All Pensions articles – Page 52
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OpinionFerdinand Lovett: Good governance for pension schemes gets the green light
The government has published regulations bringing the governance requirements of the second European Pensions Directive (IORP II) into UK law.The regulations, which align with the recent direction of travel in UK pensions policy, will update the current law on pension scheme governance, requiring trustees of pension schemes to establish 'an ...
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Supplier articleHow employees could pay little, or no tax at-retirement with careful planning
By Jonathan Watts-Lay, directorIndividuals could end up paying 200 times more tax depending on the way they decide to access their retirement income, according to research by the Pension Policy Institute* (PPI). The findings were based on comparing the tax someone would pay if they were to fully withdraw their ...
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ArticleFTSE 350 defined benefit pension deficit reaches £36bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations is £36 billion as at October 2018, resulting in the largest deficit since October 2017, according to research by Mercer.Its Pension risk survey, which analyses the pension deficit calculated using the approach FTSE 350 organisations ...
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VideoSpotlight on Wealth at Work: Why is it important to have a financial wellbeing strategy in place?
In this six minute video, Jonathan Watts-Lay, director of Wealth at Work, discusses financial wellbeing strategies and their implementation. His interview with Kavitha Sivasubramaniam, editor of Employee Benefits, covers the following topics:Why is it important for organisations to have a financial wellbeing strategy in place?Why is it important to consider ...
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ArticleSavers access £21.7 billion through pension freedoms
Retirement savers have accessed approximately £21.7 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).The Flexible payments from pensions: November 2018 report also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleHalf do not know how much is in their pension
Around half (49%) of respondents do not know how much is in their pension pot, according to research by price comparison website MoneySuperMarket.Its survey of 1,000 adults also found that 26% of respondents do not have a personal pension and 67% do not have life insurance; in addition, only 18% ...
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ArticlePrimadell accountant fined £6,857.50 for pensions auto-enrolment non-compliance
An accountant working on behalf of Primadell, the organisation that runs Gran Caffe Londra in Knightsbridge, has been ordered to pay £6,857.50 after pleading guilty to falsely informing The Pensions Regulator (TPR) that employees had been automatically enrolled into a workplace pension scheme.In October 2015, Gran Caffe Londra missed its ...
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ArticleKavitha’s keynote: Benefits and the Autumn Budget 2018
Chancellor Philip Hammond delivered the Autumn Budget 2018 on Monday, 29 October, but there was not a great deal in it affecting employee benefits and reward, despite much speculation about what might be announced regarding pensions.What was welcomed by the pensions industry was the revelation that the government will provide ...
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ArticleOne third admit that retirement is not part of current financial planning
Nearly half (46%) of working people in the UK say their biggest fear for the future is not having enough money in retirement, but almost a third (30%) admit retirement is not part of their current financial planning, according to research by Punter Southall Aspire.The survey of over 2,000 workers ...
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ArticleGovernment announces DC pensions investment drive for business growth
Autumn Budget 2018: The government will support defined contribution (DC) pension funds to invest in growing UK organisations and start-ups through the British Business Bank, according to the Autumn Budget 2018 statement.The British Business Bank is the government’s UK-wide economic development bank aimed at making finance markets work more effectively ...
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ArticlePensions cold calling to be made illegal
Autumn Budget 2018: The government has confirmed that it will be introducing new legislation to make pensions cold calling illegal.In Monday’s Autumn Budget 2018 speech, chancellor Philip Hammond (pictured) announced that the government will shortly be implementing legislation to make pensions cold calling illegal.Alongside the Budget, it is also due ...
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ArticleGovernment to provide £5m additional funding to make pensions dashboard a reality
Autumn Budget 2018: The government will provide an additional £5 million in funding in 2019-2020 to help bring the pensions dashboard to fruition.Chancellor Philip Hammond (pictured) confirmed in his Autumn Budget 2018 speech, delivered on Monday 29 October, that the Department for Work and Pensions (DWP) will consult later this ...
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AnalysisPensions versus other workplace investments: what are employees' options?
Need to know:Pensions are still viewed as the primary workplace savings vehicle for employees, but other tools include the corporate Individual savings account (Isa) or the Lifetime individual savings account (Lisa).The Pension Freedoms Act has made pensions more accessible and potentially more desirable as a savings vehicle, but employees may ...
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Case StudiesMott MacDonald offers range of financial benefits to help employees save
The Mott MacDonald Group is a global engineering, management and development consultancy with 16,000 employees across 150 countries, and a headquarters in the UK. It is one of the largest employee-owned organisations in the world.Mott MacDonald has a defined contribution (DC) pension scheme for all UK staff; this is a ...
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OpinionJane Fuller: Does the pensions system provide enough incentives for long-term saving?
Before starting to think about incentives to save into the pensions system, it must be remembered that the UK state pension is far from generous. At £164.35 a week, the new single-tier pension is little more than half a week’s income on the national living wage rate of £7.83 an ...
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ArticleLloyds Banking Group ordered to equalise pensions for men and women
The High Court has ruled that Lloyds Banking Group must equalise its guaranteed minimum pensions (GMP) for men and women, in a landmark judgment that could cost major pension schemes £15 billion.The case relates to GMP schemes that ran between 1990 and 1997 for members who contracted out of the ...
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ArticleWorkchain staff fined and sentenced for illegal pension opt-outs
Directors and senior staff at Derby-based recruitment organisation Workchain have received suspended prison sentences, and have been ordered to pay more than £280,000 in fines for plotting to illegally opt workers out of their pension scheme.Owners and directors Phil Tong and Adam Hinkley encouraged five senior Workchain staff members to ...
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ArticleTPR bans masterminds of £13.7m pension scam from being trustees
The individuals identified as the masterminds behind a £13.7 million pension scam have been banned from being trustees of pension schemes.David Austin, Susan Dalton, Alan Barratt and Julian Hanson ran a scam that cheated 245 people out of their pension savings after the members were persuaded to transfer funds into ...
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Case StudiesCarlsberg uses staff feedback to gauge success of financial wellbeing strategy
Brewery giant Carlsberg launched a proactive financial wellbeing programme in January 2018 for its 700 UK employees, ranging from head office staff, brewery production, sales teams and contact centres.Activities within the programme include on-site mortgage sessions and one-to-one independent mortgage advice, pension presentations, access to payroll loans, a home rental ...
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ArticleKavitha Sivasubramaniam: Championing financial wellbeing at work
As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.Many employers recognise that financial stress can have a significant impact on an individual’s mental and ...