All Pensions articles – Page 53
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OpinionJonathan Watts-Lay: Ensuring the savings effort pays off
Nearly half (46%) of all UK adults rate their own knowledge about financial matters as low and almost a quarter (24%) have little or no confidence in managing their money, according to the Financial Conduct Authority's Understanding the financial lives of UK adults report, published in October 2017.The impact of ...
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ArticleFCA and TPR launch joint strategy to tackle 'fundamental' pensions challenges
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy, identifying issues contributing to inadequate saving for retirement and outlining priorities for addressing fundamental challenges in the pensions sector.The joint strategy sets out how the FCA and TPR will work in tandem in the ...
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ArticlePositive, personal language is best for pension communications
A study by investment management organisation Invesco into the language of defined contribution (DC) pension schemes has identified four key language principles for communicating with employees about their pensions.Research for the report, ReDefined contribution schemes, published on 18 October 2018, included interviews with heads of pension schemes, focus groups and ...
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Supplier articleAre defaults at-retirement really in members best interest?
By Jonathan Watts-Lay, Director, WEALTH at workI find the idea of defaulting members into something without a positive choice being made extremely worrying for a number of reasons.Firstly, it raises questions over if it is actually within the providers or the member’s best interest? Because if the default is with ...
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ArticleFour in 10 UK employees want a flexible reward package
More than four in 10 (43%) UK workers want a flexible reward package and the ability to control their benefits, according to research carried out by payroll and HR service provider SD Worx.The survey of employees in the UK, Austria, Belgium, France and the Netherlands, sampling 500 workers in each ...
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ArticleNASUWT staff begin series of one-day strikes over pay and pensions
Image credit: GMBAround 140 employees of the NASUWT teaching union are staging a series of three one-day strikes over pay and changes to pensions.The industrial action, which starts today, is being taken by members of the GMB union, with further strikes planned for 5 November and 9 November.GMB regional organiser ...
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Supplier articleAon’s Global Defined Contribution Points of View August 2018
Around the globe, Aon is helping our clients tackle the challenges that come with the growing reliance on defined contribution savings. We are happy to share our findings with you. Download the report here »
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ArticleThree-quarters support pension tax relief changes if they help lower income employees
Three-quarters (75%) of employers would support changes to the pensions tax relief system if this would provide more help to lower income employees, according to research conducted by the Association of Consulting Actuaries (ACA).Its 2018 Pensions trends survey, which polled 349 employers, also found that 59% of respondents believe the ...
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OpinionRachel Pinto: CJEU rules that UK's pension compensation regime is inadequate
The Court of Justice of the European Union (CJEU) ruled in Hampshire v The Board of the PPF that under EU law, on an employer's insolvency, every employee must receive compensation corresponding to at least 50% of the value of their accrued pension entitlement under an occupational pension scheme. This ...
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Supplier article
The Future of At Retirement July 2018
In this paper, we are not asking whether retirement itself is an outdated concept that needs to be retired – a subject deserving of a paper in itself. Rather we are discussing here what is happening now, and needs to happen in the near and medium term, in the ‘at ...
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ArticleTwo-thirds of UK employees want employers to help them plan for retirement
Around two-thirds (64%) of UK employees, and 51% of staff approaching retirement, want their employer to help them plan for retirement, according to research by financial services organisation State Street Global Advisors (SSGA).Its Global retirement reality report 2018, which surveyed 9,451 individuals across eight countries, including 1,603 people in the ...
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ArticleTPR fines Salvus trustees £5,000 over non-investment of £1.4m in pension contributions
Four trustees of Salvus Master Trust have been fined a total of £5,000 by The Pensions Regulator (TPR) for failing to promptly invest members’ savings for three years.A master trust is an occupational pension scheme that provides money purchase benefits for multiple, unconnected employers. The trustees were in breach of ...
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ArticleEXCLUSIVE: DWP calls for HR professionals to act as workplace pensions advocates
Employee Benefits Live 2018: HR professionals and employers can help the Department for Work and Pensions communicate the benefits of saving into a workplace pension.In a session titled ‘Auto-enrolment – what can HR learn from the DWP’s national multichannel campaign’, Mary Hennessey, head of marketing and communications at the DWP, ...
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ArticleEXCLUSIVE: RBS’ Cowan says changing workplace requires individual pensions approach
Employee Benefits Live 2018: Changes to the workforce mean the days of a one-size-fits-all approach to lifetime savings are over.In a session titled ‘Lifetime savings for a changing workplace culture and demographic’, Jim Cowan, head of benefits at RBS Group, told delegates that personalisation is the key to the future ...
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ArticleEmployee Benefits Live 2018 set to welcome delegates to ExCeL London
Employee Benefits Live 2018, the largest dedicated reward and benefits event in Europe, is set to welcome delegates to ExCeL London for its 20th anniversary this week.The event, held on Tuesday 2 and Wednesday 3 October 2018, will allow HR, reward and benefits professionals to explore the latest industry innovations ...
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ArticleMaster trust pension schemes now required to apply for TPR authorisation
Legislation now in force means all new and existing master trust pension schemes must apply to The Pensions Regulator (TPR) for authorisation to show they meet a revised set of safeguarding standards.A master trust is an occupational pension scheme that provides money purchase benefits for multiple, unconnected employers.From 1 October, ...
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ArticleA fifth believe the pensions dashboard would most encourage them to save for retirement
A fifth (21%) of respondents believe that the pensions dashboard is the online technology that would most encourage retirement saving, according to research by pensions consultants Lane Clark and Peacock (LCP) and YouGov.Its survey of 2,008 UK adults also found that 57% of overall respondents would not trust retirement planning ...
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ArticlePWC, Motor Neurone Disease Association and Deloitte to speak at Employee Benefits Live
PWC, the Motor Neurone Disease Association and Deloitte are among the organisations that will address attendees at Employee Benefits Live 2018 on Tuesday 2 and Wednesday 3 October.During the course of the two-day event, delegates will hear experts discuss a wide variety of topics impacting the reward, benefits and compensation ...
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ArticleDominic Chappell loses appeal against BHS conviction
Dominic Chappell, the majority shareholder of Retail Acquisitions, the organisation that bought BHS for £1, has lost his appeal against his conviction and sentence for failing to provide information to The Pensions Regulator (TPR) during the sale of BHS.Chappell was originally convicted on 11 January 2018 by district judge William ...
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Article84% of employees now saving into workplace pensions
Workplace pension saving rates continue to rise, with 84% of employees now contributing to an employer plan, compared with 77% last year, according to the latest figures from The Pensions Regulator (TPR).TPR's annual commentary and analysis report, released on 20 September 2018, claims auto-enrolment has now reached a steady state, ...