All Pensions articles – Page 50
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ArticleEXCLUSIVE: 57% of employers support staff at retirement using online modelling tools
EXCLUSIVE: When it comes to methods of providing at-retirement support, financial education and awareness campaigns have seen huge leaps in popularity since 2017, according to research by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018, which canvassed the views of 246 respondents and was published in December ...
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ArticleBradford-based accounts manager admits workplace pension offences
Bradford-based accounts manager Mansoor Nasir will be sentenced for workplace pension offences after pleading guilty to nine charges of knowingly or recklessly providing The Pensions Regulator (TPR) with information that was false or misleading.The offences, under section 80 of the Pensions Act 2004, involved workers at the Akbar chain of ...
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ArticleGE Appliances seeks professional grandma to demonstrate products
Something for the weekend: US home products supplier GE Appliances is advertising for a professional grandma to demonstrate the cutting edge in its kitchen technology.The organisation states that it wants to celebrate non-traditional, stylish grandmas, and highlights the need for candidates who represent diversity and can help sustain cultural legacies ...
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ArticlePension cold calling to result in enforcement action and £500,000 fine
Organisations making unwanted, unsolicited phone calls to individuals regarding their pensions could face enforcement action, including fines of up to £500,000, under legislation that comes into force today (9 January 2019).Research conducted by the Money Advice Service in October 2015 found that there might be as many as 250 million ...
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ArticleFTSE 350 defined benefit pension deficit rises to £41bn at the end of 2018
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations increased by 28% between the end of 2017 and the end of 2018, rising from £32 billion to £41 billion, according to research by Mercer.Its 2018 Pension risk survey, which analyses the pension deficit calculated ...
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ArticleEXCLUSIVE: Two-fifths expect internal HR teams to provide at-retirement support
EXCLUSIVE: The largest proportion of employers (40%) place the responsibility for providing at-retirement support at their HR, benefits, reward and learning and development teams, according to research by Employee Benefits and Barnett Waddingham.However, the Employee Benefits/Barnett Waddingham pensions research 2018, which gathered 246 responses and was published in December 2018, ...
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Case StudiesDAC Beachcroft uses financial education to encourage active investment choices
DAC Beachcroft, which has 2,230 UK-based employees, held a pensions roadshow at its Bristol office in September 2018, in conjunction with Scottish Widows. This enabled employees to book one-to-one consultations and attend a presentation on fund performance and available investment plans.Sarah Young, head of reward at DAC Beachcroft, says: “People ...
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AnalysisHow to encourage active decision-making surrounding pension investments
Need to know: Employees can self-select their pension fund, rather than remaining invested in the default option; this can help staff better tailor investments to their personal circumstances.Financial education around available pension fund options can help employees make informed, active investment decisions.Communications should be clear, simple and feature a mix ...
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Case StudiesRSM encourages risk-profiling to engage employees with pension investments
Audit, tax and consulting organisation RSM created its defined contribution (DC) pension scheme in 2010 without a default investment fund, encouraging active decision-making among its 3,600 UK-based employees.RSM’s online joining process encouraged staff to utilise a risk-profiling tool, provided by Aviva. This aligned with the available investment funds, including five ...
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OpinionDianne Day: Should workplace pension members select their own investment?
Most UK employees saving into traditional defined contribution (DC) pension schemes do not make investment choices; instead, they choose to leave their money in the hands of trustees. From my experience, across the UK, around 80% to 90% of workplace pensions are in default funds, but other self-select choices are ...
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Supplier article6 steps employers can take to help employees who are retiring in 2019
The New Year is the perfect time for employees to take stock of their finances and those who are approaching retirement will have a number of decisions to make given the freedom and choice in pensions. Many will turn to their workplace for support with this. Therefore WEALTH at work ...
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ArticleEXCLUSIVE: 75% of employers have had pensions communications in the last year
EXCLUSIVE: The majority of respondents recognise the importance of sharing pensions information with their staff, with three in four (75%) having undertaken a communication exercise in the last year, according to research by Employee Benefits and Barnett Waddingham.The report, Employee Benefits/Barnett Waddingham pensions research 2018, which was published in December ...
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ArticleFormer BHS owner Chappell ordered to pay over £124,000 for TPR breaches
Dominic Chappell, director and majority shareholder of the organisation that bought BHS for £1, has been ordered to pay more than £124,000 for failing to hand over information to The Pensions Regulator (TPR).Chappell failed to disclose details required by TPR under section 72 of the pensions act 2004 as part ...
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OpinionChristopher Brooks: Should employers default staff into pensions guidance?
Pension freedoms have opened up a brave new world of financial decision-making. While this can be a positive, a typical individual accessing their pension is now expected to make decisions that balance present and future spending needs, while factoring in information about complex products of which they have no previous ...
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OpinionDaniela Silcock: Should employers default staff into pensions guidance?
In 2012, the majority of active pension savers were in defined benefit (DB) schemes and the majority of pensioner income, after state pension and benefits, was from DB pensions, according to the Department for Work and Pensions' (DWP) Pensioner’s income series statistics, last published in March 2018.Auto-enrolment has now finished ...
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OpinionMichelle Cracknell: Should employers default staff into pensions guidance?
At The Pensions Advisory Service (TPAS), we believe that automatically arranging a guidance session for employees at the point when they start to think about taking their benefits is essential in order to make seeking help with pensions the social norm.Currently, a vast majority of people are retiring with some ...
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ArticleMore than 1.4 million employers complete auto-enrolment duties
Around 1.4 million (1,418,680) UK employers have completed their pensions auto-enrolment duties as at November 2018, according to research by The Pensions Regulator (TPR).Its Declaration of compliance report: July 2012-end November 2018, which is based on information submitted by employers when they complete their declaration of compliance documentation, also found ...
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ArticleTPR prosecutes accountant for pensions fraud
The Pensions Regulator (TPR) is prosecuting an accountant for transferring more than £200,000 of pension scheme funds into his personal bank account, and into the accounts of organisations he controls.TPR is prosecuting Roger Bessent, 66, for abusing his position as the director of professional pension scheme trustee organisation Gleeson Bessent ...
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ArticleEXCLUSIVE: 54% are concerned about decision-making when accessing pension benefits
EXCLUSIVE: Uncertainty about how to make the best decisions when accessing pension benefits topped the list of employees’ concerns regarding retirement, cited by 54% of respondents in research conducted by Employee Benefits and Barnett Waddingham.The Employee Benefits/Barnett Waddingham pensions research 2018 garnered 246 responses and was published in December 2018. ...
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Case StudiesThe benefits offered by Indeed
The benefits offered by Indeed:Pension, protection and payGlobal 401k retirement saving scheme for all full-time employees. If staff save up to 6% of their pre-tax salary into the scheme, Indeed will match half. The scheme is managed internally.Employer-paid short-term and long-term disability insurance, paid up to a set amount based ...