All Pensions articles – Page 78
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ArticleGovernment consults on pensions advice allowance
The government has launched a consultation on whether defined contribution (DC) pension members should be able to access their retirement funds early to pay for financial advice.The consultation, which will run for eight weeks until 25 October 2016, focuses recommendations by the Financial Advice Market Review (FAMR), announced in the ...
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ArticleRichard Harrington commits to continuing key pension reforms
Since Richard Harrington’s appointment as parliamentary under secretary of state at the Department for Work and Pensions in July 2016, there has been much industry speculation about his priorities and commitment to existing pension reforms and proposed changes.Harrington stepped in to the role previously filled by Baroness Ros Altmann in ...
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Article75% of DC pension savers will retire on inadequate income
Post-Brexit, the proportion of savers into a defined contribution (DC) pension scheme who will retire on an inadequate income has risen to 75% from 66%, according to research by Hymans Robertson.Its analysis of data of 500,000 savers on the organisation's Guided Outcomes platform also found that the cost of providing ...
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Article5% of FTSE 250 still provide defined benefit pensions
The total deficit of defined benefit (DB) pension schemes in FTSE 250 organisations has reached £11 billion, according to research by JLT Employee Benefits.Its FTSE 250 and their pension disclosures half-yearly report, which analyses data of annual reports for years ending on or before 31 December 2015 and published by ...
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ArticleEXCLUSIVE: 36% have not reviewed core benefits in the last two years
Just over a third (36%) of respondents have not reviewed their core benefits offering in the last two years, according to research by Hargreaves Lansdown.Its study of 350 employers also found that only 13% of organisations that provide flexible benefits do not operate salary sacrifice arrangements, or if they do, ...
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OpinionJill Clucas: How Brexit could affect pension schemes
Funding levels in defined benefit (DB) occupational pension schemes have caused immediate concern, with falling gilt yields increasing deficits significantly. Employers with open DB schemes may consider the Brexit vote the trigger to replace DB accrual with a defined contribution (DC) arrangement for the future.Also important is the financial strength, ...
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ArticleIbstock consults on closing defined benefit pension scheme to future accrual
Brick manufacturer Ibstock is consulting staff on a proposal to close its defined benefit (DB) pension scheme to future accrual for all active members.The consultation process, which began last week, will liaise with approximately 40% of the organisation’s UK employees, lasting for a minimum period of 60 days.According to Ibstock's ...
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Article60% who have used pensions freedoms unsure how to fund future care
Less than two-thirds (60%) of respondents who have accessed their pension since the pension freedoms were introduced in April 2015 have not thought about how they will pay for future care needs, according to research by Citizens Advice.Its survey, which polled 501 British adults aged 55 or over who have ...
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Analysis
Video: Tim Middleton - Mitigate the risk of pension scams
Tim Middleton, technical consultant at the Pensions Management Institute, talks about:What is the latest court ruling around pension scams?What do employers need to be aware of around pension scams?What resources are available to help employers educate employees about pension scams?What obligation do employers have to educate employees about the risk ...
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ArticleEXCLUSIVE: 74% offer salary sacrifice pension arrangements
EXCLUSIVE: Almost three-quarters (74%) of employer respondents enable staff to contribute into their defined contribution (DC) pension scheme via a salary sacrifice arrangement, according to research by Employee Benefits and Xerox HR Services.The Benefits research 2016, which surveyed 338 employer respondents, also found that two-thirds (66%) of respondents offer a ...
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Video
What is next for workplace savings?
The eight minute video above, presented by Miranda Seath, senior researcher at Platforum, and Jeremy Fawcett, head of direct at Platforum, covers: What are the key developments affecting workplace savings and why are they important?What are the drivers for improved employee engagement in workplace saving?What new digital forms of advice ...
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ArticleFTSE 100 organisations pay £13.3bn into defined benefit pension schemes
FTSE 100 organisations paid £13.3 billion into defined benefit (DB) pension schemes in 2015, compared to £12.5 billion in 2014, according to research by Lane Clark and Peacock (LCP).The annual Accounting for pensions report, which is based on analysis of data publicly disclosed by FTSE 100 organisations, also found that ...
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Article£4.3bn paid out in lump sums under pension freedoms
Some £4.3 billion has been paid out in 300,000 lump sum payments under the pension freedoms between April 2015 and April 2016, according to research by the Association of British Insurers (ABI).It also found that the average lump sum payment totals £14,500.In addition, £3.9 billion has been paid out via ...
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ArticleNestle agrees pay and pensions deal for employees
Food and drink organisation Nestle has agreed to a pay and pensions deal for 7,600 UK employees put forward by the GMB and Unite trade unions.The new package includes a career average defined benefit (DB) pension based on an 80th accrual rate for all existing members, the introduction of a ...
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Supplier article
The Pensions Regulator increases compliance interventions by 306%
The Pensions Regulator (TPR) has disclosed that it has increased its interventions by 306% between April 2015 and March 2016 compared to the previous year. This news comes in TPR’s annual commentary and analysis, in which the regulator shines light on auto-enrolment figures so far.TPR reports a total of 8,812 ...
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ArticleFTSE 350 pension deficits increase by £10bn in five days
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations increased by £10 billion in the five days to 4 August 2016, according to research by Mercer.Its Pensions risk survey, which is based on analysis of pension deficits using the approach organisations adopt for ...
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Supplier article
Assessing the impact of the pension freedoms
The HM Treasury said on 28 July 2016: “New HMRC figures show more and more people are taking advantage of the new [pension] freedoms, with 159,000 people having accessed £1.7 billion flexibly from their pension pots since April this year.”The press release itself was entitled ‘Britain’s pension revolution goes from ...
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ArticleHow to re-engage staff with retirement saving
Need to knowEmployers are under pressure to devise engaging pensions communication strategies.At retirement, guidance is lacking.Employees must take responsibility for keeping informed about their retirement options.Larger employers are in the midst of re-enrolling employees into their workplace pension scheme and working hard to devise and develop communication strategies that re-engage ...
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ArticleManweb Group agrees £1bn pension longevity swap
Manweb Corporate Pension Trustee has agreed a £1 billion longevity swap with Abbey Life Assurance, which covers around 4,000 members of the Manweb Group of the Electricity Supply Pension Scheme (ESPS).The swap has been structured as a tri-partite insurance policy between the Electricity Pension Trustee, Manweb Corporate Pension Trustee, and ...
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Supplier article
A one-size-fits-all approach does not work at retirement
The problem of how employees access their defined contribution (DC) pension schemes to draw pension income i.e. ‘decumulate’ seems to be a growing issue in the pension’s industry. The debate on the topic has centred on the need for innovation to create a new ‘default’ option to replace annuities, where ...