All Pensions articles – Page 86
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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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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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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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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 ...
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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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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 ...