All Pensions articles – Page 70
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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 ...
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ArticleMoney purchase annual allowance reduction legislation to apply retrospectively
The reduction to the money purchase annual allowance (MPAA) and the introduction of the £500 tax-exempt employer-arranged pensions advice allowance are to apply retrospectively from April 2017.These measures were due to be legislated for in the Finance Bill 2017. However, following the announcement of the snap general election on 8 ...
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ArticleSupreme Court refers part-time pensions entitlement case to EU court
The Supreme Court has referred to the Court of Justice of the European Union (CJEU) to clarify the amount a retired part-time judge can receive in pension income.The case, O’Brien v Ministry of Justice, relates to retiree O’Brien, who in addition to his work as a barrister also worked on ...
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OpinionLovewell's logic: Building the foundation for a truly modern work environment
Changing workforce demographics and employers’ interest in adapting benefits strategies and working patterns accordingly to meet employees’ expectations and needs in the modern workplace is a topic we often address at Employee Benefits. Yet, despite many organisations’ aims to be seen as an employer of choice in order to recruit ...
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Article53% of pension pots accessed under the pension freedoms have been fully withdrawn
More than half (53%) of pension pots that have been accessed through the pension freedoms since their introduction in April 2015 have been fully withdrawn, according to research by the Financial Conduct Authority (FCA).Its Retirement outcomes review: interim report, which is based on consumer research, retirement income data, sales data, ...
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ArticleSupreme Court rules in favour of same-sex spousal pension in discrimination case
The Supreme Court has ruled that an employee’s spousal pension benefit can be paid to his same-sex partner.The case, Walker v Innospec Limited, relates to retiree John Walker, who worked for global chemical organisation Innospec between 1980 and 2003. Walker, who paid into the organisation’s occupational pension scheme during his ...
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Article96% are confident they are fully compliant with their auto-enrolment duties
More than nine in 10 (96%) employer respondents are confident they are fully compliant with their ongoing auto-enrolment duties, according to research by The Pensions Regulator (TPR).Its Ongoing duties survey: July 2017 report, which surveyed 290 micro employers with 1-4 members of staff, 305 small employers with 5-49 employees, and ...
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Supplier article
How income drawdown can be utilised to create a tax-efficient pension income
Since the pension freedoms, income drawdown has proved to be a popular option for individuals who want greater control and freedom over how they access their pension savings.However if employees go down the income drawdown route, they will need to make sure they don’t pay any unnecessary income tax. Usually ...
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ArticleFTSE 350 defined benefit pension deficit falls to £131bn
The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £134 billion at the end of May 2017 to £131 billion at 30 June 2017, according to research by Mercer.Its Pensions risk survey, which is based on projections and analysis of FTSE 350 ...