All Pensions articles – Page 9
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Supplier articleNational Insurance saving could be used to boost workplace pension
As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National ...
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ArticleSpring Budget 2024: TPR and FCA given powers to enforce Value for Money framework
Spring Budget 2024: The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers to ensure employers are adhering to the Value for Money (VFM) framework.Chancellor of the Exchequer, Jeremy Hunt, announced the plans in order to address pension schemes that are “persistently ...
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ArticleSpring Budget 2024: DC pensions required to disclose investment in UK equities
Spring Budget 2024: Jeremy Hunt, Chancellor of the Exchequer, has announced plans to bring forward requirements for defined contribution (DC) schemes and local government pension schemes (LGPS) to publicly disclose the breakdown of their asset allocation in UK equities.The 2024 Spring Budget report stated that across the pensions industry as ...
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OpinionMark Ormston: Is the scrapping of the lifetime allowance a disappearing act or just an illusion?
The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature, and yet, it only affects a minority of people. With this in mind, imagine the ‘ooohs’ and ‘ahhhhs’ when one of the rabbits out of the 2023 Spring Budget hat was the announcement to make ...
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AnalysisWhat do employers need to know about the pensions lifetime allowance abolition?
Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it. Employers will need ...
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Article49% of staff changed retirement plans due to cost-of-living crisis
Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis, according to new research by the Pensions Management Institute.The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions. It found that 24% of respondents have delayed their retirement, 23% ...
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ArticleSpar UK completes £11 million pensions buy-in
Retailer Spar UK has completed an £11 million buy-in transaction for its UK pension fund.The transaction was carried out by Just Group in order to provide a better outcome for members through greater security of their benefits. Before approaching the market, the trustees worked to equalise guaranteed minimum pensions within ...
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OpinionRashree Chhatrisha: Helping staff to achieve better retirement outcomes
The government’s ambition is to drive better outcomes for members of defined contribution (DC) pension schemes to help ensure all savers achieve the best possible retirement.This is a really positive direction for DC pensions as the management of schemes evolves to consider what members will receive in retirement; whether this ...
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OpinionTim Pike: Could we see a return to defined benefit pensions?
The UK’s private sector defined benefit (DB) pension landscape is generally described as in its endgame. There has been a fall in the number of open DB pension schemes as a result of economic, social and regulatory changes.The vast majority of employers offer a defined contribution (DC) pension to eligible ...
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ArticleHalf of employers think pots-for-life will increase pensions engagement
Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. More than one-third (39%) of respondents said that they do not think that the pots-for-life plan will increase workers’ engagement ...
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ArticleBirmingham Chamber of Commerce completes £9 million pension buy-in
Birmingham Chamber of Commerce, which supports local businesses, has completed a £9 million pension buy-in.The transaction, which was brokered by financial services consultancy Quantum Advisory, which was also the scheme actuary and lead transaction and investment adviser, will provide improved benefit security to around 100 pensioners and 40 deferred members.The ...
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Case StudiesHays addresses the gender pensions gap
Passionate about financial wellbeing, global recruitment firm Hays provides employees with back-to-basics roadshows and webinars to explain pensions terminology in a more straightforward way in order to combat the gender pensions gap.It has offices in 33 countries and 13,000 employees across the world. Of these, 3,500 are based in the ...
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AnalysisWhat actions can employers take to close the gender pensions gap?
More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps.The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension.In order to help close the pensions participation gap, more education on ...
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OpinionLovewell's logic: Are employees destined for a meagre retirement?
How to encourage employees to save enough for retirement is an age-old conundrum. For those of us working in this industry, the reasons to do so are clear. However, for employees without an in-depth knowledge of the pensions system, the time until they reach retirement may mean saving for this ...
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ArticleAverage woman saves £136,000 less than the average man for retirement
By the time the average woman reaches the retirement age of 67, she will have saved a pension pot worth £69,000, which is £136,000 less than the average man, who will have saved £205,000 in the same period, according to research by Now: Pensions.Its 2024 gender pension gap report, published ...
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ArticleSacker and Partners becomes living pension employer
Pensions law firm Sacker and Partners has become a living pension employer.The living pension accreditation, which was launched in March 2023, is a voluntary savings target for employers and aims to support lower-paid employees who are not saving enough into their pension pots each year to prevent poverty and meet ...
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ArticleDWP publishes updated occupational pension schemes regulations
The Department of Work and Pensions (DWP) has published the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 and a consultation response.It has outlined what is required of defined benefit (DB) pension schemes in funding, investment strategy revisions are clearer on the flexibilities ...
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Supplier articleHow flexible working hours, competitive pension benefits, and mental wellbeing support can engage the Gen Z workforce
The Five Benefits That Gen Z Want in the Workplace Gen Z will comprise a third of the workforce within the next few years. So what benefits must companies adopt in order to attract and retain this new generation of talented employees? Born after 1995, Gen Z ...
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Article69% of employees do not want to choose workplace pension provider
More than two-thirds (69%) of employees do not want to choose their workplace pension provider and would rather their employer make the choice, according to new research from the Pensions and Lifetime Savings Association (PLSA).Following the government’s announcement of a lifetime provider model for workplace pensions, where employees can choose ...
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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 ...