All Pensions articles – Page 87
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ArticlePensions advice allowances to be extended
Budget 2016: The £150 limit on income tax and national insurance (NI) relief on employer-arranged pensions advice is to be extended to £500.In its Budget 2016 documentation, the government also confirmed that it is to consult on the introduction of a pensions advice allowance. This would allow pension scheme members ...
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ArticleGovernment to restructure financial guidance providers
Budget 2016: The government is to restructure the Money Advice Service, The Pensions Advisory Service and Pension Wise into two new guidance bodies.The move, which was detailed in the Budget 2016 documentation, is intended to ensure that consumers can access the help they need to make effective financial decisions.The new ...
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ArticleGovernment to introduce Lifetime Isas to encourage long-term saving
Budget 2016: The government is to introduce a new savings mechanism known as a Lifetime individual savings account (Isa).Chancellor George Osborne announced the plans in his Budget 2016 speech today (16 March).The Lifetime Isa is aimed at helping young people save for the long term, with a particular emphasis on ...
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ArticleEmployer contributions to public sector pensions to increase
Budget 2016: Employer contributions to public sector pensions will increase from 2019-20 onward.In his 2016 Budget speech today (16 March), Chancellor George Osborne announced that the government has reassessed the discount rate used to set employer contributions. The discount rate is based on the Office for Budget Responsibility’s (OBR's) long-term ...
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Supplier article
Time for another Budget…
After what amounted to three Budget statements last year, 2016 looks set to return to the more usual format of two, with the first issued on 16March.So what should we expect for the world of employee benefits?As we have previously reported, the proposed changes to pension tax relief have apparently ...
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Employers unprepared for impact of likely changes in pensions tax relief
With just two weeks until the Chancellor’s 2016 Budget statement, research carried out by Jelf Employee benefits has established that 3 in 4 employers (76%) have yet to inform their employees of the possibly seismic changes to the existing system of pensions tax reliefs.In July 2015 George Osborne announced a ...
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Article77% do not feel in control of their pension savings
More than three-quarters (77%) of respondents do not feel in control of their pension savings, according to research by Hymans Robertson.Its Putting your workforce back in control of pensions report, which is based on a survey of 102 HR and benefits professionals, 2000 pension savers, focus groups, and individuals saving ...
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ArticleAuto-re-enrolment offers an opportunity to re-engage individuals with pension savings
Employee Benefits Connect 2016: Interventions are required to help employees save adequately for retirement.In a conference session titled ‘Using auto-re-enrolment to future proof pensions provision’, at Employee Benefits Connect on 9 March, Amy Hennessy, policy adviser at the Pensions and Lifetime Savings Association (PLSA), discussed how the pension freedoms have ...
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Supplier article
10 things employees should consider when deciding whether to transfer a pension
Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education in the workplace, supported by guidance and advice, covers 10 things employees should consider before transferring from a defined benefit to a defined contribution pension scheme.The pension changes for defined contribution (DC) schemes that came into force in ...
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OpinionIan McKenna: Smart technology can drive engagement with retirement savings
Achieving effective engagement with employees about their retirementbenefits is crucial for an employer to get the best return on such spend. If people do not understand something, it is virtually impossible for them to appreciate its value.Smartphones and tablets can now make this far easier, but this needs more than ...
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Case StudiesBMT Group offers employees automated pensions advice
Having moved from a defined benefit (DB) to a defined contribution (DC) scheme in 2011, maritime engineering business BMT Group wanted to ensure its 780 UK employees were able to develop a sound retirement strategy.The business initially considered bringing in a financial adviser but was introduced to the concept of ...
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AnalysisHow can technology be used in workplace pension schemes?
Need to know:The pensions freedoms mean there is more need for employers to facilitate online access to pensions.Modellers and apps are helping people map out potential retirement options.Robo-advice is providing tailored guidance to employees without the need for a financial adviser.Some platforms can link with other pension pots, personal savings ...
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Financial futures: budget pension changes part two?
At the moment pension savers generally get tax relief at the rate which they pay income tax – 20, 40 and 45 per cent – and only pay tax when they withdraw money.However, with people living longer and the changing nature of pension provision, the government announced that it wants ...
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AnalysisWhere does responsibility lie for educating staff about their options at retirement?
Need to know:Nearly a year after the introduction of the pension freedoms in April 2015, confusion still exists around these.Pension scheme providers have a key role to play in guiding staff to information sources such as Pension Wise.Establishing quality standards around at-retirement products could make it easier for staff to ...
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Article15% view frequent pensions regulation changes as a burden
Some 15% of employer respondents feel that frequent changes to pensions regulation are a burden, according to research by Barnett Waddingham and Standard Life.The Employers’ attitudes to the changing defined contribution (DC) pensions landscape report, which surveyed 76 employers, also found that more than half (52%) of respondents cite regulatory ...
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Supplier article
Pension freedoms – a year older, a year wiser?
Nearly one year on from the introduction of the pension freedoms what has changed for defined contribution scheme members, how are employers engaging with wider options for employees? The pension changes have brought a whole new range of options to consider. Individuals now have to think about whether they want ...
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State Pension Age reviews
It has recently been announced by the Department for Work and Pensions that former CBI Director General John Cridland CBE has been appointed as independent reviewer of State Pension Age (SPA).A regular review of SPA is necessary to ensure that the retirement age remains relevant in a world where society ...
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OpinionGeorgina Beechinor: Home is where the start is in pensions auto-enrolment case
One qualifying criteria for pensions auto-enrolment is that, under their contract, an individual is a “worker”, “who is working or ordinarily works in Great Britain”. The UK Pensions Regulator (TPR) has power to issue compliance notices to employers that fail to comply with this requirement.In the case of The Queen ...
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Supplier article
Pension tax relief: parked (for the moment)
The national news agenda has been dominated by pension issues this month.For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16March ...
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Article79% used existing workplace pension scheme for auto-enrolment
Around three-quarters (79%) of respondents that already have a workplace pension scheme in place opted to use their existing scheme for auto-enrolment, according to research by the Department for Work and Pensions.Its Employers’ pension provision survey 2015, which is based on a survey of 3,008 private sector employers, also found ...