Protecting Pensions and ESG Risks

International Foundation of Employee Benefit Plans

As the global impact of climate change grows, environmental, social and governance (ESG) factors have become a core consideration for pension funds. Read more > The post Protecting Pensions and ESG Risks appeared first on Word on Benefits.

EB Live 2022: Creating dyslexic-friendly pension communications

Employee Benefits

VIDEO: Oliver Payne, international pensions and data analytics manager at Ford Motor Company, presented a session titled ‘Creating dyslexic-friendly pension communications on 5 October at Employee Benefits Live 2022. EB Live 22 videos Financial Reward and Pensions

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Laura Trott appointed minister for pensions

Employee Benefits

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. We urge the incoming pensions minister to listen to industry concerns about implementation of existing policies.

TEST: New enhanced climate change reporting requirements for pension schemes

Employee Benefits

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. Uncategorised Pensions

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.

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

Pensions minister Guy Opperman resigns

Employee Benefits

Pensions minister Guy Opperman has resigned from his position in government as of 7 July 2022, following exit announcements from more than 50 other ministers since the start of the week. ” The post Pensions minister Guy Opperman resigns appeared first on Employee Benefits.

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).

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.

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.

Managing change for pensions: First time outsourcing

Employee Benefits

VIDEO: Joanna Udall, pensions manager UK and Ireland at Siemens, presented a session titled ‘Managing change for pensions : First time outsourcing’ on 5 October at Employee Benefits Live 2022. EB Live 22 videos Financial Reward and 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

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

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

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

University of Lincoln pension communications tap into student mindset

Employee Benefits

The University of Lincoln has more than 2,000 employees, a large proportion of which are students, presenting unique challenges when it comes to addressing current financial wellbeing as well as pension savings. Uncategorised Pensions

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

How to engage lower-paid staff with pensions during the cost-of-living crisis

Employee Benefits

Need to know: Illustrating the future pension payback to staff can incentivise saving and lessen the sense of giving up money today. Face-to-face and email communication channels can be the most effective when engaging employees with the importance of their workplace pension.

Government launches NHS pension changes consultation

Employee Benefits

The UK government has launched a consultation on potential changes to the NHS pension scheme , which could make it easier for retired and partially retired NHS staff to return to the workforce. The post Government launches NHS pension changes consultation appeared first on Employee Benefits.

Government to protect pensions triple lock

Employee Benefits

Autumn budget 2022: The government has confirmed that the pensions triple lock and credit will be protected, and rise by 10.1% He reported that increase should result in up to £1,470 extra for a couple and £960 for a single pensioner.

Firefighters to receive £3,750 pay out in pensions case

Employee Benefits

A ruling has stated that nearly 9,000 firefighters are set to receive a £3,750 pay out following a case that found they were receiving less money in their pensions than they should. Pensions are now being adjusted accordingly. Uncategorised Pensions Tax and legislation

Emily Whitelock: Can pensions auto-enrolment adjustments increase saver engagement?

Employee Benefits

In its blog published 4 November, AE has come a long way, but we all have further to go, the Pensions Regulator (TPR) recognises the successes of automatic-enrolment in encouraging retirement saving.

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

Alex Burghart appointed minister for pensions and growth

Employee Benefits

Prime Minister Liz Truss has appointed Alex Burghart as minister for pensions and growth in the Department for Work and Pensions (DWP). Opperman had been in the role since 14 June 2017, and became the longest-serving pensions minister on 11 June 2022.

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.

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.

Aida Rehmatullah: It is never too early for staff to engage with pension decisions

Employee Benefits

Our purpose at the Pension Protection Fund (PPF) is to protect the financial future belonging to millions of people throughout the UK who belong to defined benefit (DB) pension schemes. Uncategorised Pensions

Max Ballad: Forfeiture rules should allow trustees discretion to pay benefits to pensioners

Employee Benefits

Pension scheme members may get a similar feeling if their scheme has a mandatory forfeiture rule and the trustees inform them their pension is less than it should have been. Requesting your full pension when you retire is not enough.

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

Three-fifths of European employees want additional pensions advice from employers

Employee Benefits

Almost three-fifths (58%) of employees across Europe showed high or very high interest in accessing professional advice on managing their pensions via their employer, according to research from Alight Solutions. Uncategorised Pensions

Deloitte expands family policies and launches flexible pensions

Employee Benefits

Deloitte has made improvements to its family policies and will offer its 22,000 UK employees greater choice in how they receive the value of its pension contribution. The post Deloitte expands family policies and launches flexible pensions appeared first on Employee Benefits.

EXCLUSIVE: Ford Motor Company creates dyslexia-friendly pension communications

Employee Benefits

Employee Benefits Live 2022: To support its dyslexic employee population, Ford Motor Company has formed an initiative to create pensions communications that are more accessible. Uncategorised Pensions

Coastline Housing pilots living pension to combat poverty in retirement

Employee Benefits

Cornish charitable housing association Coastline Housing has launched a pilot living pension scheme, initiated by the Living Wage Foundation, in order to combat poverty in retirement for its 350 employees. The living pension standard will then be finalised at the end of the pilot.

Kesslers Group secures £21 million full scheme buy-in pension

Employee Benefits

Kesslers Group has agreed to a £21 million full scheme buy-in with Legal and General Assurance Society for its pension plan. The transaction, signed in June, has secured the benefits of 240 employees of the on-site manufacturer, including including a mix of deferred and pensioner members.