All Pensions articles – Page 55
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ArticleMenzies Distribution completes £75m pensions buy-out
Logistics organisation Menzies Distribution has completed a £75 million pensions buy-out transaction for Section B of its defined benefit (DB) pension scheme, the Menzies Pension Fund.The transaction, completed with the Pension Insurance Corporation (PIC), was designed to align with a strategy imposed by the John Menzies Group, which owns Menzies ...
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ArticlePrimadell accountant pleads guilty to pensions auto-enrolment non-compliance
An accountant working on behalf of Primadell, the organisation that runs Gran Caffe Londra in Knightsbridge, has pleaded 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 deadline to confirm that it had ...
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Supplier article
Don’t ditch the LISA – it could be a great addition to the benefits package
The Treasury Committee has called upon the Government to abolish the Lifetime ISA (LISA) stating that it has received strong criticism over its ‘complexity, its perverse incentives, its lack of complementarity with the pensions saving landscape and its apparent lack of popularity with the industry and pension savers’.Jonathan Watts-Lay, Director, ...
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ArticleTPR and FCA launch awareness campaign on pension scams
The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have launched a joint awareness campaign to raise understanding of pension scams and the tactics employed by potential scammers.The ScamSmart awareness campaign, which launches today (Tuesday 14 August 2018), follows on from research conducted by the regulatory bodies in July ...
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Article£800m pensions buy-out completed for BHS defined benefit pension scheme
The BHS2 Pension Scheme, the defined benefit (DB) pension scheme of retailer BHS, has been subject to a full pension insurance buy-out, covering £800 million of pension liabilities for the scheme’s 9,000 members.The transaction, completed with the Pension Insurance Corporation (PIC), was viable due to the scheme’s trustees and advisers ...
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Supplier article
Top 10 tips for employees to cut costs and boost savings
According to research by WEALTH at work, 80% of employers believe their employees are not saving enough for retirement.This is usually due to affordability or lack of understanding but what many employees don’t realise is the huge difference small changes to their spending habits could make to their savings levels ...
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ArticleKavitha’s keynote: Are some employers turning a blind eye to mental health?
Earlier this week, we reported that a fifth of employers provide counselling for staff in a bid to support their mental health. These findings, from insurers Aviva and the British Chambers of Commerce, highlight a growing awareness of mental health concerns among employers, as well as a commitment to help ...
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Article31% of women do not know how much they have saved into their pension
Less than a third (31%) of female respondents do not how much they have saved into their pension, compared to 21% of men, according to research by Aegon.Its Retirement confidence survey, which polled 946 UK non-retired individuals, further revealed that 15% of women have no pension arrangements in place.The research ...
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ArticlePension transfers could cost members £2,600 over expected lifetime
Pension members choosing to transfer out of their employer's scheme could receive an income that is £2,600 lower over their expected lifetime, according to research by XPS Pensions Group.The report, Member Outcomes Under Freedom and Choice, published today (7 August 2018), looks at data on defined benefits (DB) scheme transfers, ...
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ArticleWork and Pensions Committee launches inquiry into pension costs and transparency
The Work and Pensions Committee has launched an inquiry into whether enough is being done by those in the pension industry to provide transparency around charges, investment strategy and performance.The investigation follows on from the committee's report published in April, in response to an earlier inquiry launched in September 2017, ...
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AnalysisWhat support can employers give in the decumulation pension phase?
Need to know:Employers should talk early and openly with employees on the subject of retirement, so they can benefit from long-term support systems.Technology can provide financial support and education to the majority of employees, while those with assets may need signposting to an independent financial adviser.Nudges should be engaging rather ...
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Case StudiesGerald Eve's open dialogue around decumulation helps employees plan for retirement
Property consultant Gerald Eve has nine offices in the UK and employs 480 staff, with an average of eight employees a year approaching retirement. Being open about retirement is one of the cornerstones of its approach to decumulation.Sarah Draper, HR director, says: “In some organisations, there is still a stigma ...
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AnalysisIn numbers: The value of financial advice regardless of wealth
!function(e,t,n,s){var i="InfogramEmbeds",o=e.getElementsByTagName(t)[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,"script","infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");Read more...What support can employers give in the decumulation pension phase?Gerald Eve’s open dialogue around decumulation helps employees plan for retirement
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ArticleFTSE 100 DB pension schemes move into surplus for the first time in 10 years
Defined benefit (DB) pension schemes for FTSE 100 organisations have achieved a surplus of £3 billion, moving out of deficit for the first time in 10 years, according the JLT Employee Benefits monthly index.The index, which tracks the funding position of all UK private sector DB schemes based on the ...
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ArticleFTSE 350 defined benefit pension deficit increases to £32bn
The accounting deficit of defined benefit (DB) pensions at the UK’s top 350 organisations has increased from £29 billion at the end of June 2018 to £32 billion as of 31 July 2018, according to research by Mercer.The Pensions risk survey, which analyses the pension deficit calculated using the approach ...
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Article21% of 18 to 35-year-olds do not know how their pension works
More than one-fifth (21%) of respondents aged between 18 and 35 do not understand how their pension works, according to research by Printerland.co.uk.Its survey of 2,000 18 to 35-year-olds also found that 45% of respondents do not know how much money they will have saved into their pension pot by ...
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ArticleSavers access £17.5 billion through pension freedoms
Retirement savers have accessed approximately £17.5 billion through pension freedoms since reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its report, Flexible payments from pensions: July 2018, also found that the number of individuals who have received flexible payments from their pensions between the ...
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ArticleSamuel Smith Old Brewery fined £27,990 for pensions non-compliance
Image credit: Samuel Smith Old BreweryYorkshire-based Samuel Smith Old Brewery and its chairman have been ordered to pay £27,990 for failing to provide financial information pertinent to a pensions investigation conducted by The Pensions Regulator (TPR).TPR issued a notice on 12 January 2018 to the brewery and its chairman, Humphrey ...
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Supplier article
Pensions dashboard to be viewed with caution
It has been reported that the Work and Pensions Secretary, Esther McVey, is planning to ditch the ‘pensions dashboard’, a tool to let savers see all their pension pots in one place.Jonathan Watts-Lay, Director, WEALTH at work, comments; “These plans are causing much debate with much support for the roll-out ...
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Supplier article
Managing the risks around DB transfers
WEALTH at work is calling for more to be done to protect employees and members from the risks around defined benefit (DB) pension transfers. Jonathan Watts-Lay, Director, WEALTH at work comments;“The British Steel situation has flagged a big gap for me. Too many individuals are being left to find help ...