Sarah West, Capita Hartshead, assesses the pros and cons of full service vs. single service provision
To borrow a line from Bob Dylan, “the times they are a-changin’”.
Defined benefit schemes (DB) continue to close to future accrual or change their shape and the implications of auto-enrolment are starting to tax the minds of employers and trustees minds.
Perhaps now is the time to...
The Minister for Pensions, Steve Webb, has promised to protect the pension pots of people who move jobs often by abolishing short service refunds for defined contribution (DC) occupational schemes. These refunds allow individuals to get their pension contributions back – leaving them without...
Over 1.3 million employers will be subject to the new duties in the next six years, Michael O’Higgins, chair of the Pensions Regulator, told delegates at the National Association of Pension Funds’ annual conference.
By October 2014, upwards of 50,000 employers each month will reach...
The government will not introduce legislation to override pension scheme rules, Pensions Minister Steve Webb has confirmed.
Responding to a consultation which sought views on the impact of using the Consumer Prices Index (CPI) for private sector occupational pension schemes, Pensions Minister...
People seem to have more trust in a pension or saving scheme when it is offered by their employer suggests Steven Cameron, AEGON
AEGON recently unveiled the findings from a research project which investigated the effectiveness of savings incentives. This gave us a rich insight into what incentivises today’s savers and how future policy initiatives (both agreed and under discussion) might change behaviour. One of the...
Where did it all go wrong for the UK pension system – and is anyone to blame? wonders Pat Wynne, Xafinity
Imagine the scene: George Best is lying in his suite with the then Miss World, £10,000 from casino winnings scattered across the bed and in walks the room service waiter, who is a devoted United supporter, carrying vintage champagne – he looks at George and says, “Where did it...
The Coalition Government has responded to the European Commission’s Green Paper “towards adequate, sustainable and safe European pension systems”, welcoming it as a timely contribution to the debate on the challenges of an ageing society.
The Green Paper asked if a new...
A third of people with a workplace pension do not know how much their employer is paying into it, research published today shows.
The Attitudes to Pensions survey, conducted on behalf of the Department for Work and Pensions (DWP), suggests that people have a lack of knowledge about their...
Highlights from the NAPF’s Annual Conference
The huge stresses that Britain’s pension system is under dominated the agenda of the NAPF’s Annual Conference this year.
The Conference, which took place in Liverpool in early October, addressed the UK’s pensions saving crisis, and the decline of Defined Benefit pension...
Following the government’s recent announcements on supplanting the Retail Prices Index (RPI) with the Consumer Prices Index (CPI) as a measure of inflation for pension increases, millions of private sector pensioners remain in the dark about next year’s increase.
Inflation statistics...
Kevin LeGrand is the new SPC president. Editor Stephanie Hawthorne asked him what will be his priorities in his two year term of office?
“I’m still the new boy” quips Kevin LeGrand, president of the Society of Pension Consultants (SPC), after 32 years in the industry and 24 years with Buck Consultants.
Kevin comes from modest origins – his father was an engineering fitter. After attending a comprehensive...
Australian proposals for pension reform could be a useful lesson in how not to do it suggests Robin Ellison, Pinsent Masons
Even though it is upside down, Australia is rather like us in many ways. They speak broadly the same language. They are in a dilemma about whether they like immigration or not. They are not sure whether they want to be a republic or a constitutional monarchy. And last month, of course, they also...
Many of the country’s largest employers are beginning to consider the impact of new statutory rules from 2012 requiring them to auto-enrol millions of extra employees into workplace pension schemes – employees who at present have not joined schemes.
Already, 41% of employers say...
There were only a few plaudits for this year’s harvest. Ceri Jones, financial journalist, interviews the pension connoisseurs
It has been a challenging year for pensions. Pensions World asked some of the industry’s great and good to nominate 2009’s biggest triumphs and worst disappointments. Coming up with a convincing triumph left even the industry’s most resourceful personalities scratching their...
Improving standards of governance and administration
Over the past year the Regulator has been engaged in a series of campaigns focused on providing practical support for trustees, employers and advisers in dealing with risks – both existing and emerging – facing schemes in the economic downturn.
Following both a defined benefit (DB)...
The Department for Work and Pensions (DWP) has published a series of regulations on the workplace pension reforms that are being introduced from 2012.
The big news for employers is that they can now circle a date in their calendars showing when the new pension rules will affect them, and that...
Michael Chatterton, Towers Watson, on the importance of having a clear plan before setting out on the way towards successful DB settlement
In light of the recent economic turmoil affecting both stock markets and sponsor covenants, settling defined benefit (DB) pension scheme liabilities has become an increasingly desirable option for both companies and trustees. The need for reduced interdependency has become apparent for both...
More breathing space needed for pensions age rises
Our society is getting older and living longer, and a rise in the age at which the state pension starts being paid is inevitable. Labour made plans to accelerate the rise in the pensionable age, and the coalition government is looking to speed things up further. The latest proposal is that by...
