All Pensions articles – Page 48

  • pension transfers loss
    Article

    Pension transfers could cost members £2,600 over expected lifetime

    2018-08-07T10:42:01Z

    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, ...

  • government
    Article

    Work and Pensions Committee launches inquiry into pension costs and transparency

    2018-08-07T10:18:12Z

    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, ...

  • decumulation
    Analysis

    What support can employers give in the decumulation pension phase?

    2018-08-07T05:00:51Z

    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 ...

  • gerald eve
    Case Studies

    Gerald Eve's open dialogue around decumulation helps employees plan for retirement

    2018-08-07T05:00:10Z

    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 ...

  • wealth
    Analysis

    In numbers: The value of financial advice regardless of wealth

    2018-08-06T15:00:03Z

    !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

  • DB scheme surplus
    Article

    FTSE 100 DB pension schemes move into surplus for the first time in 10 years

    2018-08-06T09:59:07Z

    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 ...

  • ali-tayyebi pension deficit
    Article

    FTSE 350 defined benefit pension deficit increases to £32bn

    2018-08-03T09:26:14Z

    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 ...

  • pensions
    Article

    21% of 18 to 35-year-olds do not know how their pension works

    2018-08-02T08:20:21Z

    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 ...

  • pension freedoms
    Article

    Savers access £17.5 billion through pension freedoms

    2018-08-01T09:06:31Z

    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 ...

  • Samuel Smith Old Brewery
    Article

    Samuel Smith Old Brewery fined £27,990 for pensions non-compliance

    2018-07-31T09:34:45Z

    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 ...

  • Supplier article

    Pensions dashboard to be viewed with caution

    2018-07-31T07:30:52Z

    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 ...

  • Supplier article

    Managing the risks around DB transfers

    2018-07-30T09:58:34Z

    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 ...

  • Pension
    Article

    TPR launches consultation on draft policy for master trust supervision

    2018-07-27T10:59:11Z

    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 ...

  • pensions
    Article

    TPR to conduct new round of spot checks for auto-enrolment non-compliance

    2018-07-23T08:57:51Z

    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 ...

  • pre-retirement financial guidance
    Article

    Poll: 50% believe employers are responsible for providing pre-retirement guidance

    2018-07-19T14:55:35Z

    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 ...

  • Tim Middleton
    Opinion

    Tim Middleton: Effective communications can protect employees' pensions

    2018-07-19T05:00:58Z

    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 ...

  • pension scams
    Analysis

    How can employers protect staff from falling prey to pension scams?

    2018-07-19T05:00:49Z

    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, ...

  • pension scam
    Analysis

    In numbers: Pension scam fears, risks and reporting among those over the age of 55

    2018-07-18T13:44:53Z

    !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

  • CDC pensions
    Article

    Work and Pensions Committee supports legislation for collective defined contribution schemes

    2018-07-18T10:53:34Z

    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 ...

  • James Bingham
    Opinion

    James Bingham: The Pensions Regulator's proposed new powers may impact employer opinion

    2018-07-17T13:00:00Z

    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 ...