All Pensions articles – Page 94
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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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Supplier article
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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Supplier article
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 ...
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Article23% have yet to review schemes in light of pension freedoms
Almost a quarter (23%) of respondents have yet to review their pension scheme investment strategy since the pension freedoms were introduced in April 2015, but plan to do so this year, according to research by Willis Towers Watson.Its Pension design survey, which surveyed 160 of the UK’s largest organisations, also ...
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ArticleRolls-Royce introduces financial education and engagement strategy
Rolls-Royce has implemented a financial education and employee engagement strategy to engage employees with saving for retirement, and switched pension scheme providers.The strategy, which includes financial education presentations and access to an online platform, is designed to help employees take control of their finances.The aerospace power systems manufacturer introduced the ...
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ArticleGain insight into balancing benefits and financial wellbeing at Employee Benefits Connect
Those who attend Employee Benefits Connect 2016 can gain insight into how employee benefits could potentially harm employee’s financial wellbeing, as well as the measures that can be taken to address this, in a session led by Darren Laverty (pictured), partner at Secondsight.During the conference session, Laverty will discuss the ...
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Supplier article
Pension savings: Out of the woods?
Last week HM Revenue & Customs published some encouraging figures regarding the levels of pension savings in the UK. For a brief account of this issue please see here.These figures have been interpreted by some as evidence of a newly improved savings culture, and the fact that savings rates have ...
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Supplier article
The national living wage and salary exchange
Most individuals aged 25 or over on the national minimum wage (NMW) will see their salary increase by 50 pence per hour from 1 April 2016.This article provides more information on how this change affects salary exchange arrangements.Who does this change affect?Individuals aged 25 and over with salary exchange arrangements ...
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ArticleOmbudsman upholds pensions tax complaint against police
The Pensions Ombudsman upheld a complaint against the Police and Crime Commissioner of South Wales over its failure to inform a police officer of the tax implications of re-employment on his retirement benefits.The police officer, Mr Cherry, retired in June 2011 and was re-employed by the Commissioner within one month ...
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Supplier article
Financial Advice Market Review - support for advice
By Fiona Tait, Pension SpecialistRoyal London firmly believes in the value delivered to clients by financial advisers, not just for one-off events but on an ongoing basis.This is a position we continue to hold in our consultation responses and external communications while always questioning whether there are ways in which ...
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Supplier article
Employer fined more than £10,000 for auto enrolment failings
By Jamie Clark, Business Development ManagerWe take a look at the Pensions Regulator’s latest auto enrolment compliance bulletin and the lessons that can be learned from it.With up to half a million smaller employers expected to reach their staging date during 2016, it’s likely that the Pensions Regulator (and the ...