All Pensions articles – Page 77
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ArticleGovernment invites employer feedback for auto-enrolment review
The Department for Work and Pensions’ (DWP) review of automatic enrolment has called for feedback on the existing and future coverage of automatic enrolment, employee engagement, and contribution levels.The 2017 review of automatic enrolment, which will be led by the DWP and an external advisory group, will seek to ensure ...
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ArticleAuto-enrolment review to consider how to widen workplace pension scope
On 12 December 2016, the Department for Work and Pensions (DWP) confirmed the key areas that will be tackled in the 2017 review of pensions auto-enrolment.As well as measuring the success of auto-enrolment so far, the review will also investigate how auto-enrolment can be developed further to encourage more individuals ...
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ArticleEmployer-arranged pensions advice can be combined with pensions advice allowance
The government has confirmed that the incoming pensions advice allowance can be used alongside the tax exemption for employer-arranged pensions advice, enabling employees to access up to £1,000 of tax-advantaged financial advice in a tax year.In its response to the Introducing a pensions advice allowance consultation, which ran between August ...
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ArticleGovernment sets out strategy to support older employees to stay in work
The government has launched a new strategy to promote the benefits of remaining in work for longer, which includes encouraging employers to increase the number of older employees within their workforces.The Fuller working lives strategy outlines how a coalition of job centres and employers can work together to support older ...
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ArticleDefined benefit pension funding deficit stands at £470bn
The funding deficit for defined benefit (DB) pension schemes was £470 billion at the end of January 2017, according to research by PricewaterhouseCoopers (PWC).Its Skyval index, which is based on data collected from the Skyval pensions platform used by trustees, sponsors and advisers, also found that DB pension assets and ...
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ArticleEXCLUSIVE: 58% of baby boomers have never increased their workplace pension contributions
EXCLUSIVE: More than half (58%) of baby boomer respondents who are in a workplace pension scheme have never increased their workplace pension contributions, according to research by Chase de Vere.Its survey of 500 private sector employees aged between 51 and 70 also found that more than a third (36%) of ...
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ArticleSavers access £9.2bn through pension freedoms
Savers have accessed more than £9.2 billion through the pension freedoms since the pension reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: January 2017 report also found that the number of individuals who have received flexible payments from their ...
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ArticleConfessions of a benefits manager: Candid looks at pensions law
It is safe to say quarterly trustee meetings are never the highlight of my year. Not that my job is otherwise a whirlwind of glittering excitement, but if there is something guaranteed to sink the Candid heart, it is anything to do with pensions. This trustee meeting is not likely ...
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Article27% believe the salary sacrifice changes will damage employee engagement
More than a quarter (27%) of employer respondents believe that the limitations on salary sacrifice arrangements will damage employee engagement and employee relations, according to research by Jelf Employee Benefits.Its 2017 Jelf employment survey, which surveyed approximately up to 350 employers across England and Wales, also found that 47% of ...
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Supplier article
Survey reveals employees left vulnerable to making poor pension decisions
WEALTH at work recently conducted a survey to investigate what has changed in the workplace since the introduction of the pension changes. Its aim was to understand the attitudes and opinions of a range of UK companies in recognising the need to support their employees as they approach retirement.Employees set ...
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OpinionJackie Spencer: The workplace is a good place to start engaging people with their finances
Many people are not saving enough for retirement and with over 40 million people in work across the UK, the workplace is a good place to start engaging people with their finances.A wide range of organisations are already involved in helping people to manage their money better: government bodies, commercial ...
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Case StudiesAKQA engages employees with retirement planning through one-to-one support
With a predominantly younger workforce, generating interest in, and engagement with, pensions and retirement income can be a challenge for digital agency AKQA.The agency, which employs 400 people in the UK but has 17 offices globally, offers a contract-based defined contribution (DC) group personal pension scheme, into which employees are ...
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ArticleHow to help employees overcome the disconnect between their expected retirement savings and reality
Need to knowAuto-enrolment has improved take-up and membership of pensions but there is still a disconnect between the retirement income people aspire to and what they will actually achieve through saving.Online financial education tools have a part to play but on their own are not the answer; one-to-one and face-to-face ...
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ArticleA step-by-step guide to default investment fund reviews
Need to know: Default investment funds are now the norm, and should be regularly reviewed to help ensure they remain fit for purpose and comply with regulation.Any review should factor in the profile of the workforce, attitude to risk and likely retirement plans.Communicating the findings of a review can help ...
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ArticleAtomic Weapons Establishment staff strike in pensions dispute
Atomic Weapons Establishment (AWE) employees who are members of trade union Unite are striking in a long-running dispute over changes to the organisation’s pension scheme.Around 600 managers, craft employees and manual staff are taking part in the 48-hour strike action, which began today (18 January 2017), at AWE sites in ...
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Article10% of employers believe their staff are saving enough for retirement
One in ten (10%) employer respondents believe their employees are saving enough for retirement, according to research by Wealth at Work.Its Pension changes survey, which polled 108 reward and benefits, HR and pension professionals, also found that 16% of respondents provide no support for employees at retirement, and 39% of ...
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ArticleLifetime Isa becomes law through Savings Bill
The Lifetime Isa (Lisa) has been passed into law after the Savings (Government Contribution) Bill received Royal Assent yesterday (16 January 2017).The Lisa will be available from 6 April 2017 for those under 40 years-old.It will enable individuals to save up to £4,000 a year, with the government providing a ...
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ArticleTribunal rules against Ministry of Justice in pensions discrimination case
The London Central Employment Tribunal has ruled that the Ministry of Justice (MoJ) and Lord Chancellor has discriminated against judges in relation to changes to the judicial pension scheme.The case, which was brought by 210 judges, including six High Court judges, centres around the closure of the judicial pension scheme ...
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Article55% will stay with an employer due to pensions provision
More than half (55%) of respondents who receive a workplace pension that will provide them with a comfortable retirement income say this is a key reason to stay with their current employer rather than look for a new position, according to research by Reed.Its survey of 2,129 UK employees also ...
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Article25% believe money worries affect their ability to do their job
A quarter (25%) of employee respondents with money problems feel that this affects their ability to do their job, according to research by the Chartered Institute of Personnel and Development (CIPD) and Close Brothers Asset Management.The survey of 1,817 adults also found that 41% of respondents believe that being rewarded ...