All Pensions articles – Page 53
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Article38% opt out of workplace pension because they cannot afford contributions
More than a third (38%) of respondents who have chosen to opt out of their workplace pension did so because they cannot afford to have the pension contributions taken from their monthly pay, according to research by Now: Pensions.Its survey of 1,552 UK employees with pre-tax personal incomes of more ...
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Article48% do not know auto-enrolment minimum pension contributions are increasing
Just under half (48%) of respondents are not aware that auto-enrolment minimum contributions are increasing, according to research by Barnett Waddingham.Its Generation Why report, which surveyed 3,000 employees, also found that 41% of respondents do not know what percentage of their salary they should be contributing to their workplace pension ...
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ArticleGovernment publishes report into pension freedoms
The Work and Pensions Committee has recommended that default pensions decumulation routes should be introduced in order to mirror the accumulation successes achieved by auto-enrolment.The recommendation has been published as part of the Pension freedoms: ninth report of session 2017-19 report, which proposes measures that aim to facilitate a pension ...
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ArticleTPR prosecutes Workchain for opting employees out of workplace pension
The Pensions Regulator (TPR) is to prosecute recruitment organisation Workchain, its directors and some senior staff members for illegally opting employees out of the business’ workplace pension.TPR has accused Workchain, its directors Phil Tong and Adam Hinkley, and a further five employees, of logging in to the organisation’s online pension ...
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ArticleThe tax and legislation changes impacting reward from April 2018
With the arrival of the new tax year, a number of measures impacting pay and benefits are scheduled to come into effect. Below is a round up of these measures, along with other tax and legislation changes, that employers need to be aware of from April 2018:National minimum wage and ...
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ArticleRoyal Mail to proceed with pay and collective DC pension scheme deal
Postal organisation Royal Mail is to proceed with its new pay and pensions structure after approximately 110,000 employees, who are members of the Communication Workers Union (CWU) trade union, voted in favour of the agreement.The deal, which was initially proposed in February 2018 after CWU members voted for industrial action ...
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AnalysisTop considerations when selecting a master trust provider
Need to know: Employers need to consider a range of issues when picking a master trust including financial security and future plans.Employers should consider what will work best for members, including investment strategy.It is important to keep any scheme under review to ensure it remains fit for purpose.For some employers, ...
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Case StudiesKier Group consolidated pensions into master trust arrangement
Property, construction and services group Kier previously ran a number of different defined contribution schemes, but moved to a master trust in July 2016.Mark Bradshaw, group reward and benefits director, says: “We wanted just one, to make communication of our pension offering easier for [employees] to understand, as well as ...
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Article47% believe pension freedoms have increased employee engagement
Under half (47%) of employer respondents believe that pension freedoms have led to employees being more engaged with their workplace pension, according to research by the Confederation of British Industry (CBI) and Aegon.Its survey of 189 employers also found that 59% of respondents feel that employees diverting money away from ...
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Supplier article
Pension transfers under the spotlight
Jonathan Watts-Lay, Director, WEALTH at work, a leading proving of financial education, guidance and advice in the workplace, joins PMI TV to discuss the issues surrounding pension transfers and what can be done to protect members.Please click here to watch the video interview.Alternatively, please see below for the transcript of ...
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ArticleDPD to give delivery drivers paid leave, pension and sick pay in new worker contract
Parcel delivery organisation DPD is to give its delivery drivers paid annual leave, pension entitlement and sick pay under a new self-employed worker contract.The new contract will offer all of DPD’s delivery drivers the choice of being directly employed by DPD or to work with the organisation on a self-employed ...
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ArticleThe Pensions Regulator launches consultation on master trust authorisation
The Pensions Regulator (TPR) has launched a consultation on the proposed authorisation process for master trust pension schemes.The consultation, which will run until 8 May 2018, seeks feedback on the draft code of practice that is to be implemented for master trust schemes from 1 October 2018. The code of ...
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ArticleFCA publishes changes to pension transfer advice
The Financial Conduct Authority (FCA) has published new rules on pension transfer advice requiring that individuals’ specific circumstances are taken into consideration.The new rules, which follow on from a consultation originally proposing the changes in June 2017, will apply for advice on transfers from safeguarded benefit schemes, for example transfers ...
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Article77% of employers view workplace pension as an important benefit
More than three-quarters (77%) of employer respondents believe a workplace pension is an important employee benefit, according to research by Royal London.Its survey of 325 organisations, which typically employ between 10 and 250 employees, also found that 66% of respondents would be prepared to facilitate employees increasing their pension contribution ...
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Article82% view workplace pension as an important benefit
More than three-fifths (82%) of respondents cite their workplace pension scheme as an important employee benefit, according to research by Jobsite.Its survey of 500 UK employees also found that 51% of respondents value private medical insurance (PMI) as an important employee benefit, however only 23% currently receive this as part ...
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Supplier article
Aon DC Members Survey
With pensions continuing to be a significant focus for employers, we're pleased to be able to reveal some of the findings from our second DC Member survey. The main topic that this survey was designed to look at was "Helping your members achieve their goals". The survey was carried out ...
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ArticleGovernment publishes white paper on defined benefit pensions
The Department for Work and Pensions (DWP) has published a white paper on defined benefit (DB) pension schemes setting out the government’s intentions to give The Pensions Regulator (TPR) stronger powers to take action against company directors who commit reckless action in relation to a pension scheme, strengthening scheme funding ...
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ArticleUnited Utilities employees strike in dispute over pensions
Employees at water service organisation United Utilities who are members of Prospect, Unison and Unite trade unions are undertaking two days of strike action in a dispute over pensions.Approximately 1,500 employees will take part in the industrial action, which is taking place today (Friday 16 March 2018) and on Monday ...
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Supplier article
Double whammy of lack of retirement savings and low support at-retirement
WEALTH at work, a leading provider of financial education, guidance and advice in the workplace recently conducted a survey amongst employers. It investigated what workplace support is available to help employees understand how to make the most of their finances throughout their career in order to optimise income at-retirement. It ...
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Case StudiesThe benefits offered by Kier Group
The workplace benefits offered by Kier GroupPension and financial benefitsA defined contribution (DC) master trust open to all employees, with matching contributions up to 7.5%.Sharesave and share incentive plan (Sip) open to all employees.Financial education.Healthcare and wellbeingPrivate medical insurance dependent on grade.Eyecare: employees can claim back the cost of an ...