All Pensions articles – Page 5
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OpinionBeth Brown and Danyal Enver: What did the Spring Budget mean for pensions?
The Spring Budget built on the Mansion House speech in many ways. The Chancellor announced powers that would be given to both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) in legislation slated for as early as 2027, enabling them to enforce the value for money regime.The new ...
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ArticleJust 35% of employees feel confident in choosing how to access their pension
Just over one-third of pension savers (35%) feel confident to make decisions such as choosing how to access their pension when they reach retirement age, according to research by workplace pension scheme provider TPT Retirement Solutions.Its survey of more than 2,500 defined contribution (DC) scheme members also found that a ...
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AnalysisWhat should employers look for in a default investment strategy?
Credit: Shutterstock/Olivier-Le-MoalNeed to know:Lifestyling is the optimal solution for defined contribution default strategies.A big trend is to introduce investment in private equity into default funds for young members, to drive returns.The new reporting regime for pension schemes to disclose their investment allocations to UK markets is flawed.Most defined contribution pension ...
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ArticleIncreasing minimum pension contributions to 12% could boost savings by £95,530
Increasing minimum pension contributions under auto-enrolment from 8% to 12% could result in additional contributions of £10 billion a year in the UK, according to research by Phoenix Group and WPI Economics.The long-term savings and retirement business and economic consultancy’s report Falling behind the curve, which models the cost to ...
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ArticleLexmark completes £46 million pension buy-in
Credit: JHVEPhoto / Shutterstock.comPrinter and image product manufacturer Lexmark has completed a £46 million pension buy-in for its UK division's pension scheme.The deal, which was carried out with insurance and financial services Canada Life and pensions administration, investments and employee benefits provider Broadstone, secures the benefits of all 177 plan ...
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ArticlePublic trust in pensions industry increases for fourth consecutive year
Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House.Its annual Trust and confidence index, which surveyed more than 2,000 people aged 18 and above to understand how the British public feel about the pensions industry, asked respondents ...
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ArticleEpson UK completes £60 million pension buy-in
Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme.The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members. The scheme is sponsored by Epson UK and ...
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ArticleEnergizer Group completes £44 million pension buy-in
Credit: MAHATHIR MOHD YASIN / Shutterstock.comGlobal battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan.The deal, which was carried out with financial services firm Just Group and scheme trustee Zedra Governance, secures the benefits of all scheme members, which includes ...
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ArticleBolt launches flexible pension scheme for private hire vehicle drivers
Ride-hailing operator Bolt is to launch a pension scheme for its 65,000 UK registered private hire vehicle drivers from 1 May 2024.Through the scheme, which is provided by Aviva, drivers will be able to contribute 5% of their fees from every completed trip into their pension pot, to which Bolt ...
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ArticleSingle parents have lowest average income for both men and women
Single parents have the lowest average income for both men and women, according to research by workplace pension provider Now: Pensions and the Pensions Policy Institute (PPI).The underpensioned: defining the gender pension gap report revealed that single mothers earn 53% less than the average man and 37% less than the ...
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Supplier articleNational Insurance saving could be used to boost workplace pension
As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National ...
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ArticleSpring Budget 2024: TPR and FCA given powers to enforce Value for Money framework
Spring Budget 2024: The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers to ensure employers are adhering to the Value for Money (VFM) framework.Chancellor of the Exchequer, Jeremy Hunt, announced the plans in order to address pension schemes that are “persistently ...
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ArticleSpring Budget 2024: DC pensions required to disclose investment in UK equities
Spring Budget 2024: Jeremy Hunt, Chancellor of the Exchequer, has announced plans to bring forward requirements for defined contribution (DC) schemes and local government pension schemes (LGPS) to publicly disclose the breakdown of their asset allocation in UK equities.The 2024 Spring Budget report stated that across the pensions industry as ...
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OpinionMark Ormston: Is the scrapping of the lifetime allowance a disappearing act or just an illusion?
The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature, and yet, it only affects a minority of people. With this in mind, imagine the ‘ooohs’ and ‘ahhhhs’ when one of the rabbits out of the 2023 Spring Budget hat was the announcement to make ...
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AnalysisWhat do employers need to know about the pensions lifetime allowance abolition?
Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it. Employers will need ...
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Article49% of staff changed retirement plans due to cost-of-living crisis
Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis, according to new research by the Pensions Management Institute.The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions. It found that 24% of respondents have delayed their retirement, 23% ...
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ArticleSpar UK completes £11 million pensions buy-in
Retailer Spar UK has completed an £11 million buy-in transaction for its UK pension fund.The transaction was carried out by Just Group in order to provide a better outcome for members through greater security of their benefits. Before approaching the market, the trustees worked to equalise guaranteed minimum pensions within ...
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OpinionRashree Chhatrisha: Helping staff to achieve better retirement outcomes
The government’s ambition is to drive better outcomes for members of defined contribution (DC) pension schemes to help ensure all savers achieve the best possible retirement.This is a really positive direction for DC pensions as the management of schemes evolves to consider what members will receive in retirement; whether this ...
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OpinionTim Pike: Could we see a return to defined benefit pensions?
The UK’s private sector defined benefit (DB) pension landscape is generally described as in its endgame. There has been a fall in the number of open DB pension schemes as a result of economic, social and regulatory changes.The vast majority of employers offer a defined contribution (DC) pension to eligible ...
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ArticleHalf of employers think pots-for-life will increase pensions engagement
Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. More than one-third (39%) of respondents said that they do not think that the pots-for-life plan will increase workers’ engagement ...