All Pensions articles – Page 60
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ArticleAverage contribution rate for DC schemes is 4.2% of pensionable earnings
The average total contribution rate for occupational defined contribution (DC) pension schemes in the private sector was 4.2% of pensionable earnings for 2016, according to research by the Office for National Statistics (ONS).Its Occupational pension schemes survey: UK, 2016, also found that for private workplace DC pension schemes, average total ...
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Article38% plan to increase their employee benefits offering in 2017
More than a third (38%) of employer respondents plan to increase the number of options in their employee benefits package in 2017, according to research by Mattioli Woods.Its 2017 Employee benefits insight report, which surveyed 300 employers and gathered data from 2,692 UK organisations, also found that 21% of respondents ...
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Article12% have stopped pension contributions to support financially dependent relatives
More than one in 10 (12%) of respondents over the age of 50 have stopped saving into their pension in order to support either children or parents who are financially dependent on them, according to research by Aviva.Its Real retirement report, which surveyed 3,327 UK adults aged 50 or over, ...
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Article43% do not know how much of their monthly salary to invest into their DC pension
Around four in 10 (43%) of defined contribution (DC) pension scheme members do not know how much of their monthly salary they should be saving into their workplace pension, according to research by BlackRock.Its survey of 509 UK DC pension scheme members aged between 30 and 69 also found that ...
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Supplier article
Financial education is key to long-term success of workplace pension scheme
The long-term success of the current workplace pension regime relies on the provision of financial education and guidance to persuade individuals of the merits of saving more for their retirement.Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, said: “We welcome ...
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ArticleThe Work and Pensions Committee launches inquiry into pension freedoms
The Work and Pensions Committee has launched an inquiry to investigate whether the pension freedom and choice reforms, introduced in 2015, are successfully operating as the policy intended.Its call for evidence, which will be open to responses until Monday 23 October 2017, has asked for feedback on whether the freedom ...
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ArticleGreensill Capital launches new benefits package for UK staff
Financial services organisation Greensill Capital has launched a new package of benefits and online benefits platform for its 72 UK employees.Its online portal, Greensill Rewards, which was launched in August and is provided by Portus Consulting, provides staff with access to new employer-paid benefits, such as private medical insurance, a ...
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ArticleDWP consults on increasing Financial Assistance Scheme long service cap
The Department for Work and Pensions (DWP) has launched a consultation into implementing an increased cap on Financial Assistance Scheme (FAS) payments for eligible members with long service in a single defined benefit (DB) pension scheme.The consultation, which will run between 18 September and 25 October 2017, will seek feedback ...
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Article37% of employers worry staff cannot afford to retire
More than a third (37%) of respondents worry that their employees will not be able to afford to retire, according to research by Hargreaves Lansdown.Its survey of 418 employers also found that 20% of respondents do not want automatic-enrolment contribution rates to change, however, 27% want minimum contribution rates to ...
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Article53% believe defined benefit pension costs have a negative impact on pay
More than half (53%) of employer respondents that operate a defined benefit (DB) pension scheme for their staff feel that the costs associated with this are having a negative impact on pay increases, according to research by the Association of Consulting Actuaries (ACA).Its first interim report from the ACA pension ...
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Article17% of over-50s have access to workplace wellbeing support
Under one-fifth (17%) of employee respondents aged 50 or over have access to workplace wellbeing initiatives or advice that could mitigate the impact of health issues on their caeers, according to research by Aviva.Its Real retirement report, which surveyed 3,327 UK adults aged 50 or over, including 1,829 adults who ...
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Article58% cite flexible working as most valued benefit
More than half (58%) of employee respondents cite flexible-working hours as the benefit they value as the most important, according to research by Sodexo Engage.Its survey of 2,001 UK adults also found that 47% of respondents identify a high salary as the benefit they value as the most important, compared ...
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Supplier article
WEALTH at work online poll – pensions transfer
Since the pension changes we have seen a rise in employees wanting to transfer their defined benefit (DB) pension scheme into defined contribution (DC) pensions.However, transferring from a DB pension scheme can mean that employees will be giving up valuable guaranteed benefits and they might find themselves worse off.Partial transfers ...
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Supplier article
The jury is out on Pension Advice Allowance (PAA)
By Jonathan Watts-Lay, Director, WEALTH at workThe Pension Advice Allowance (PAA) became available this April to help individuals pay for the cost of regulated financial advice for retirement.The allowance enables individuals to withdraw £500 from their pensions, at any age and up to three times but only once in a ...
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ArticleTPR to prosecute Stotts Tours Oldham for pensions auto-enrolment failure
The Pensions Regulator (TPR) is to prosecute bus services organisation Stotts Tours Oldham and its managing director for failing to automatically enrol 36 employees into a workplace pension.The Greater Manchester-based organisation and managing director Alan Stott have been summoned to appear at Brighton Magistrates’ Court on 4 October 2017 to ...
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ArticleTake part in exclusive pensions research
What are the main retirement concerns facing your employees? What retirement support does your organisation offer staff? Is your organisation aware of how the General Data Protection Regulation (GDPR) might impact workplace pensions?Tell us how your organisation approaches pension saving and helps staff prepare for retirement by taking part in ...
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ArticleThe Pensions Quality Mark appoints Gregg McClymont as chair
The Pensions Quality Mark (PQM) has appointed Gregg McClymont as chair.McClymont is head of retirement at investment organisation Aberdeen Asset Management, and he previously served as shadow minister of state for pensions between 2011 and 2015.McClymont is also deputy chair of the Financial Conduct Authority’s (FCA) working group on institutional ...
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ArticleSecond Finance Bill to legislate for pensions advice exemption and company car tax bands
A second Finance Bill 2017 has been introduced into Parliament, which includes the introduction of an income tax exemption for the first £500 of employer-arranged pensions advice, company car tax bands, and the retrospective application of the money purchase annual allowance (MPAA).A number of measures were dropped from the Finance ...
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ArticleBritish Airways to consult on closure of pension scheme to future accrual
British Airways (BA) is to launch a consultation on the proposed closure of one of its defined benefit (DB) pension schemes to future accrual.Under the proposals, the New Airways Pensions Scheme (NAPS), which has approximately 17,000 scheme members, would be closed to future accrual. The changes aim to address the ...
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ArticleFTSE 350 defined benefit pension deficit rises to £83bn
The accounting deficit for defined benefit (DB) pension schemes at FTSE 350 organisation increased from £71 billion at the end of July 2017 to £83 billion at 31 August 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 organisations’ financial ...