Employee Benefits

APRIL 3, 2024

Credit: MAHATHIR MOHD YASIN / Shutterstock.com Global battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan. Buck acted as the employee benefit consultant, legal advice for the trustee was provided by Hogan Lovells, and Just Group used in-house legal support.

Pension 59

Pension Government Consulting Insurance 59

Employee Benefits

OCTOBER 16, 2023

A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks. If it looks like funding levels are affordable for the scheme against current expected bulk annuity pricing , trustees appoint a consultant to approach the market and insurers.

Pension 105

Pension Insurance Consulting Government 105

Employee Benefits

APRIL 9, 2024

Consultants in England have accepted the government’s latest offer on pay and reforms to the Review Body on Doctors’ and Dentists’ Remuneration (DDRB), ending a long-running dispute that has involved industrial action. A total of 83% of consultants, who are part of the British Medical Association (BMA), voted in favour, with a turnout of 62%.

Consulting 59

Consulting Government Pension Medical 59

Employee Benefits

JANUARY 30, 2024

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. The post DWP publishes updated occupational pension schemes regulations appeared first on Employee Benefits.

Pension 59

Pension Consulting Government Employee Benefits 59

Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news. Independent sources of support Employees may well feel less self-conscious asking an independent person about their pension.

Pension 98

Pension Consulting Education Employment 98

Employee Benefits

MARCH 6, 2024

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.

Pension 59

Pension Government Consulting Employee Benefits 59

Employee Benefits

MARCH 4, 2024

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.

Pension 59

Pension Pension Benefit Employment Taxes 59

Employee Benefits

NOVEMBER 22, 2023

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. Any public consolidator must be voluntary and separate.”

Consulting 59

Consulting Government Pension Finance 59

Employee Benefits

FEBRUARY 14, 2024

Birmingham Chamber of Commerce, which supports local businesses, has completed a £9 million pension buy-in. The post Birmingham Chamber of Commerce completes £9 million pension buy-in appeared first on Employee Benefits. The careful planning and good teamwork with the Chamber and the advisers in implementation has worked well.”

Pension 59

Pension Consulting Employee Benefits IT 59

Employee Benefits

JULY 21, 2023

The Department for Work and Pensions and Department of Health and Social Care have published a consultation on ways to increase take up of occupational health provision. Mel Stride MP, secretary of state for work and pensions, said: “This government is investing billions in getting people back to work and growing the economy.

Consulting 52

Consulting Government Pension Taxes 52

Employee Benefits

NOVEMBER 28, 2023

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 and wind up.

Pension 59

Pension Consulting Insurance Employee Benefits 59

Employee Benefits

JANUARY 12, 2024

Credit: JHVEPhoto / Shutterstock.com Professional services and accounting firm Ernst and Young (EY) is to allow its UK consultant employees to take time away from their roles. The post EY to allow consultants to take time away from roles appeared first on Employee Benefits.

Consulting 59

Consulting Parental Leave Pension Finance 59

Employee Benefits

SEPTEMBER 20, 2023

The Pensions (Extension of Automatic Enrolment) (No. The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme lowered from 22 to 18. 2) Bill has received Royal Assent.

Pension 59

Pension Consulting Government Taxes 59

Employee Benefits

OCTOBER 17, 2023

Pension consulting and administration business XPS Pensions Group has been awarded menopause-friendly accreditation ahead of World Menopause Day (18 October). Ben Bramhall, co-chief executive officer at XPS Pensions Group, said: “We are delighted to have achieved accreditation as a menopause friendly employer.

Pension 59

Pension Employment Retail Bonuses 59

Employee Benefits

NOVEMBER 22, 2023

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 life.

Pension 64

Pension Government Retirement Plan Consulting 64

Employee Benefits

NOVEMBER 23, 2023

A number of key announcements were made that will affect pay , pensions and benefits. Autumn Statement: Government announces plans to offer pension pot for life Autumn Statement: State pension to increase by 8.5% appeared first on Employee Benefits.

Pension 59

Pension Employee Benefits Government Consulting 59

Employee Benefits

MARCH 3, 2022

Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professional services firm Aon. Back in 2020, employers’ main priority was to offer a pension that was broadly in line with competitors.

Pension 105

Pension Employment Professional Services Consulting 105

Employee Benefits

AUGUST 9, 2023

Smith and Nephew UK Pension Fund has completed a £260 million buy-in deal. The transaction with Rothesay, which secures the benefits of 1,885 pensioners and dependants, as well as 2,315 deferred members, is the final transaction securing the fund’s objective of insuring all of its members’ benefits.

Pension 52

Pension Consulting Medical Insurance 52

Employee Benefits

SEPTEMBER 20, 2023

Many pension schemes will have missing members to whom benefits are due but cannot be paid as they are not contactable. But what happens if they don’t update their pension scheme? For some schemes, the arrival of pensions dashboards will bring into focus the quality of their data and what to do about missing members.

Pension 64

Pension Consulting Employee Benefits Employment 64

Employee Benefits

JUNE 26, 2023

Need to know: Collective defined contribution (CDC) pensions potentially offer a more sustainable way of funding pensions and reducing pension liabilities for some employers. They are being seen as potentially offering a more sustainable way of funding pensions and helping some employers reduce their pension liabilities.

Pension 59

Pension Employment Retirement Plan Consulting 59

Employee Benefits

NOVEMBER 8, 2022

Prime Minister Rishi Sunak has appointed Laura Trott MBE as minister for pensions, after predecessor Alex Burghart officially held the role for less than one month. Trott was appointed on 27 October, and the Department for Work and Pensions (DWP) made the announcement on 7 November via its official Twitter account.

Pension 59

Pension Pension Benefit Government Finance 59

Employee Benefits

AUGUST 22, 2023

UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?

Pension 52

Pension Employment Taxes Government 52

Employee Benefits

FEBRUARY 20, 2023

Need to know: There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

Pension 69

Pension Education Finance Government 69

Employee Benefits

AUGUST 24, 2023

For employers, setting up an auto-enrolment pension plan for your staff is a must. This guide will delve into the intricacies of auto-enrolment pensions and how to effectively manage them. Understanding Auto Enrolment At its core, auto enrolment means establishing a pension system by the employer for the benefit of their employees.

Pension 52

Pension Employment Net Pay Salary 52

Employee Benefits

JUNE 12, 2023

The Police Federation of England and Wales (PFEW) has been found to have discriminated against and victimised members who previously made claims against the government after being moved to pension schemes with reduced benefits. The claims against PFEW will return to the tribunal so compensation can be assessed.

Pension 59

Pension Government Consulting Construction 59

Employee Benefits

JANUARY 17, 2024

Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take 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. But it’s all in the execution.”

Pension 105

Pension Employment Government Hospitality 105

Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. A consultation period between the car firm and affected staff will close tomorrow (17 December). The post Aston Martin staff threaten to strike in pensions row appeared first on Employee Benefits.

Pension 59

Pension Pension Benefit Manufacturing Consulting 59

Employee Benefits

DECEMBER 8, 2022

Need to know: *Trustees of large pension schemes and master trusts now have an additional obligation to publish a forward-looking measure of their scheme’s alignment with the Paris Agreement. Trustees and employers should ensure the pension investment strategy aligns with the business’s own corporate social responsibility strategy. .

Pension 52

Pension Consulting Government Media 52

Employee Benefits

FEBRUARY 16, 2022

Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact. Here are some practical tips for employers on how they can reduce the gender pensions gap. Find the root causes of the gap. ” Men should also know more about the issue, adds Bolan.

Pension 59

Pension Employment Parental Leave Consulting 59

Employee Benefits

DECEMBER 6, 2023

Following its call for evidence on consolidating small pension pots earlier this year, the Department for Work and Pensions (DWP) is launching a further consultation on proposals to introduce a lifetime provider model. Monitoring and enforcement by HMRC and the Pensions Regulator would also become more complex.

Pension 111

Pension Consulting Insurance Government 111

Employee Benefits

NOVEMBER 14, 2022

Need to know: Trustees of large pension schemes and master trusts now have an additional obligation to publish a forward-looking measure of their scheme’s alignment with the Paris Agreement. Trustees and employers should ensure the pension investment strategy aligns with the business’s own corporate social responsibility strategy.

Pension 59

Pension Consulting Government Media 59

Employee Benefits

DECEMBER 13, 2021

Need to know: Workplace pension regulators are looking at how value for money can be clarified in defined contribution (DC) pension schemes. Ultimately the employer is one of the greatest contributors to delivering value for money from a DC workplace pension. A qualified success. A complex conundrum.

Pension 72

Pension Employment Government Consulting 72

Employee Benefits

APRIL 24, 2024

The new reporting regime for pension schemes to disclose their investment allocations to UK markets is flawed. Ken Scott, head of investment solutions at Royal London, says: “Department for Work and Pensions (DWP) best practice suggests that lifestyling is a key consideration.

Pension 59

Pension Employment Government Banking 59

Employee Benefits

SEPTEMBER 13, 2023

Need to know: A raft of proposals have been launched to improve value for money in pension schemes. In July, Chancellor of the Exchequer Jeremy Hunt proposed a number of pension reforms in his Mansion House speech, with an overarching focus on value for money for members.

Pension 105

Pension Consulting Government Employment 105

Workplace Insight

APRIL 22, 2024

Stephen Timms, chair of a work and pensions committee, acknowledged WHP’s limitations but emphasized its success in helping many find work. The Department for Work and Pensions (DWP) maintains the WHP cancellation is part of a broader plan to support disabled people in work.

Government 109

Government Employment Pension Medical 109

Employee Benefits

JUNE 19, 2023

Pension provider Aviva worked with UK economics consultancy WPI Economics on its new report Planning for retirement in the 2050s. Furthermore, a typical middle-income earner paying an extra 2% into a pension each year could increase their total pot by £56,000 by the time they retire.

Pension 109

Pension Health Consulting Government 109

Employee Benefits

MARCH 6, 2024

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. “We welcome the aim to target good investment returns for every member.

Pension 64

Pension Government Consulting Employee Benefits 64