ordered to pay £6,857.50 after pleading guilty to falsely informing The Pensions Regulator (TPR) that employees had been automatically enrolled into a workplace pension scheme.In October 2015, Gran Caffe Londra missed its ...
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ArticleKavitha’s keynote: Benefits and the Autumn Budget 2018
Chancellor Philip Hammond delivered the Autumn Budget 2018 on Monday, 29 October, but there was not a great deal in it affecting employee benefits and reward, despite much speculation about what might be announced regarding pensions.What was welcomed by the pensions industry was the revelation that the government will provide ...
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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 ...