All Pensions articles – Page 79
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ArticleUnion to bring equal pensions case against Lloyds Banking Group
Lloyds Trade Union (LTU) is preparing to bring a class action lawsuit against Lloyds Banking Group regarding equal payments for members of its defined benefit (DB) pension scheme.According to the union, the different rates at which male and female members of the pension scheme accrue guaranteed minimum pensions (GMP) payments ...
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Supplier article
When pension transfers go wrong
Gary Crockford, head of Xerox’s knowledge and resource centre in the UK, looks at where the responsibility lies when pension transfers go wrong.Donna-Marie Hughes, then aged 41, had a personal pension scheme administered by Royal London. She set up a small self-administered pension scheme (SSAS) whose name incorporated the road ...
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Case StudiesAberdeen Asset Management uses robo-advice to promote awareness of pension changes
Aberdeen Asset Management introduced a robo-advice platform to help employees fully understand the complex pension changes that came into effect on 6 April 2016, specifically the changes to the annual allowance and lifetime allowance for high earners.The financial services organisation worked with Lemonade Reward to introduce a platform whereby employees ...
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OpinionIan McKenna: Robo-advice is designed to help plug the financial advice gap
The size of the ‘advice gap’, the number of people who do not get financial advice, creates a significant risk that employees will seek to remain employed beyond the point where they are productive, because of inadequate retirement income.Recent moves, such as the so-called retail distribution review (RDR), have raised ...
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AnalysisWhat role does robo-advice play in a financial education strategy?
Need to know:The Financial Conduct Authority (FCA) estimates that there are 16 million people in the ‘advice gap’: those that need financial advice but cannot afford it.While the retail distribution review (RDR) made the advice charging process more transparent, it also made it more expensive by raising standards.Robo-advice is seen ...
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ArticlePension deficits hit £139bn for FTSE 350 organisations
The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations stood at £139 billion at the end of July 2016, compared to £119 billion at the end of June, according to research by Mercer.Its Pensions risk survey, which is based on analysis and projections ...
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Article31% are more concerned about their pension after Brexit vote
Just under a third (31%) of respondents are more concerned about their pension and retirement since the UK’s decision to leave the European Union (EU) in June’s referendum vote, according to research by Wealth Wizards.Its survey of 2,000 Brits also found that 31% of respondents feel it is their employers’ ...
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ArticleEXCLUSIVE: Freepoint Commodities boosts staff engagement with pensions
EXCLUSIVE: Commodity trading organisation Freepoint Commodities has seen 45% of UK employees who are members of its workplace pension scheme check their pensions online on a monthly basis since the launch of a new group pension and workplace savings platform in January 2016.The organisation introduced the new group self-invested personal ...
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ArticleUK EXCLUSIVE: Arthur J Gallagher acquires Orb Financial Services
UK EXCLUSIVE: Arthur J Gallagher has acquired Surrey-based employee benefits organisation Orb Financial Services.Orb provides employee benefits consultancy and broker services, including group risk and healthcare, flexible benefits, benefit communications, workplace pension schemes, travel and dental protection, as well as key person and partnership protection.The acquisition is aimed at bringing ...
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ArticlePension Protection Fund compensation cap queried in court
The Court of Appeal has referred the Hampshire v The Board of the Pension Protection Fund legal case to the EU (European Union) Court of Justice for a final ruling regarding the compensation limits that restrict the retirement remuneration given to former staff of insolvent employers.The compensation cap that is ...
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ArticleSavers access £6.1bn through pension flexibilities
Savers have received flexible pension payments worth a total of more than £6.1 billion since the introduction of the pension flexibilities in April 2015, according to data from HM Revenue and Customs (HMRC).Its Flexible payments from pensions: July 2016 statistical bulletin found that between April and June 2016 approximately 159,000 ...
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Analysis
Video: Chris Curry - Empowering staff to save for retirement
Chris Curry, director at the Pensions Policy Institute, talks about:What implications will the new state pension have on the support employers offer to staff?How can employers encourage greater employee engagement with saving for retirement?What can be done to overcome apathy around pension saving?What can employers do to help tackle inequality ...
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Supplier article
The basics of workplace pensions (part 5): staying compliant
Auto-enrolment has brought around 30 new employer responsibilities and many of these have to be actioned every pay reference period (every time you pay your employees). As an employer, you are responsible for the delivery of auto-enrolment and if it goes wrong, you will be accountable for putting it right, ...
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Article6.1 million employees have been auto-enrolled into a pension scheme
More than 6.1 million UK employees have been automatically enrolled into a pension scheme since 2012, according to research by The Pensions Regulator (TPR).Its Automatic-enrolment: commentary and analysis report, which covers the period from April 2015 to March 2016, also found that two-thirds (66%) of employees are active members of ...
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Supplier article
Robo advice Q&A – would you trust a robot with your retirement?
There is a lot of talk at the moment about robo advisers and whether they could be the answer for the increased number of people who now need advice at retirement. Robo advice is very new to the market and is not yet widely available at retirement, but may be ...
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OpinionLovewell's logic: Where does Brexit fallout leave UK pensions?
Ever since the EU referendum result and David Cameron’s subsequent resignation as prime minister, barely a day seems to have gone by without news of political departures and appointments.Last week, it was the turn of Ros Altmann to leave her post of pensions minister. In itself, there is nothing unusual ...
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Article35% of CFOs see sustainability as defined benefit pension scheme end goal
More than a third (35%) of chief financial officer (CFO) respondents cite scheme sustainability as the end goal for their organisation's defined benefit (DB) pension scheme, according to research by Hymans Robertson.The survey of 100 pension trustees and 51 CFOs at organisations with more than 1,000 employees also found that ...
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Supplier article
The basics of workplace pensions (part 4): communicating to your employees
This article outlines the fourth step in our five-step guide to auto-enrolment and what you need to do as an employer. Once you’ve got your staging date and you’ve set up your qualifying pension scheme, it is your duty to tell all your employees about what’s happening, why, and how ...
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ArticleImperial Chemical Industries Pension Fund completes £750m buy-in
Imperial Chemical Industries (ICI) Pension Fund has completed a £750 million pension buy-in transaction with Legal and General.Of the pension scheme's £11 billion of total liabilities, £7 billion-worth of liabilities are now insured.This transaction follows similar buy-ins with both Scottish Widows and Prudential.Since 2014, the ICI Pension Fund and Legal ...
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ArticleRichard Harrington to fulfil pensions minister duties
Richard Harrington has been named parliamentary under secretary of state at the Department for Work and Pensions (DWP).Although it differs in name, the role will cover the duties previously performed by the minister of state for pensions.Baroness Ros Altmann served as minister of state for pensions between 2015 and 2016, ...