All Pensions articles – Page 61
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ArticleThe Post Office completes £450m pensions buy-in
The Post Office has completed a £450 million bulk annuity buy-in transaction for its section of the Royal Mail Pension Plan.The buy-in transaction, completed with Rothesay Life, will cover the scheme’s deferred members and includes all benefits accrued since the Royal Mail Pension Plan started in 2012.The pension scheme’s trustees ...
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ArticleCourt of Appeal rules in favour of Air Products in long-term incentive plan age discrimination case
The Court of Appeal has allowed an appeal by industrial gas and chemical retailer Air Products, finding that the organisation can objectively justify retirement at a specific age as a good leaver reason within its long-term incentive plan.The case, Air Products v Cockram, regards employee Michael Cockram, who resigned from ...
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AnalysisIs there a need for better targeted pensions education for female employees?
Need to know:Research published by Aon in 2016 indicates that women have lower levels of financial confidence than men. This has a domino effect on how they then make decisions around saving for retirement.A pensions education programme that discusses retirement savings in relation to taking time away from work to ...
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OpinionJames Walsh: UK should take a leaf out of Australia's book to increase pensions understanding
The pensions sector needs to think afresh about how best to communicate with savers, especially women. A Pensions and Lifetime Savings Association (PLSA) survey, published in May 2017, showed that millennial women feel more financially anxious than their male peers. If even this group, which has the smallest male-female pay ...
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Case StudiesHays addresses gender pay differences as part of pensions education
Recruitment organisation Hays has run pensions education presentations for its 3,200 UK employees to ensure that staff understand the basic concepts of how their workplace pension works.Improving employees’ fundamental knowledge of pensions can help them to pinpoint wider issues that may impact their retirement savings, for example, the potential impact ...
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ArticleFTSE 350 defined benefit pension deficit falls to £72bn
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £1 billion, from £73 billion at the end of January 2018 to £72 billion at the end of February 2018, according to research by Mercer.Its research, which analyses pension deficits calculated using ...
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Supplier article
Now is the time for a fresh look at company pensions
As the pensions industry continues to come to terms with enormous changes over the last five years, business leaders are looking again at the defined contribution pension arrangements they’re offering employees. Read our article, first published in the Workplace Pensions Report, distributed with The Times.Download the article here
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OpinionLovewell's logic: Is your workforce fit for the future?
What does the future workforce look like in your organisation?Is it likely to be more diverse than ever, with up to five generations now present in many workforces? Is it likely to include more millennials than ever, with the new expectations that they bring? Or will it comprise older employees ...
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AnalysisWhat can the UK learn from European benefits reforms?
Need to know:Some European countries, such as the Czech Republic and Spain, have increased paternity leave to reinforce a focus on gender equal family-friendly policies.Poland and Turkey are among the latest European countries to implement pensions auto-enrolment initiatives to help combat the financial implications of an ageing population.Larger organisations may ...
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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 ...