All Pensions articles – Page 7
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ArticleBoots completes £4.8 billion pension scheme buy-in
Credit: Martin Good / Shutterstock.comRetailer Boots has completed a £4.8 billion pensions buy-in.The transaction with Legal and General will secure the benefits of all 53,000 retirees and deferred members of the scheme. This buy-in begins the conclusion of a de-risking process that the scheme first embarked on in 2001.Aon acted ...
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OpinionLovewell's logic: Are pots for life the way to boost pensions engagement?
In his Autumn Statement on Wednesday (23 November), Chancellor of the Exchequer, Jeremy Hunt, announced plans to introduce the concept of employees having a single pension pot for life. Should this come to fruition, the move would mark a significant departure from the traditional model for workplace ...
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ArticleHow will the Autumn Statement 2023 affect pay, pensions and employee benefits?
Autumn Statement 2023: Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement speech in the House of Commons on Wednesday 22 November. A number of key announcements were made that will affect pay, pensions and benefits.Autumn Statement: Government announces plans to offer pension pot for lifeAutumn Statement: State pension ...
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ArticleAutumn Statement: Government welcomes Value for Money framework update
The government has welcomed next steps towards implementing the Value for Money framework in the defined contribution (DC) pensions market.The Financial Conduct Authority (FCA) will launch a consultation next spring on the next steps of the new Value for Money framework and rules for contract-based DC schemes.As part of this, ...
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ArticleAutumn Statement: Government to consult on expanding PPF's role
The government is to consult on expanding the Pension Protection Fund's (PPF) role to act as a consolidator for defined benefit (DB) pension schemes that are deemed "unattractive to commercial providers" and are not currently served by the market.This is aimed at increasing opportunities for DB schemes to invest in ...
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ArticleAutumn Statement: State pension to increase by 8.5% from April 2024
The state pension will increase by 8.5% from April 2024.Jeremy Hunt, Chancellor of the Exchequer, announced the rise in the Autumn Statement, with the increase based on average earnings data published in September and in line with the government’s triple lock policy on pension changes. Hunt confirmed that the state ...
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ArticleAutumn Statement: Government announces plans to offer pension pot for life
Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023.This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working ...
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ArticlePaul Maynard named new pensions minister
Paul Maynard, Conservative MP for Blackpool North and Cleveleys, has been appointed pensions minister at the Department for Work and Pensions (DWP).His appointment as the fourth MP in just over a year to hold this position in government was announced following a cabinet reshuffle this week by Prime Minister Rishi ...
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Case StudiesBT boosts employees' pension knowledge with financial education programme
For the last 11 years, BT has rolled out a programme of financial education for its employees to help them plan for retirement. So far, it has been delivered to approximately 80,000 of its UK employees.Kerry Shiels, pension and benefits director at BT, says: “It is very important that employees ...
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AnalysisTop tips for boosting employees’ pensions knowledge
Need to know:Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge.Losing the jargon will make the language of pensions easier to understand and more relevant to staff.They could invest in financial coaching for a more personal approach to pensions education.Workplace pensions are ...
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ArticleDeutsche Bank completes £500 million pensions buy-in
Deutsche Bank has completed a £500 million buy-in for its UK pension scheme, its first to include deferred members.The transaction with Legal and General will secure the benefits of around 2,000 retirees and deferred members. Due to an existing umbrella contract with Legal and General, the buy-in was able to ...
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ArticleSSE accredited as living pension employer
Credit: Alasdair Jones / Shutterstock.comScottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security.The living pension, which launched in March 2023, is a voluntary savings target for employers that want to help workers, particularly low-paid ones, to build a pension pot that ...
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Supplier article
How BT supports employees to build financial resilience and prepare for retirement
https://youtu.be/WOTiF16Lx64Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all.Making regular contributions into a pension pot is also becoming ...
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Supplier articleWEALTH at work launch NEW Corporate ISA
In today’s economic climate, helping employees to build their financial resilience and providing them with the knowledge and tools to do so, has never been so important.Whilst a workplace pension provides a savings vehicle for retirement, many organisations want to put in place a tax efficient savings option for those ...
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ArticleBritish Red Cross completes £30 million pensions buy-out
Credit: Tony Baggett / Shutterstock.comBritish Red Cross has completed a £30 million buy-out deal for its pension fund and the British Red Cross Society’s Scottish branch retirement benefits scheme.The transaction with Aviva will insure the defined benefit liabilities for around 360 members across both schemes, and removes the investment and ...
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Supplier articleHow employees can track down lost pensions and guidance on pension consolidation
2.8m lost pension pots in the UK, worth around £26.6 billionWEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidateThe total value of lost pension pots has grown from £19.4 billion in 2018 to £26.6 billion in 2022. There are 2.8 million ...
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Case StudiesKingfisher provides benefits security through bulk annuity purchase
Credit: ClimbWhenReady / ShutterstockIn the UK, home improvement firm Kingfisher's pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.The firm, which includes brands such as B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçta?, ...
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AnalysisHow to conduct a pensions buy-in
A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks.The parties involved include a sponsoring employer, a scheme trustee, advisers to the trustees and the insurer.If it looks like funding levels are affordable for the scheme against current ...
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ArticlePensions (Extension of Automatic Enrolment) Bill receives Royal Assent
The Pensions (Extension of Automatic Enrolment) (No. 2) Bill has received Royal Assent.The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme ...
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Supplier articleAddress the Cost of Living Crisis with your Workplace Pension
In a world where prices continue to climb, it’s crucial for businesses to be vigilant about any unnecessary financial costs. Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Think this isn’t a big deal? Dive into the details below and ...