All Pensions articles – Page 57
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ArticleFCA launches consultation on measures to protect consumers' pension pots
Some drawdown customers could receive an estimated 37% more retirement income per year by investing in a mix of assets rather than cash, according to the final report of the Financial Conduct Authority's (FCA) Retirement Outcomes Review.The report, published on 28 June 2018, is accompanied by the launch of a ...
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ArticleGovernment launches consultation to increase The Pensions Regulator’s powers
The Department for Work and Pensions (DWP) has launched a consultation into how best to improve The Pensions Regulator’s (TPR) powers and increase protections for defined benefit (DB) pensions scheme members.The consultation, which closes on 21 August 2018, follows the publication of the government’s white paper, Protecting defined benefit pension ...
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Supplier article
Planning for a secure future
By Jonathan Watts-Lay, Director, WEALTH at workWEALTH at work’s latest survey results reveal that the majority (80%) of employers believe their employees are not saving enough for retirement.This coincides with research by the Financial Conduct Authority which indicates that planning for retirement is often a low priority.It revealed that relatively ...
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ArticleEC2 Master fined £15,000 for not collecting or investing nearly £900,000 of pension contributions
The Pensions Regulator (TPR) has fined master trust pension scheme trustee EC2 Master, which holds assets for the Autoenrolment.co.uk master trust, £15,000 for failing to collect and invest £888,651.94 worth of pension contributions from 2,115 members.TPR found in its determination notice, published on Friday 22 June 2018, that EC2 Master ...
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ArticleGovernment response to Work and Pensions Committee report published
The government notes that there is a need to empower pension savers to make sensible decisions at retirement, and will look to work with the Financial Conduct Authority (FCA) to develop stronger nudges to encourage people to seek out personalised guidance.This comes as part of a response, outlined today (22 ...
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Article85% of members from small employers are staying in their pension
Consistent with other populations, automatic enrolment opt-out rates among employees of small and micro employers are low, with 85% of members remaining in their pensions, according to a report by the Department for Work and Pensions (DWP).The report, Automatic enrolment: quantitative research with small and micro employers, which was published ...
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Article38% are not confident about their ability to retire comfortably
More than a third (38%) of respondents are not confident about their ability to retire comfortably, according to research by pension and investment organisation Aegon.It’s The Aegon retirement confidence survey, which polled 946 individuals, also found that 26% of respondents do not know how much they have in their pension ...
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ArticleFTSE 350 defined benefit pension deficit falls to £34bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £16 billion in a single month, reaching £34 billion as of May 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using the approach FTSE 350 organisations have to ...
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ArticleWorkchain pleads guilty to opting employees out of workplace pension
Recruitment organisation Workchain, as well as its two directors and five senior staff members, have pleaded guilty to illegally opting employees out of the organisation's workplace pension.Derby-based Workchain, its directors Phil Tong and Adam Hinkley, and a further five senior staff members pleaded guilty at Derby Magistrates’ Court today (Thursday ...
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ArticleEmployees saved £90.3bn into workplace pensions in 2017
Eligible employees saved a total of £90.3 billion into workplace pensions in 2017, an increase of £4.3 billion on the total amount saved in 2016, according to research by the Department for Work and Pensions (DWP).Workplace pension participation and savings trends of eligible employees official statistics: 2007 to 2017, published ...
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OpinionProfessor Dan Cable: A flexible benefits package is essential in the modern workplace
If you want your employees to be at their best, it makes sense for them to have a say on their reward package. As a result, I believe flexible benefits are fundamental.Importantly, flexible packages are a way for employers to show that they care about their employees by offering a ...
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AnalysisThe role of ESG funds in pension investment strategies
Need to know:ESG funds, which are different from ethical funds, consider the environmental, social and governance impacts of the organisation being invested in.Employers should use positive case studies to demonstrate to employees how their pension investment is affecting wider environmental, social and governance factors and projects.An organisation’s default investment fund ...
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OpinionVivek Roy: How can employers incorporate ESG into their pension investment portfolio?
When employers are busy with the day job it can be hard enough to keep on top of their workplace pension scheme, without worrying about the way members’ money is invested. However, organisations could be missing an opportunity to put the money to better use and engage staff in the ...
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AnalysisInfographic: How does responsible investing influence how members feel about their pension?
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ArticleUniversity of Southampton to close defined benefit scheme to future accrual
The University of Southampton is to close its defined benefit (DB) pension scheme for non-academic staff to future accrual.The DB pension scheme, The Pension and Assurance Scheme for Non-Academic Staff (PASNAS), will close to new members as of 31 December 2018. Eligible employees joining the university staff will instead be ...
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ArticleShop Direct completes £880m pensioner buy-in
Retailer Shop Direct has completed an £880 million pensioner buy-in transaction for the Littlewoods Pensions Scheme.The buy-in transaction, completed with Scottish Widows, passes risks associated with approximately 60% of the defined benefit (DB) scheme’s liabilities to the insurer, and provides a monthly income to the trustee in order to meet ...
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Article50% of employers are clear on auto-enrolment requirements
Half (50%) of employers are clear on auto-enrolment requirements and which employees are eligible, according to research by maritime pension scheme provider Ensign.Its survey of 44 employers and 87 employees in the shipping and maritime sector also found that 50% of employees do not know how much they need to ...
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Article30% do not know the total value of their pensions
Less than a third (30%) of employees do not know the total value of their pensions, according to research by retirement, workplace savings and protection solutions provider Aegon.Its survey of 909 individuals aged 18 and over also found that 22% of respondents with multiple pension pots have lost track of ...
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ArticleTPR used enforcement powers 35,862 times to tackle pensions non-compliance in Q1
The Pensions Regulator (TPR) used its enforcement powers for pensions auto-enrolment non-compliance 35,862 times between January and March 2018, compared to 28,446 times last quarter, according to research by TPR.Its Compliance and enforcement quarterly bulletin: January-March 2018 report, which provides information on the powers TPR has used as well as ...
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Article47% believe they have a good selection of employee benefits
Under half (47%) of respondents believe they have a good selection of employee benefits to choose from, according to research by Thomsons Online Benefits.Global employee benefits watch 2018/19: giving employees a voice on global reward and benefits surveyed 2,200 employees in organisations of 4,000 or more employees in the UK, ...