All Pensions articles – Page 50
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Supplier article
Pensions cold call ban – time to send a clear message
The government have announced that the implementation of the Pensions cold call ban will be delayed until autumn this year.Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s time to send a clear message to pension scammers that this will not be tolerated, so the sooner this ban is implemented the ...
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ArticleRentokil Initial Pension Trustee Limited fined £25,000 by The Pensions Regulator
Rentokil Initial Pension Trustee Limited has been fined £25,000 by The Pensions Regulator (TPR), for failing to complete two valuations for its defined benefit (DB) pension scheme, which has approximately 140 members.This is part of TPR's 'clearer, quicker, tougher' approach, initiated in April 2017, which has seen it issue nine ...
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ArticleInstitution of Engineering and Technology completes £50m pensioner buy-in
The Institution of Engineering and Technology has completed a £50 million pensioner buy-in transaction for the defined benefit (DB) IET Superannuation and Assurance Scheme.The transaction, completed with the Pension Insurance Corporation, covers the scheme’s 300 uninsured pensioner members.The buy-in has successfully reduced the pension scheme’s risks and has improved security ...
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Supplier article
Defaults at-retirement – great for providers but what about scheme members?
Jonathan Watts-Lay, Director, WEALTH at work, has joined PMI TV in a video interview to discuss why the idea of defaults at-retirement is concerning and what the alternative could be.The background“The background to this really is that there’s been a lot of growing concern, I think since freedom and choice ...
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Article6% of employers provide debt consolidation as part of benefits package
Less than one in 10 (6%) of respondents state that their employer provides debt consolidation via workplace lending and counselling services as part of their employee benefits package, according to research by Thomsons Online Benefits.It surveyed 2,000 UK employees working in private sector organisations with more than 500 staff, and ...
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ArticleFTSE 350 defined benefit pension deficit falls to £29bn
The defined benefit (DB) pension deficit at the UK’s top 350 organisations has decreased from £72 billion at the start of 2018, to £29 billion on 29 June 2018, according to research by Mercer.The research, which analyses the pension deficit calculated using the approach FTSE 350 organisations have to adopt ...
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ArticleSandeep Maudgil: Are collective defined contribution schemes a viable option for the future of pensions?
Given that employers are increasingly unwilling to bear the risks associated with defined benefit (DB) pensions, we need defined contribution (DC) schemes to provide the best benefits they can.The collective, rather than individual, approach seems to have many benefits. There are those that say that individual DC schemes, if run ...
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ArticleJon Millidge: Are collective defined contribution schemes a viable option for the future of pensions?
Retirement provision is a major challenge facing our society. As the provider of around one in every 190 jobs in the UK, Royal Mail has a responsibility to help tackle this issue. We are committed to providing our employees with the best possible pension arrangements.Like many employers, our defined benefit ...
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ArticleChris Curry: Are collective defined contribution schemes a viable option for the future of pensions?
Collective defined contribution (CDC) schemes have been in the news a lot recently, although the idea of them being used in the UK has been around since the Department for Work and Pensions (DWP) started investigating 'defined ambition' pensions in 2012.In essence, a CDC scheme would be a different way ...
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ArticleFCA launches consultation on measures to protect consumers' pension pots
Some drawdown customers could receive an estimated 37% more retirement income per year by investing in a mix of assets rather than cash, according to the final report of the Financial Conduct Authority's (FCA) Retirement Outcomes Review.The report, published on 28 June 2018, is accompanied by the launch of a ...
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ArticleGovernment launches consultation to increase The Pensions Regulator’s powers
The Department for Work and Pensions (DWP) has launched a consultation into how best to improve The Pensions Regulator’s (TPR) powers and increase protections for defined benefit (DB) pensions scheme members.The consultation, which closes on 21 August 2018, follows the publication of the government’s white paper, Protecting defined benefit pension ...
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Supplier article
Planning for a secure future
By Jonathan Watts-Lay, Director, WEALTH at workWEALTH at work’s latest survey results reveal that the majority (80%) of employers believe their employees are not saving enough for retirement.This coincides with research by the Financial Conduct Authority which indicates that planning for retirement is often a low priority.It revealed that relatively ...
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ArticleEC2 Master fined £15,000 for not collecting or investing nearly £900,000 of pension contributions
The Pensions Regulator (TPR) has fined master trust pension scheme trustee EC2 Master, which holds assets for the Autoenrolment.co.uk master trust, £15,000 for failing to collect and invest £888,651.94 worth of pension contributions from 2,115 members.TPR found in its determination notice, published on Friday 22 June 2018, that EC2 Master ...
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ArticleGovernment response to Work and Pensions Committee report published
The government notes that there is a need to empower pension savers to make sensible decisions at retirement, and will look to work with the Financial Conduct Authority (FCA) to develop stronger nudges to encourage people to seek out personalised guidance.This comes as part of a response, outlined today (22 ...
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Article85% of members from small employers are staying in their pension
Consistent with other populations, automatic enrolment opt-out rates among employees of small and micro employers are low, with 85% of members remaining in their pensions, according to a report by the Department for Work and Pensions (DWP).The report, Automatic enrolment: quantitative research with small and micro employers, which was published ...
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Article38% are not confident about their ability to retire comfortably
More than a third (38%) of respondents are not confident about their ability to retire comfortably, according to research by pension and investment organisation Aegon.It’s The Aegon retirement confidence survey, which polled 946 individuals, also found that 26% of respondents do not know how much they have in their pension ...
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ArticleFTSE 350 defined benefit pension deficit falls to £34bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £16 billion in a single month, reaching £34 billion as of May 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using the approach FTSE 350 organisations have to ...
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ArticleWorkchain pleads guilty to opting employees out of workplace pension
Recruitment organisation Workchain, as well as its two directors and five senior staff members, have pleaded guilty to illegally opting employees out of the organisation's workplace pension.Derby-based Workchain, its directors Phil Tong and Adam Hinkley, and a further five senior staff members pleaded guilty at Derby Magistrates’ Court today (Thursday ...
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ArticleEmployees saved £90.3bn into workplace pensions in 2017
Eligible employees saved a total of £90.3 billion into workplace pensions in 2017, an increase of £4.3 billion on the total amount saved in 2016, according to research by the Department for Work and Pensions (DWP).Workplace pension participation and savings trends of eligible employees official statistics: 2007 to 2017, published ...
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OpinionProfessor Dan Cable: A flexible benefits package is essential in the modern workplace
If you want your employees to be at their best, it makes sense for them to have a say on their reward package. As a result, I believe flexible benefits are fundamental.Importantly, flexible packages are a way for employers to show that they care about their employees by offering a ...