All Pensions articles – Page 54
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ArticleNew TPR approach to put pension schemes under greater scrutiny
The Pensions Regulator (TPR) has announced a shift in its approach to workplace pension regulation, meaning schemes will face increasing scrutiny and a greater likelihood of intervention, from October 2018.Following a review of its operating model, the regulator will introduce a new supervision regime to monitor schemes more closely and ...
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Case StudiesThe benefits offered by Weetabix Food Company
The benefits offered by Weetabix Food Company:Pension and group riskDefined contribution group personal pension plan, available for all employees alongside pre-existing defined benefit scheme, which closed in 2013.Healthcare and wellbeingPrivate medical insurance, employer-funded for all employees. Available for employees' family members as a flexible benefit.Dental insurance, employer-funded for all employees ...
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ArticleWorkplace pension savers engage more when pot breaches £5,000
Workplace pension savers cross a boredom threshold and become more engaged with their pot once it breaches £5,000, according to research by Hargreaves Lansdown.Its The rules of engagement report, published in September 2018, reveals that 50% of Hargreaves Lansdown workplace pension members with less than £5,000 saved are engaging with ...
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ArticleBritish Airways pension scheme agrees £4.4bn buy-in with Legal and General
The British Airways-sponsored Airways Pensions Scheme (APS) and Legal and General have completed a £4.4 billion pensioner bulk annuity buy-in, covering around 60% of all pensioner liabilities.Existing longevity reinsurance contracts of approximately £1.7 billion, entered into with Canada Life Reinsurance and PartnerRe, were incorporated into the buy-in arrangement.The APS is ...
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ArticleNottingham and Derbyshire-based Trentbarton bus drivers strike in pay dispute
Around 160 bus drivers at transport organisation Trentbarton in Nottingham and Derbyshire, who are members of the trade union Unite, are undertaking strike action today (Monday 10 September 2018) in a dispute over pay.Unite members who work at Trentbarton voted 70% in favour of strike action, after rejecting the organisation's ...
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ArticlePrivate sector defined contribution pension schemes have 7.7m active members
Defined contribution (DC) pension schemes at private sector organisations had 7.7 million active members in 2017, compared with 6.4 million active members in 2016 and 1 million active members in 2012, according to research by the Office for National Statistics (ONS).Its Occupational pension schemes survey: UK, 2017 also found that, ...
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ArticleEU upholds that employees are entitled to 50% of pension if employer is insolvent
The Court of Justice of the European Union (CJEU) has upheld a ruling by its Advocate General, confirming that all employees are entitled to at least 50% of the total value of their accrued workplace pension savings in the event that their employer becomes insolvent.The case, Grenville Hampshire v The ...
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ArticleConfessions of a benefits manager: Candid grapples with pensions communication
I’ve not seen Big Bad Boss so cross since the management team golf day was cancelled. Words have been exchanged with two of the Higher Beings, our executive management team, and Big Bad Boss emerges red-faced. It is not a good sign.It seems a misleading communication went out to all ...
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Article44% believe they are not on track for retirement
Two-fifths (44%) of respondents believe they are not on track for retirement, according to research by global investment management business BlackRock.Its 2018 DC pulse survey, which canvassed the opinions of 1,000 UK employees aged between 25 and 69 who have at least one defined contribution (DC) pension, also found that ...
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ArticleGovernment confirms support for industry-led pensions dashboard
The Department for Work and Pensions (DWP) has re-confirmed its support for the creation of a pensions dashboard built by the pensions industry.In an announcement yesterday (Tuesday 4 September 2018), Parliamentary under secretary of state for pensions and financial inclusion, Guy Opperman (pictured), stated that an industry-led pensions dashboard, facilitated ...
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ArticleEXCLUSIVE: Have your say in new pensions research
EXCLUSIVE: How does your organisation approach pensions communication? How have pension freedoms impacted your business’ pension strategy? Have your say in our new pensions research.Take part in the exclusive Employee Benefits Pension research 2018, which aims to help you benchmark your organisation’s pension strategy.We are particularly interested in hearing about ...
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ArticleUK private sector defined benefit pension schemes have estimated £40bn deficit
Defined benefit (DB) pension schemes within the UK’s private sector had an estimated £40 billion total deficit by 31 August 2018, according to research by JLT Employee Benefits.JLT's monthly index shows the funding position of UK private sector DB pension schemes, based on the standard accounting measure used in organisation ...
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ArticlePoll: 85% think employers have a responsibility to raise awareness of pension scams
Employee Benefits poll: The majority (85%) of respondents think that employers have a responsibility to raise employee awareness of pension scams.A straw poll of www.employeebenefits.co.uk readers, which received 41 responses, also found that 15% of respondents feel that it is not the job of the employer to inform staff about ...
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ArticleLorraine Harper: Should employers encourage taking retirement sabbaticals?
The cliff edge of retirement can have a dramatic effect on personal wellbeing and self-worth, so a gradual move is a good way to ease into a different lifestyle, probably on a lower income.The concept of winding down to retirement is not new. Traditionally, this has taken the form of ...
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ArticleBaroness Ros Altman: Should employers encourage taking retirement sabbaticals?
The UK workforce is ageing, and the prevalence of ‘early retirement’ has fallen sharply, as more staff want or need to keep working longer.This means employers have a great opportunity to retain valuable skills and experience, rather than losing their long-standing staff and having the cost of training and recruitment.The ...
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ArticleJohn Chilman: Should employers encourage taking retirement sabbaticals?
The concept of retirement sabbaticals sounds great in theory. However, the challenge in retirement comes after six months, following the rest, holiday, and completion of jobs that have been put off for years, when you wonder what you are going to do every day. To really work, sabbaticals would need ...
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Case StudiesThe benefits offered by CA Technologies
The benefits offered by CA Technologies:Pension and group riskDefined contribution group personal pension plan: employees contribute 3% and CA Technologies contributes 6%. Available for all employees.Income protection for 66% of employees’ income, employer-funded for all employees.Personal accident insurance at two times base salary, employer-funded for all employees.Employee share scheme.Life insurance ...
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ArticleHalf of employers do not have a financial wellbeing strategy
Almost half (49%) of employers do not have a financial wellbeing strategy in place for their employees, according to research by pensions and investment consultancy Barnett Waddingham.Beyond Pensions: Pension and the Provision of Wider Financial Wellbeing, an Employer’s Perspective, which surveyed 200 UK organisations and 43 of the firm’s client ...
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OpinionSteven Taylor: Is financial education the key takeaway from the TPR and FCA consultation?
Nelson Mandela famously said: “Education is the most powerful weapon which you can use to change the world.” In today’s pension’s landscape, financial education has also come to be of paramount importance; this could be one of the key takeaways from the recent The Pensions Regulator (TPR) and Financial Conduct ...
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ArticleTPR used enforcement powers 43,700 times to tackle pensions non-compliance in Q2
The Pensions Regulator (TPR) used its enforcement powers for pensions auto-enrolment non-compliance 43,700 times between April and June 2018, compared to 35,862 times last quarter, according to research by TPR.Its Compliance and enforcement quarterly bulletin: April-June 2018 report, which provides information on the powers TPR has used, as well as ...