All Pensions articles – Page 56
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ArticleTPR launches consultation on draft policy for master trust supervision
The Pensions Regulator (TPR) has launched a consultation into the draft policy that will supervise and regulate master trust pension schemes once master trust authorisation is introduced from October 2018.As of October, master trust schemes will have six months to apply to TPR to be able to continue operating in ...
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ArticleTPR to conduct new round of spot checks for auto-enrolment non-compliance
The Pensions Regulator (TPR) is to launch a new round of short-notice inspections this month (July 2018) to target employers that are failing to meet their pensions auto-enrolment duties.The spot checks, which are carried out under section 74 of the Pensions Act 2004, will focus on employers that are suspected ...
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ArticlePoll: 50% believe employers are responsible for providing pre-retirement guidance
Employee Benefits poll: Half (50%) of respondents believe that employers should shoulder the main responsibility for providing pre-retirement financial guidance to employees.A straw poll of www.employeebenefits.co.uk readers, which received 70 responses, also found that 34% of respondents feel employees should take the primary responsibility for sourcing their own financial guidance ...
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OpinionTim Middleton: Effective communications can protect employees' pensions
Since their introduction in 2015, George Osborne’s freedom and choice reforms have allowed the public to consider a range of options for using their accrued pension savings. Commonly, this will involve transferring savings from one pension scheme to another as the original scheme does not offer the full range of ...
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AnalysisHow can employers protect staff from falling prey to pension scams?
Need to know:Employers are ideally placed to help increase financial literacy around pension scams.Engaging employees and becoming a trusted source of information will empower staff to recognise fraudsters.All communication channels need to be used to regularly alert employees about what to look for.Since the introduction of pension freedoms in 2015, ...
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AnalysisIn numbers: Pension scam fears, risks and reporting among those over the age of 55
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ArticleWork and Pensions Committee supports legislation for collective defined contribution schemes
The Work and Pensions Committee has urged the government to legislate to enable the creation of collective defined contribution (CDC) pension schemes in the UK.The committee has published the recommendations following its inquiry into the possibility of introducing CDC pension schemes into the UK pensions market. The inquiry ran between ...
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OpinionJames Bingham: The Pensions Regulator's proposed new powers may impact employer opinion
There has been much recent discussion of The Pensions Regulator’s (TPR) new mantra ‘clearer, quicker, tougher’ and what this means for trustees, employers and members. The Department for Work and Pensions’ (DWP) recent publication of a consultation entitled Protecting DB pension schemes: a stronger Pensions Regulator, on ...
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Supplier article
We could all be better off in retirement: report reveals the big gaps
The Pensions Policy Institute (PPI) has released its ‘Evolving retirement outcomes’ report. The report explores the potential outcomes that may be achieved through different retirement income decisions, and the changes that may need to occur within the industry and wider pensions landscape in order to ensure that these outcomes are ...
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Supplier article
Take part in our poll on decumulation pathways
Do you believe that employees with a defined contribution scheme should be defaulted into a decumulation pathway at-retirement without financial guidance?http://www.wealthatwork.co.uk/corporate/your-say/
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ArticleOnly 22% of pension members actively choose their investments
Only 22% of pension members actively choose their own investments, despite the fact that doing so can dramatically boost investment returns, according to research by financial services organisation Hargreaves Lansdown.The research, released on 12 July 2018, analysed the activity of 58,000 workplace pension members. It also revealed that only 16% ...
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Supplier article
Pensions cold call ban – time to send a clear message
The government have announced that the implementation of the Pensions cold call ban will be delayed until autumn this year.Jonathan Watts-Lay, Director, WEALTH at work, comments; “It’s time to send a clear message to pension scammers that this will not be tolerated, so the sooner this ban is implemented the ...
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ArticleRentokil Initial Pension Trustee Limited fined £25,000 by The Pensions Regulator
Rentokil Initial Pension Trustee Limited has been fined £25,000 by The Pensions Regulator (TPR), for failing to complete two valuations for its defined benefit (DB) pension scheme, which has approximately 140 members.This is part of TPR's 'clearer, quicker, tougher' approach, initiated in April 2017, which has seen it issue nine ...
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ArticleInstitution of Engineering and Technology completes £50m pensioner buy-in
The Institution of Engineering and Technology has completed a £50 million pensioner buy-in transaction for the defined benefit (DB) IET Superannuation and Assurance Scheme.The transaction, completed with the Pension Insurance Corporation, covers the scheme’s 300 uninsured pensioner members.The buy-in has successfully reduced the pension scheme’s risks and has improved security ...
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Supplier article
Defaults at-retirement – great for providers but what about scheme members?
Jonathan Watts-Lay, Director, WEALTH at work, has joined PMI TV in a video interview to discuss why the idea of defaults at-retirement is concerning and what the alternative could be.The background“The background to this really is that there’s been a lot of growing concern, I think since freedom and choice ...
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Article6% of employers provide debt consolidation as part of benefits package
Less than one in 10 (6%) of respondents state that their employer provides debt consolidation via workplace lending and counselling services as part of their employee benefits package, according to research by Thomsons Online Benefits.It surveyed 2,000 UK employees working in private sector organisations with more than 500 staff, and ...
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ArticleFTSE 350 defined benefit pension deficit falls to £29bn
The defined benefit (DB) pension deficit at the UK’s top 350 organisations has decreased from £72 billion at the start of 2018, to £29 billion on 29 June 2018, according to research by Mercer.The research, which analyses the pension deficit calculated using the approach FTSE 350 organisations have to adopt ...
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ArticleSandeep Maudgil: Are collective defined contribution schemes a viable option for the future of pensions?
Given that employers are increasingly unwilling to bear the risks associated with defined benefit (DB) pensions, we need defined contribution (DC) schemes to provide the best benefits they can.The collective, rather than individual, approach seems to have many benefits. There are those that say that individual DC schemes, if run ...
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ArticleJon Millidge: Are collective defined contribution schemes a viable option for the future of pensions?
Retirement provision is a major challenge facing our society. As the provider of around one in every 190 jobs in the UK, Royal Mail has a responsibility to help tackle this issue. We are committed to providing our employees with the best possible pension arrangements.Like many employers, our defined benefit ...
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ArticleChris Curry: Are collective defined contribution schemes a viable option for the future of pensions?
Collective defined contribution (CDC) schemes have been in the news a lot recently, although the idea of them being used in the UK has been around since the Department for Work and Pensions (DWP) started investigating 'defined ambition' pensions in 2012.In essence, a CDC scheme would be a different way ...