All Pensions articles – Page 48
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ArticlePension transfers could cost members £2,600 over expected lifetime
Pension members choosing to transfer out of their employer's scheme could receive an income that is £2,600 lower over their expected lifetime, according to research by XPS Pensions Group.The report, Member Outcomes Under Freedom and Choice, published today (7 August 2018), looks at data on defined benefits (DB) scheme transfers, ...
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ArticleWork and Pensions Committee launches inquiry into pension costs and transparency
The Work and Pensions Committee has launched an inquiry into whether enough is being done by those in the pension industry to provide transparency around charges, investment strategy and performance.The investigation follows on from the committee's report published in April, in response to an earlier inquiry launched in September 2017, ...
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AnalysisWhat support can employers give in the decumulation pension phase?
Need to know:Employers should talk early and openly with employees on the subject of retirement, so they can benefit from long-term support systems.Technology can provide financial support and education to the majority of employees, while those with assets may need signposting to an independent financial adviser.Nudges should be engaging rather ...
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Case StudiesGerald Eve's open dialogue around decumulation helps employees plan for retirement
Property consultant Gerald Eve has nine offices in the UK and employs 480 staff, with an average of eight employees a year approaching retirement. Being open about retirement is one of the cornerstones of its approach to decumulation.Sarah Draper, HR director, says: “In some organisations, there is still a stigma ...
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AnalysisIn numbers: The value of financial advice regardless of wealth
!function(e,t,n,s){var i="InfogramEmbeds",o=e.getElementsByTagName(t)[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,"script","infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");Read more...What support can employers give in the decumulation pension phase?Gerald Eve’s open dialogue around decumulation helps employees plan for retirement
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ArticleFTSE 100 DB pension schemes move into surplus for the first time in 10 years
Defined benefit (DB) pension schemes for FTSE 100 organisations have achieved a surplus of £3 billion, moving out of deficit for the first time in 10 years, according the JLT Employee Benefits monthly index.The index, which tracks the funding position of all UK private sector DB schemes based on the ...
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ArticleFTSE 350 defined benefit pension deficit increases to £32bn
The accounting deficit of defined benefit (DB) pensions at the UK’s top 350 organisations has increased from £29 billion at the end of June 2018 to £32 billion as of 31 July 2018, according to research by Mercer.The Pensions risk survey, which analyses the pension deficit calculated using the approach ...
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Article21% of 18 to 35-year-olds do not know how their pension works
More than one-fifth (21%) of respondents aged between 18 and 35 do not understand how their pension works, according to research by Printerland.co.uk.Its survey of 2,000 18 to 35-year-olds also found that 45% of respondents do not know how much money they will have saved into their pension pot by ...
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ArticleSavers access £17.5 billion through pension freedoms
Retirement savers have accessed approximately £17.5 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its report, Flexible payments from pensions: July 2018, also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleSamuel Smith Old Brewery fined £27,990 for pensions non-compliance
Image credit: Samuel Smith Old BreweryYorkshire-based Samuel Smith Old Brewery and its chairman have been ordered to pay £27,990 for failing to provide financial information pertinent to a pensions investigation conducted by The Pensions Regulator (TPR).TPR issued a notice on 12 January 2018 to the brewery and its chairman, Humphrey ...
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Supplier article
Pensions dashboard to be viewed with caution
It has been reported that the Work and Pensions Secretary, Esther McVey, is planning to ditch the ‘pensions dashboard’, a tool to let savers see all their pension pots in one place.Jonathan Watts-Lay, Director, WEALTH at work, comments; “These plans are causing much debate with much support for the roll-out ...
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Supplier article
Managing the risks around DB transfers
WEALTH at work is calling for more to be done to protect employees and members from the risks around defined benefit (DB) pension transfers. Jonathan Watts-Lay, Director, WEALTH at work comments;“The British Steel situation has flagged a big gap for me. Too many individuals are being left to find help ...
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ArticleTPR launches consultation on draft policy for master trust supervision
The Pensions Regulator (TPR) has launched a consultation into the draft policy that will supervise and regulate master trust pension schemes once master trust authorisation is introduced from October 2018.As of October, master trust schemes will have six months to apply to TPR to be able to continue operating in ...
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ArticleTPR to conduct new round of spot checks for auto-enrolment non-compliance
The Pensions Regulator (TPR) is to launch a new round of short-notice inspections this month (July 2018) to target employers that are failing to meet their pensions auto-enrolment duties.The spot checks, which are carried out under section 74 of the Pensions Act 2004, will focus on employers that are suspected ...
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ArticlePoll: 50% believe employers are responsible for providing pre-retirement guidance
Employee Benefits poll: Half (50%) of respondents believe that employers should shoulder the main responsibility for providing pre-retirement financial guidance to employees.A straw poll of www.employeebenefits.co.uk readers, which received 70 responses, also found that 34% of respondents feel employees should take the primary responsibility for sourcing their own financial guidance ...
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OpinionTim Middleton: Effective communications can protect employees' pensions
Since their introduction in 2015, George Osborne’s freedom and choice reforms have allowed the public to consider a range of options for using their accrued pension savings. Commonly, this will involve transferring savings from one pension scheme to another as the original scheme does not offer the full range of ...
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AnalysisHow can employers protect staff from falling prey to pension scams?
Need to know:Employers are ideally placed to help increase financial literacy around pension scams.Engaging employees and becoming a trusted source of information will empower staff to recognise fraudsters.All communication channels need to be used to regularly alert employees about what to look for.Since the introduction of pension freedoms in 2015, ...
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AnalysisIn numbers: Pension scam fears, risks and reporting among those over the age of 55
!function(e,t,n,s){var i="InfogramEmbeds",o=e.getElementsByTagName(t)[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,"script","infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");Read more...How can employers protect staff from falling prey to pension scams?Tim Middleton: Effective communications can protect employees’ pensions
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ArticleWork and Pensions Committee supports legislation for collective defined contribution schemes
The Work and Pensions Committee has urged the government to legislate to enable the creation of collective defined contribution (CDC) pension schemes in the UK.The committee has published the recommendations following its inquiry into the possibility of introducing CDC pension schemes into the UK pensions market. The inquiry ran between ...
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OpinionJames Bingham: The Pensions Regulator's proposed new powers may impact employer opinion
There has been much recent discussion of The Pensions Regulator’s (TPR) new mantra ‘clearer, quicker, tougher’ and what this means for trustees, employers and members. The Department for Work and Pensions’ (DWP) recent publication of a consultation entitled Protecting DB pension schemes: a stronger Pensions Regulator, on ...