Government consults on helping savers understand pensions

Employee Benefits

The Department for Work and Pensions (DWP) has launched a consultation on how to help savers, improve member communications , guidance, and decumulation products in pension schemes. Uncategorised Pensions

Are master trusts the future of pensions?

Employee Benefits

Need to know: Master trusts offer a cost-effective solution that harnesses economies of scale and relieves employers of a growing regulatory burden around pensions. The outcome must then be reported in its chair’s statement and sent to The Pensions Regulator (TPR).

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TFL pensions review recommends maintaining current scheme

Employee Benefits

The Independent review into Transport for London (TFL)’s pension scheme led by former trade union official Sir Brendan Barber has suggested that TFL maintains the current final salary scheme with no changes. Trying to slash workers’ pensions is a low blow. Uncategorised Pensions

DWP publishes pensions dashboards consultation

Employee Benefits

The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022. The post DWP publishes pensions dashboards consultation appeared first on Employee Benefits.

Gender pensions gap increases for older staff

Employee Benefits

New research has found the gender pension gap between men and women’s contributions is 35% for employees aged between 50 and 54, almost double the gap for 35 to 39 year-olds (18%). The post Gender pensions gap increases for older staff appeared first on Employee Benefits.

Cushon acquires Creative’s workplace pension scheme

Employee Benefits

Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme. This is Cushon’s third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market.

58% of single female staff ineligible for automatic pension enrolment

Employee Benefits

More than half of single working mothers (58%) are ineligible for automatic enrolment into a workplace pension , according to new survey findings, which is an increase from 45% in 2020. Uncategorised Pensions

Daniela Silcock: Can we better support those struggling to pay pension contributions?

Employee Benefits

In times of financial crisis, saving for pensions may seem like less of a priority. It is also worth keeping an eye on State Pension policy. Uncategorised PensionsIt has been a difficult few years.

UK workplace pension participation up to 79% in 2021

Employee Benefits

The Office for National Statistics (ONS) has revealed that the workplace pension participation rate in the UK was at 79%, the equivalent of 22.6 UK employers must take on a more active role in improving their workforce’s pension engagement. Uncategorised Pensions

Marks and Spencer, Royal Mail and Co-op commit to green pension schemes

Employee Benefits

Marks and Spencer (M and S), Royal Mail and Co-op have committed to making their pension schemes ‘go green’ in 2022, through robust net zero targets. The Royal Mail Pension Plan and Co-op have both committed to 2050 targets. Uncategorised Pensions

66% of workers unaware of total pension savings

Employee Benefits

Of 500 people surveyed by online pension provider PensionBee, 66% said they were unaware of the total value of their pension pots. More than half (51%) of staff currently looking for a job change already have several pensions from previous jobs. Uncategorised Pensions

Action urged to rebalance pension wealth

Employee Benefits

Shareholder returns that feed into UK workers’ pensions “disproportionately benefit a wealthy minority”, according to a report put together by the TUC, think tank Common Wealth and the High Pay Centre. The report, Do dividends pay our pensions? Uncategorised Pensions

Disability pension gap puts pots at 36% of UK average

Employee Benefits

New data has highlighted that people with disabilities have a private pension pot of just 36% of the UK average. The post Disability pension gap puts pots at 36% of UK average appeared first on Employee Benefits. Uncategorised Pensions

Pension advisers want dashboard roll out prioritised

Employee Benefits

Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed. ” The post Pension advisers want dashboard roll out prioritised appeared first on Employee Benefits.

Hermes UK introduces pension scheme in rebrand

Employee Benefits

Delivery firm Hermes UK has announced that as part of a rebrand it will auto-enrol its self-employed plus (SE+) couriers into a pension scheme by the end of this year. The post Hermes UK introduces pension scheme in rebrand appeared first on Employee Benefits. Uncategorised Pensions

Daniela Silcock: Why master trusts have become the pension destination of choice

Employee Benefits

From a niche arrangement pre-automatic enrolment, master trusts have become the pension scheme type into which 84% of employees are enrolled. Pensions Policy Institute (PPI) modelling expects that out of around 15 million active defined contribution (DC) pension savers in 2041, 10.6

46% of UK employers prioritise positive DC pension scheme outcomes

Employee Benefits

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. Uncategorised Pensions

Higher pay rises could lead to £142k gender pensions gap

Employee Benefits

Higher pay rises for men than women could result in a gender pensions gap of £142,603, according to new findings. Using assumed workplace pension contributions of 8% of an employees’ salary, this disparity could leave men with £142,603 more in their pension pots than women.

Staples UK agrees £47m pension scheme buy-in

Employee Benefits

The Universal Office Supplies Pension Scheme , the sponsor of which was Staples UK, has agreed a pensions buy-in worth approximately £47m with Legal and General Assurance Society (Legal and General). Uncategorised Pensions

John Adams: Pensions landscape will be changing in 2022

Employee Benefits

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. Uncategorised Pensions

82% of young staff want to save for pensions before turning 22

Employee Benefits

New research has revealed that 82% of young employees aged between 18 and 22 believe that individuals in employment should start saving for their pensions and retirement before the current default age of 22. Uncategorised Pensions

Scottish university staff strike in pensions and pay row

Employee Benefits

Staff employed at several Scottish universities have begun five days of strike action this week as part of an ongoing dispute over pensions, pay and working conditions. The post Scottish university staff strike in pensions and pay row appeared first on Employee Benefits.

Girls’ Day School Trust staff strike in pensions row

Employee Benefits

Teachers at all 23 schools that are part of the Girls’ Day School Trust (GDST) have gone on strike in a dispute over proposed changes to their pensions. The post Girls’ Day School Trust staff strike in pensions row appeared first on Employee Benefits. Uncategorised Pension

Jeremy Harris: How can employers reduce the gender pensions gap?

Employee Benefits

The fact that both personal and workplace private pensions are closely aligned to paid work means that employers play an important role in determining post-retirement financial wellbeing. So what can employers do to close the gender pensions gap? Uncategorised Pensions

UK DC pension schemes down 40% in a decade

Employee Benefits

The UK’s occupational defined contribution (DC) pension market has consolidated by nearly 40% in a decade, data has shown. The Pensions Regulator’s (TPR) 12th annual DC trust report revealed that there were 27,700 DC schemes in December 2021 down from 45,150 in 2011.

How to Save for Your Pension

Take It Personel-ly

Pensions are something that many people don’t start to think about until it’s too late. But starting to save for your pension sooner rather than later will save you a headache […].

How can employers engage staff in responsible pensions investment?

Employee Benefits

While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low. ESG pension investment has progressed considerably in recent years. Uncategorised PensionsNeed to know: .

App Drivers and Couriers Union to take action against Uber’s pension

Employee Benefits

The App Drivers and Couriers Union (ADCU) has commenced legal action after representatives wrote to Uber to request that the pension provision arranged for drivers be made Sharia compliant. Uncategorised Pensions

Charlotte Clewes?Boyne: The consultation on the draft pensions dashboard regulations

Employee Benefits

The pensions dashboards project, spearheaded by the Department for Work and Pensions (DWP), is gaining pace, designed to give people more control over their pensions. A single figure will aggregate the income from employer, private and state pensions.

University staff plan strikes over pensions and pay

Employee Benefits

More than 50,000 university employees are to take part in further strike action over pensions , pay and working conditions next month, according to a trade union. USS announced last year that changes would be made to the way pensions accumulate for its members from April 2022.

Tracy McMullen: Ashurst engages all staff in pension savings

Employee Benefits

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Uncategorised Pensions

Aston Martin staff threaten to strike in pensions row

Employee Benefits

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

Half of DC pension schemes driven to help employees retire at reasonable age

Employee Benefits

Almost half (46%) of defined contribution (DC) pension schemes are primarily driven by the aim to provide sufficient pension funds for employees to retire at a reasonable age, up from 29% in 2020, according to research by Aon. Uncategorised Pensions

TFL staff strike over pensions and conditions

Employee Benefits

Some 10,000 Tube workers are taking part in two 24-hour strikes this week over pensions and working conditions. pensions”. The post TFL staff strike over pensions and conditions appeared first on Employee Benefits.

Leicester City Council and BT shortlisted for Best pensions communications

Employee Benefits

Leicester City Council and telecommunications firm BT have been shortlisted in the Best pensions communications category at the Employee Benefits Awards 2022. Credit Suisse/Trustee of the Credit Suisse Group UK Pension Fund.

The Caravan and Motorhome Club plans full pensions communication schedule for 2022

Employee Benefits

The Caravan and Motorhome Club Pension Plan was established in 2009 and now has around 1200 active members. Pensions manager Sarah Reynolds has planned a series of monthly communications this year, with the help of provider Aegon and adviser Punter Southall Aspire.

Rules Adopted to End NJ Pension Cost Shifting

Workers' Compensation

concluded that employers must pay complete workers’ compensation benefits, and the state pension system should be permitted to take an offset in benefits than it pays out. Lump Sum Payments medical monitoring NJ Public Pensions