All Pensions articles – Page 5
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ArticleSCA UK Pension Plan completes £1.1 billion pensions buy-in
The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in.Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. Its portfolio includes Tena, Cushelle, Tork, Plenty, Velvet and Bodyform.The transaction, which ...
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ArticleMoog completes £25 million pensions buy-in
Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan.The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.Gallagher worked with the trustees to monitor the affordability ...
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ArticleGreggs pension scheme completes £100m buy-in
The trustee of Greggs plc 1978 Retirement and Death Benefit scheme has entered into a £100 million bulk purchase annuity transaction with Aviva.Greggs provided additional funding support that facilitated the buy-in to increase the long-term security of all member’s benefits, as part of the trustee’s long-term de-risking strategy.The deal covers ...
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ArticleCourt of Appeal upholds High Court ruling on Virgin Media pension scheme
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pension benefits for past or future service benefits.This was in relation to section 9(2B) contracted-out rights and was based on the relevant legislation ...
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ArticleITV agrees deal for Box Clever pension scheme members to receive benefits
Members of the Box Clever pension scheme will receive their pension benefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV.The TV rental businesses of Granada, now ITV, and Thorn, now Carmelite, together formed Box Clever as a joint venture in 2000. Employees were then transferred ...
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AnalysisEmbedding a joined-up savings approach
Credit: tadamichi/ShutterstockNeed to know:Employers are reporting more appetite among employees to save, especially for retirement, but encouraging a joined-up savings habit can still be challenging.Using payroll-based tools is becoming popular, but whatever products employers put in place need to be accompanied by ongoing financial education.Employee benefits professionals are key to ...
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Case StudiesAWE promotes pension understanding as part of a whole-life savings approach
Since 2017, nuclear security technologies organisation AWE has worked to help its more than 7,000 employees on a journey towards embedding a whole-life savings approach.Working with Nudge, the employer's approach encompasses offering a range of financial education and planning tools around retirement, budgeting, and investment, and tools such as mortgage ...
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ArticleNewcastle Building Society accredited as living pension employer
Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation.The society’s commitment will see its new employees, who join the organisation after 1 April 2024, receive a higher default level of pension than current auto-enrolment contributions, with workers paying 5% and employers paying 7%. Through auto-enrolment, ...
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ArticleGovernment launches pensions review to boost investment and outcomes
Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. The chancellor’s plans include looking at how broader investment strategies could potentially deliver higher pensions returns and how to unlock ...
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Supplier articleWill the planned defaults for those retiring be in their best interest
Jonathan Watts-Lay, Director, WEALTH at work, comments;“As a result of the new Pensions Bill, announced in the King’s speech, it will be interesting to hear more of the plans for trust-based schemes to be legally required to offer retirement income solutions to members, including default investment options.Defaulting members may have ...
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ArticlePension Schemes Bill announced in King’s Speech
The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes.In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.The bill is designed to help people get more from their ...
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ArticleEmma Reynolds named pensions minister
Credit: UK government, under Attribution 3.0 Unported Deed, resizedEmma Reynolds, the elected Labour MP for Wycombe, has been appointed parliamentary secretary for both the Department of Work and Pensions (DWP) and HM Treasury.The new joint role is part of the new government's recognition that pensions are the responsibilities of both ...
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ArticleLiz Kendall named secretary of state for work and pensions
Credit: UK government, under Attribution 3.0 Unported Deed, resizedLiz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week.In her new role, she will have overall responsibility for the Department for ...
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ArticleMenzies completes £260 million pensions buy-in
Aviation services firm Menzies has completed a £260 million pensions buy-in for its Menzies Pension Fund.The transaction secures the benefits of more than 3,000 members, including almost 1,400 pensioners and 1,650 deferred members.The process included a secondary market sale of an illiquid asset and deferral of premium, which enabled the ...
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ArticleOnly 28% of employees feel employers are supporting their financial wellbeing
Nearly half (49%) of employers said they believe they are supporting their workforce’s financial wellbeing, while only 28% of employees agree, according to new research by Payroll Integrations. The technology firm surveyed 250 full-time employees and HR leaders between the ages of 18 and 65 for its ...
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Article39% of UK staff do not think they will be able to retire
Two-fifths (39%) of full-time UK employees do not believe they will ever be able to retire due to the rising cost of living, up from 33% 12 months ago, according to research by Wealth at Work.The financial wellbeing and retirement specialist surveyed 2,019 UK adults aged 22 and above in ...
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ArticleNottingham Building Society introduces defined benefit pension platform
Credit: Electric Egg / Shutterstock.comNottingham Building Society has introduced a platform to modernise the management of its defined benefit pension scheme in order to support its members.The building society selected defined benefit (DB) consolidation platform Enplan, which is operated by Entrust and Isio, following a review of its DB scheme ...
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Article49% of employees do not know how they will access pension savings
Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings, according to research by workplace pensions provider TPT Retirement Solutions.Its survey of 2,500 defined contribution (DC) members also found that 23% of respondents would draw it down over time, 16% ...
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OpinionBeth Brown: How does the lifetime allowance abolition impact employers?
The abolition of the lifetime allowance (LTA) in April came with implications that employers will want to be aware of. When the Chancellor Jeremy Hunt announced the overhaul of the LTA in the 2023 budget, pension experts suggested it was unlikely the change could happen in the ...
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Case StudiesHowdens provides staff with valuable retirement-planning tools
Following a review of its pension scheme and a consultation in 2020, kitchen furniture manufacturer Howdens chose to close its defined benefit (DB) scheme in 2021. Alongside this, it improved its offer to employees through the defined contribution (DC) scheme, including increasing the core employer contributions significantly and introducing additional ...