All Pensions articles – Page 8
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OpinionEmily Whitelock: Pots-for-life plan could pose risk to employee pension engagement
While automatic-enrolment has resulted in more individuals saving for retirement, it has created a separate issue that the Department for Work and Pensions (DWP) describes as 'the proliferation of small pots': the creation of multiple deferred pension pots, often low in value, when employees change employer. Lack of engagement with ...
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AnalysisWhat does the government's pots-for-life plan mean for employers?
Credit: P Maxwell Photography/Shutterstock The pension pots-for-life plan takes the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. Pots for life ...
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ArticleOffice Depot UK completes £140 million pensions buy-in
Office supplies firm Office Depot UK has completed a £140 million bulk purchase annuity buy-in transaction with the trustee of the Guilbert UK Retirement Benefits Plan, of which it is the sponsor.Aviva insured the plan liabilities to remove the investment and longevity risk for around 1,500 plan members, who will ...
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Supplier articleIreland auto enrollment
Next January, all going well, approximately 750,000 workers in Ireland will start being automatically enrolled into a new workplace pension scheme that will be co-funded by their employers and the State.The scheme is aimed at addressing the national pension coverage gap. It’s estimated that just 56% of the working population ...
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OpinionNaomi Brown: Do workplace pension schemes fully cater for 2024 family life?
There is no denying it. It is almost 2024. Families of all shapes and sizes are preparing for a joyful festive season with their loved ones.But as I look at all the wonderful families around me, families whose ideas of what 'family' means left the 1950s behind long ago, part ...
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ArticleBP Pensioner Group takes legal action in pensions value dispute
The BP Pensioner Group has begun legal action against senior members of BP management and directors of the BP pension fund trustee due to concerns around the value of 2,500 members’ pensions.According to the BP Pensioner Group, the dispute is about decisions made by BP and the pension fund trustee ...
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ArticleOne-third think the pension pot for life will help employees manage their pension
Employee Benefits poll: Just one-third (33%) of organisations think the pension pot for life plans announced in November's Autumn Statement by Chancellor Jeremy Hunt will help employees to manage their pension, according to a survey of Employee Benefits readers.Two-fifths (40%) said they do not think the pension pot for life ...
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OpinionRichard Knight and Amy Davies: Responses to Mansion House reforms in Autumn Statement
The Autumn Statement from Chancellor Jeremy Hunt included well-trailed measures that show the government has listened to the industry’s responses to the Mansion House reforms. There are a number of details that must be worked through, in particular for the reduction in small defined contribution (DC) pots.Following its call for ...
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Article66% of full-time UK staff think contributory pensions are important
Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man.Its 2023 Non-salary benefits global survey, which polled more than 2,000 full time UK and expat workers in Singapore, Hong Kong, the United Arab Emirates (UAE) and South Africa, ...
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ArticleAskews and Holt Library Services completes £11m pensions buy-in
Askews and Holt Library Services has completed an £11 million pensions buy-in deal. The transaction with Legal and General, which was made possible by a discretionary one-off contribution from the employer, covers 64 pensioners and 22 deferred members. The scheme will now proceed to a full buy-in ...
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Article53% of employers do not think the living pension meets basic retirement needs
Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers.One-third (33%) said they did think the living pension goes far enough ...
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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 ...