All Pensions articles – Page 54
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ArticleDominic Chappell fined £87,170 for withholding information on BHS from TPR
Dominic Chappell, the majority shareholder of Retail Acquisitions, the organisation that bought BHS for £1, has been fined £87,170 for failing to provide information to The Pensions Regulator (TPR) during the sale of the British retail organisation.Under section 72 of the Pensions Act 2004, Chappell was legally obliged to provide ...
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ArticleUniversity employees commence four-week strike action in dispute over pensions
University staff who are members of the University and College Union (UCU) are taking part in a two-day strike to commence a four-week industrial action programme in a dispute over pensions.The initial two-day strike, which is to be held on Thursday 22 February and Friday 23 February 2018, will take ...
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ArticleEXCLUSIVE: Gain insight into pensions evolution at Employee Benefits Connect 2018
EXCLUSIVE: Delegates at Employee Benefits Connect 2018 will be able to learn about the changing role of defined contribution (DC) pension schemes as part of an overall reward strategy.Mark Pemberthy, head of DC pensions at Conduent HR Services, will present a session titled ‘What employers want from a pension scheme: ...
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Article20% believe they will never be able to retire
One-fifth (20%) of employee respondents believe they will never be able to retire due to poor financial planning, according to research by Wealth Wizards.Its Working late: pension savings and delayed retirement report, which surveyed 500 employers and 1,000 UK employees aged between 18 and 65, also found that 86% of ...
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OpinionClaire Carey: How can employers and trustees prepare for GDPR?
On 25 May 2018, a new data protection law will come into force across Europe aimed at creating a uniform set of requirements fit for the digital age. While much of the General Data Protection Regulation (GDPR) will feel familiar, some important changes are on the way. With fines of ...
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ArticleSea Containers completes £187m pensions buy-out
Marine container asset leasing organisation Sea Containers has completed a £187 million bulk annuity buy-out transaction to insure the defined benefit (DB) pension liabilities for 750 pension scheme members.The transaction, which was completed with Aviva, insures the DB pension liabilities of the Sea Containers 1983 Pension Scheme in order to ...
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ArticleThe Pensions Regulator fines schemes non-compliant with basic auto-enrolment duties
The Pensions Regulator (TPR) has published the names of workplace pension schemes whose trustees have been fined for not providing legally required documentation.Fines were issued to pension trustees for failure to submit scheme returns after receiving a warning from TPR, and for failure to prepare a chair’s statement or for ...
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ArticleStotts Tours Oldham fined £60,000 for failing to pay workplace pension contributions
Bus services organisation Stotts Tours Oldham and its managing director have been sentenced to pay more than £60,000 in fines and backdated pension contributions after being found guilty of failing to automatically enrol 36 employees into a workplace pension.The Greater Manchester-based organisation and its managing director Alan Stott pleaded guilty ...
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ArticleMore than 980,000 employers complete auto-enrolment duties
Nearly one million (983,446) UK employers have completed their pensions auto-enrolment duties as at December 2017, according to research by The Pensions Regulator (TPR).Its Declaration of compliance report, which is based on information submitted by employers when they complete their declaration of compliance documentation, also found that around 9.2 million ...
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ArticleFTSE 350 defined benefit pension deficit falls to £73bn
The accounting deficit for FTSE 350 defined benefit (DB) pension schemes has decreased by £3 billion, from £76 billion at the end of December 2017 to £73 billion at the end of January 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using the approach organisations have ...
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ArticleRoyal Mail confirms pay and collective DC pensions scheme
Postal organisation Royal Mail has confirmed a new pay and pensions deal for 110,000 postal employees, including a backdated 5% pay increase and the introduction of the UK’s first collective defined contribution pension scheme.The deal, which was agreed with the Communication Workers Union (CWU), includes a 5% pay increase for ...
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ArticleEAT rules in favour of firefighters’ appeal in pensions age discrimination case
The Employment Appeal Tribunal (EAT) has ruled in favour of firefighters who appealed an Employment Tribunal (ET) decision which found that a government move to justify changes to firefighters’ pension arrangements was not age discriminatory.The case, Ms R Sargeant and others v London Fire and Emergency Planning Authority and others, ...
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Article68% see increase in stress and mental health-related illnesses in the workplace
More than two-thirds (68%) of employer respondents have seen an increase in instances of stress and mental health-related illnesses in the workplace, according to research by Aon.Its Benefits and trends survey: January 2018, which surveyed 200 UK employers, also found that 41% of respondents are unaware of the implications of ...
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ArticleTPR takes ITV to the Upper Tribunal in pensions anti-avoidance case
The Pensions Regulator (TPR) and television broadcasting organisation ITV are appearing at the Upper Tribunal this week to begin the hearing for its long-running pensions anti-avoidance dispute.The hearing, ITV and others v The Pensions Regulator, commenced on Monday 29 January 2018 at The Rolls Building, London, and is expected to ...
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ArticleDWP publishes response to Nest policy amendment consultation
The Department for Work and Pensions (DWP) has published its response to a consultation exploring proposed amendments to the National Employment Saving Trust (Nest) policy framework.Published in March 2017, the call for evidence highlighted the government’s intention to amend the Nest Order so that participating employers can contractually enrol their ...
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Article45% have not made financial calculations to understand their retirement needs
More than two-fifths (45%) of UK-based employee respondents have not made any financial calculations to understand their retirement needs, according to research by Mercer.Its Healthy, wealthy and work-wise report, which surveyed 7,000 adults and 600 senior decision makers from private and public sector organisations based across 12 countries in seven ...
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OpinionHelen Ball: What do employers need to consider regarding master trust authorisation?
Employers which currently use, or are thinking of using, a master trust to provide pensions for their employees could be affected by an upcoming change in the law.From October, existing master trusts will need to apply for authorisation from The Pensions Regulator or, if not, wind up and transfer members ...
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ArticleFord Motor Company to speak at Employee Benefits Connect 2018
Delegates attending Employee Benefits Connect 2018 will be able to a unique insight into the surprising similarities between cars and pensions as Ford Motor Company joins the event's roster of industry-leading speakers.Oliver Payne, Europe, Middle East and Africa (EMEA) pensions manager and actuary at Ford Motor Company will present a ...
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ArticleSavers access £15.7bn through pension freedoms
Retirement savers have accessed approximately £15.7 billion through the pension freedoms since the pension reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: January 2018 report also found that the number of individuals who have received flexible payments from their ...
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Infographic: How financially confident male and female employees are about retirement savings
Employees who feel financially unprepared for retirement:Women - 51%Men - 35%Employees who do not have enough salary and benefits to save:Women - 42%Men - 27%Employees who feel well prepared for retirement:Women - 23%Men - 36%Employees who are confident about choosing the right financial product:Women - 36%Men - 45%Employees who have ...