All Pensions articles – Page 69
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ArticleTata Steel UK to close defined benefit pension scheme to future accrual
Tata Steel UK has confirmed that it will close its defined benefit (DB) pension scheme to future accrual.The organisation will close the British Steel pension scheme (BSPS) to future accrual from 31 March 2017. From 1 April 2017, the DB scheme will be replaced with a defined contribution (DC) pension ...
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ArticleGovernment confirms reduction in money purchase annual allowance
Spring Budget 2016: The government has confirmed that the money purchase annual allowance (MPAA) will reduce to £4,000 from £10,000 in April 2017.The reduction was first announced by Chancellor Philip Hammond at the Autumn Statement in November 2016.The money purchase annual allowance applies to those who have accessed their pension ...
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ArticleMaster trust tax registration process to be aligned to regulator's regime
Spring Budget 2017: The tax registration process for master trust pension schemes will be amended to align with the Pensions Regulator’s (TPR) authorisation and supervision regime.The changes to the registration process were announced in the Spring Budget 2017 policy paper. The alignment aims to increase consumer protection and improve compliance.Under ...
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Article31% feel their employer is more interested in their physical than financial health
Around a third (31%) of respondents believe their employer takes a greater interest in their physical health than their financial health, according to research by Wealth Wizards.Its survey of 2,000 individuals also found that 70% of respondents feel that their physical and emotional wellbeing is negatively impacted when they are ...
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Supplier article
Pension Advice Allowance – response from WEALTH at work
From April 2017, the new Pension Advice Allowance will allow individuals to withdraw £1,500 tax-fee from their pensions, to help them pay for the cost of regulated financial advice for their retirement.It will enable individuals to withdraw £500 from their pensions, at any age and up to three times, but ...
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OpinionNaomi Brown: How will the new Pension Schemes Bill affect employers?
Since the introduction of automatic-enrolment, many new master trusts have entered the pensions market, offering a solution for employers that want the benefits of a trust-based scheme without the cost and time of setting up and running their own arrangement. While there are clear advantages to providing defined contribution (DC) ...
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ArticleAberdeen Asset Management and Standard Life agree all-share merger
Financial services organisations Aberdeen Asset Management and Standard Life have agreed an all-share merger, subject to share holder approval.The new combined group would be based in Scotland and re-branded to incorporate the names of both businesses.The merger looks to bring together the organisations' investment and saving capabilities to enhance its ...
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Case StudiesThe benefits offered by Metro Bank
The workplace benefits on offer at Metro Bank include:Pension and group riskGroup personal pension plan. Contribution levels are set according to seniority, starting at 3% employee contribution and 6% employer contribution, then rising to 4% and 8%, with a maximum 5% employee and 10% employer contribution.Life assurance.Healthcare and wellbeingPrivate medical ...
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ArticlePensions Regulator to conduct employer spot checks
The Pensions Regulator (TPR) will carry out spot checks on UK employers to ensure that workplace pension duties are being met.As part of its ongoing enforcement activity, TPR will conduct inspections at organisations believed to be at risk of failing to comply with workplace pension regulations. Employers will be given ...
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ArticleWinners of the Corporate Adviser Awards 2017 announced
Photo: Simply PhotographyEmployee Benefits’ sister title, Corporate Adviser, announced the winners of its annual awards on Tuesday 28 February 2017 at Grange St Paul’s Hotel, London, hosted by Scottish comedian Alun Cochrane.Capita Employee Benefits was named Corporate Adviser firm of the year at the ceremony, and also won the best ...
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Article37% believe they will have to work past accepted retirement age
More than a third (37%) of respondents believe they will have to work past the accepted retirement age of 65, according to research by the Chartered Institute of Personnel and Development (CIPD).Its Employee outlook: employee attitudes to pay and pensions report, which surveyed 1,656 employees, also found that 49% of ...
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ArticleSir Philip Green agrees £363m settlement for BHS pension scheme
Sir Philip Green has agreed a £363 million cash settlement with The Pensions Regulator (TPR) for the British Home Stores (BHS) pension scheme.A total of £343 million will be used to fund a new independent pension scheme, and £20 million will be put towards expenses and scheme costs.The new arrangement, ...
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ArticleHow to future proof a reward strategy in light of changing pay regulations
Need to knowNew legislation on the horizon could increase pay bills in certain sectors.Changes to salary sacrifice arrangements could also impact the benefits mix.Reward professionals need to communicate with employees, the wider business and government.This year will see a raft of pay and benefits-related initiatives come into force or appear ...
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OpinionAmanda Latham: High standards of governance bring value for pension scheme members
The pensions landscape has changed dramatically in recent years and is still evolving. Automatic enrolment is bringing millions of new savers into pensions each year. By 2020, the figure is expected to be 10 million, with the vast majority of newly enrolled savers being enrolled into large defined contribution (DC) ...
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AnalysisInfographic: What information do pension scheme trustees communicate annually?
An infographic showing the proportion of the trustees of defined contribution (DC) pension schemes communicating each item annually or more often (Source: Defined contribution trust-based pension schemes research, OMB Research for The Pensions Regulator, July 2016).Read more in: What should employers expect from today's pension trustee board?
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ArticleWhat should employers expect from today’s pension trustee board?
Need to know:Trustees of defined contribution (DC) pension schemes have been placed under the spotlight, leading to a greater focus on governance.Trustees will be under more pressure from employers to ensure that the objectives of a pension scheme are being met.Auto-enrolment, and the increase in the number of savers into ...
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Article98% of FTSE 350 organisations offer defined contribution pension schemes to new staff
The majority (98%) of FTSE 350 organisations offer a defined contribution (DC) pension scheme to new employees, according to research by Willis Towers Watson.Its FTSE 350 defined contribution pension scheme survey 2017, which is based on analysis of surveys and public data relating to the pension schemes offered by 97 ...
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ArticleEXCLUSIVE: Explore how policy changes are impacting future pensions strategy at Employee Benefits Connect 2017
EXCLUSIVE: Delegates at Employee Benefits Connect 2017 will be able to explore how changes to pension legislation are impacting future benefits strategy.Robin Armer (pictured), senior development manager at Nest, will lead a session titled ‘How are changes in pension policy impacting future pension-based employee benefits strategy?’ as part of the ...
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AnalysisHow can employers support 'sandwich generation' employees with their finances?
Need to know:Generation-specific financial education can help inform employees around relevant life events.Giving employees the opportunity to contribute more of their salary into a workplace pension will have a positive impact on those that have missed out on a defined benefit pension and have been enrolled into a defined contribution ...
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Article50% do not know how much they have invested in their retirement savings
Half (50%) of respondents do not know how much they have invested in their retirement savings, according to research by Portus Consulting.Its survey of 1,043 UK employees also found that 17% of respondents have built up three or more pension funds during their working lives.The research also found:11% of respondents ...