All Pensions articles – Page 66
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ArticleEon to consider closing its defined benefit pension schemes to future accrual
Energy organisation Eon will potentially close its defined benefit (DB) pension schemes to future accrual, which could affect around 3,000 UK-based employees.The organisation is considering the pension scheme closures as part of a review into its final salary and DB arrangements.Eon closed various DB pension plans to new employees by ...
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Case StudiesRolls-Royce merges final salary schemes to reduce governance costs
Luxury car manufacturing organisation Rolls-Royce conducted a pensions change project over 2016 in order to reduce the extensive governance costs of running five defined benefit (DB) pension schemes concurrently.At the beginning of 2016, the organisation had five legacy final salary pension arrangements in place, covering 13,000 current employees. This included ...
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OpinionSarah Miller: Key considerations for a pensions change project
There are three questions employers should ask before embarking on a pensions change project. First, they should question whether they can make the change. Employment contracts should be checked. If the change would breach the contract it will need varying. If the contract does not permit variations,the employer might need ...
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AnalysisHow to effectively manage pensions change in an organisation
Need to know:Reasons for pension change projects can vary, for example, an organisation may wish to reduce the costs of its current scheme, or lower the risks involved.Setting corporate objectives around what the organisation wants to achieve with its pension scheme is the first step when deciding on the most ...
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ArticleEXCLUSIVE: Royal Academy of Arts sees 51% of staff engage with pensions online
Copyright: Fraser MarrEXCLUSIVE: Royal Academy of Arts has seen 51% of its employees register to view their pension online following the launch of a new pension scheme and workplace savings platform.The charity launched a group self-invested personal pension (Sipp) and introduced the Corporate Vantage workplace savings platform, provided by Hargreaves ...
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ArticleBritish Airways granted leave to appeal in pensions case
British Airways (BA) has been granted leave to appeal a High Court ruling that found in favour of the Airways Pension Scheme (APS) trustees' power and decision to award discretionary pension increases.In the case of British Airways v Airways Pension Scheme Trustee, the airline disputed the trustees’ decision to amend ...
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Supplier article
Top things employees should consider when planning for retirement
WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, outlines below some of the top things employees should consider when planning for their retirement.How much income will employees need in retirement?One key thing which many don’t realise is that they are unlikely to need ...
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Article62% manage auto-enrolment administration in-house
Almost two-thirds (62%) of employer respondents manage the administration of pensions auto-enrolment in-house, according to research by Chase de Vere and Lightbulb.The research, which surveyed 300 senior HR decision makers in the UK, also found that more than a third (37%) of respondents cite administration as the biggest challenge to ...
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ArticleAgeas, Hasbro and Oracle shortlisted for best pensions communications
Ageas, Hasbro and Oracle (pictured) are among the organisations that have been shortlisted in the best pensions communications category at the Employee Benefits Awards 2017.This award celebrates employers that have implemented an effective pensions communications strategy.The full category shortlist is:Ageas, Pensions Re-EnrolmentDHL (Entered by Willis Towers Watson)Hasbro, The Lab (Entered ...
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ArticleThe College of Law Pension and Assurance Scheme completes £28m buy-in
The College of Law Pension and Assurance Scheme has completed a £28 million pension buy-in transaction with Aviva.The College of Law Pension and Assurance Scheme is administered by the Legal Education Foundation and has 760 members. The transaction covers employees who have been retired since 2012. This means that the ...
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ArticleHigh Court rules against British Airways in pensions discretionary increase case
A High Court judge has ruled against British Airways (BA) in its bid to challenge a decision made by its pension scheme trustees to award a 0.2% discretionary increase to members of the Airways Pension Scheme (APS).The case, which was heard between October and December 2016, centred around allowing the ...
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ArticleTata Steel offers to pay £550m to British Steel pension scheme
Manufacturing organisation Tata Steel has offered to pay £550 million to the British Steel pension scheme (BSPS) to meet conditions of a regulated apportionment arrangement (RAA), which has been agreed in principle.The defined benefit (DB) pension scheme closed to future accrual on 31 March 2017 following a consultation process. In ...
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ArticleThe Pensions Regulator names auto-enrolment non-compliant employers
The Pensions Regulator (TPR) has published the names of employers that have not complied with pensions auto-enrolment regulations after being issued an escalating penalty notice.This includes organisations that TPR has secured a court order against for failure to pay escalating penalty notices for auto-enrolment non-compliance, as well as those that ...
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Article36% expect to work past the age of 65 due to insufficient pension savings
More than a third (36%) of respondents expect to work past the age of 65 because their pension savings will not be sufficient to allow them to afford to retire, according to research by Canada Life Group Insurance.Its survey of 1,004 UK employees in full or part-time employment, also found ...
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ArticleWhat does the legislative delay to the money purchase annual allowance mean for employers?
The Finance Bill received Royal Assent on 27 April, becoming the Finance Act 2017. However, the final act omitted a number of clauses in a bid to expedite its passage through Parliament ahead of the snap general election on 8 June.In the final reading of the Finance Bill in the ...
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Article39% believe the Lifetime Isa will cause confusion among staff
Over a third (39%) of employer respondents believe the introduction of the Lifetime individual savings account (Lisa) will cause confusion for employees looking to save, according to research by Close Brothers Asset Management.Its Business barometer report, which surveyed 900 UK employers, also found that 20% of respondents plan to respond ...
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ArticleInterContinental Hotels Group introduces online retirement planning tool
Multinational hotel organisation InterContinental Hotels Group (IHG) has introduced an online retirement planning tool to help staff achieve their savings goals.The Guided Outcomes (GO) tool, provided by Hymans Robertson, will enable 842 active members and 497 deferred members of the IHG defined contribution (DC) pension scheme to set retirement income ...
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Supplier article
Helping employees ensure a good retirement income
By Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplaceHoping for the best is not the most effective way to ensure that an individual’s retirement income will be adequate, and employers can help their staff to become more involved in putting ...
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ArticleEmployee Benefits named Pensions/Benefits Publication of the Year 2017
Employee Benefits has been named Pensions/Benefits Publication of the Year at the 2017 Willis Towers Watson Media Awards, winning the accolade for the third consecutive year.The annual industry media awards, now in its twelfth year, recognises excellence in business journalism, focusing on HR, pensions, benefits, insurance, reinsurance and risk, mergers ...
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ArticleFTSE 350 defined benefit pension deficit rises to £145bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations rose by £12 billion from £133 billion at the end of March 2017 to £145 billion at 28 April 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis ...