All Pensions articles – Page 63
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OpinionPhilippa Connaughton: Lessons from the Walker v Innospec ruling
In a landmark ruling, the Supreme Court has settled a long-running pensions dispute.In 2012, John Walker brought a claim for unlawful discrimination on grounds of sexual orientation, having calculated that his civil partner, later his husband, would receive a pension on his death of £1,000 per annum, not the £45,000 ...
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ArticleCourt of Appeal rules in favour of IBM in pensions case
The Court of Appeal has allowed an appeal by technology organisation IBM Holdings, finding that the organisation did not breach its duty to members of its UK defined benefit (DB) pension scheme when restructuring its pension benefits.The case, IBM United Kingdom Holdings v Dalgleish, revolves around the restructuring projects undertaken ...
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ArticleDefined benefit pension funding deficit falls to £420bn
The funding deficit for defined benefit (DB) pension schemes in the UK was £420 billion at the end of July 2017, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data relating to 5,800 DB pension funds and collected through the Skyval pensions platform used by trustees, ...
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Case StudiesThe benefits offered by BDO UK
The workplace benefits offered by BDO UK include:Pension and group riskGroup personal pension plan (GPP) with a matched contribution structure of 1% for all employees. If the scheme is joined voluntarily, an age-related matching contribution structure is used, ranging from a 2% employer contribution for employees under 25-years-old to a ...
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ArticleCourt of Appeal rules in BBC's favour in pensionable pay case
The Court of Appeal has dismissed an appeal against the BBC in a long-running pensions case after the broadcaster introduced a 1% cap on increases in pensionable salary in a move aimed at reducing its defined benefit (DB) pension schemes deficit.In the case of Bradbury v British Broadcasting Corporation, the ...
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ArticleThe Pensions Regulator fines Barnet Council for failing to submit pension documentation
The Pensions Regulator (TPR) has issued the London Borough of Barnet Council’s pension scheme manager with a £1,000 fine for failing to submit legally required documents.The fine, which was issued in relation to the Local Government Pension Scheme for England and Wales, was delivered to the London Borough of Barnet’s ...
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ArticleSupreme Court rules in favour of employee’s former spouse in pension divorce case
The Supreme Court has allowed an appeal from the former spouse of a retired British Coal employee in a case concerning the period of pension scheme membership that should be taken into account upon the division of assets.The Scottish case, McDonald v Newton or McDonald, relates to Mr McDonald, who ...
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OpinionKate Hurn: Taylor Review advocates enhancing rights for dependent contractors
The government-commissioned review of modern working practices by Matthew Taylor calls for legislative change to help determine employment status more easily and recommends enhancing rights for workers.Taylor acknowledges the confusion created by the current category of workers, made up of bona fide employees and so-called limb (b) workers who are ...
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ArticleGKN closes UK defined benefit scheme to future accrual
Engineering organisation GKN has closed its UK defined benefit (DB) pension arrangement to future accrual.The DB scheme closed to future accrual following a consultation with active members. As of 1 July 2017, members will receive pension benefits on a defined contribution (DC) basis.GKN operates a number of DB and DC ...
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Supplier article
Weighing up the merits of pensions guidance and advice
by Jonathan Watts-Lay, Director, WEALTH at workThe pension freedoms changed the face of retirement income options for many members of defined contribution (DC) schemes. Individuals now have to think about whether they want an annuity, drawdown, cash or a combination of options; when to access their pension; if it is ...
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ArticleLunch and learn with Employee Benefits Summer School 2017
Employee Benefits Summer School will return in August to provide insights from leading experts on the key issues facing the employee benefits industry.Experts from Capita Employee Benefits, Embryocare, Legal and General, Simplyhealth, Nest, and Wealth at Work will discuss the latest benefits trends, challenges and opportunities for employers with Employee ...
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ArticleLorica relaunches in the employee benefits market
Corporate wealth management organisation Lorica has re-entered the employee benefits market to offer financial wellbeing and pension support services to employers.The organisation, which sold its employee benefits business to consultancy Aon in 2014, launched its new benefits proposition on 1 June 2017. Lorica continued to operate as a wealth management ...
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ArticleNigel Peaple: How can employers support staff with later life care costs?
The care conundrum is not simple and the vast majority of employers may wish to consider later life care costs from two different perspectives.First, some members of their workforce are likely to need to finance care in later life, well past the age that they are likely to have a ...
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ArticleDavid Finch: How can employers support staff with later life care costs?
The friction between work and caring responsibilities has a long and troubled history. It is a key reason why women leave the labour market and an enduring source of the gender pay gap.But addressing this challenge has, in one respect, been one of Britain's biggest labour market success over the ...
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Supplier article
Raise in state pension age means saving now could be crucial
Following the recommendation by John Cridland, the government has confirmed it will raise the state pension age from 67 to 68 between 2037 and 2039, seven years ahead of the date range originally planned.Jonathan Watts-Lay, Director, WEALTH at work, said: “It might seem a long way off but future generations ...
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ArticleDWP consults on auto-enrolment measures for DB schemes and offshore staff
The Department for Work and Pensions (DWP) has launched a consultation into whether auto-enrolment regulations relating to the quality of defined benefit (DB) schemes used for auto-enrolment purposes, and occupational pension provision for seafarers and offshore staff is working as intended.The consultation, which will run until 30 August 2017, will ...
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Supplier article
FCA findings point to continued lack of understanding around new pension rules
Over half (53%) of retirees who accessed their defined contribution pensions chose to withdraw their entire pension pots, according to the Financial Conduct Authority’s (FCA) interim findings of its Retirement Outcomes Review.Of these fully withdrawn pensions, 52% had been transferred into other savings or investments, thereby losing the valuable tax ...
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OpinionPeter Murphy: Underestimate The Pensions Regulator at your peril
The Pensions Regulator (TPR) wants everyone to know that it is acting more quickly to intervene where it considers schemes to be underfunded, or where there are indications that employers may be avoiding their responsibilities.Employers should be wary. Even if the risk of intervention from TPR is small, it is ...
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AnalysisHow to help employees strike the right savings balance
Need to know:Employers recognise that a one-size-fits-all approach to financial education is not as effective as individualisation.Employees face different financial pressures at different life stages, but these change through an individual’s working life.There are a variety of workplace savings schemes that employers can provide to help employees save in the ...
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ArticleRoyal Mail offers defined benefit and defined contribution pension deal
Royal Mail has proposed a new pensions deal comprising defined benefit (DB) and defined contribution (DC) options for members following the planned closure of its current defined benefit (DB) pension scheme to future accrual in 2018.Under the proposals, affected employees would be offered a choice between a DB cash balance ...