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Employee Benefits News

News in 2012
31 Dec 2012 Young People´s Lack Of Interest In Saving For Pensions Threatens Existence Of Private Pensions

Private pensions may no longer exist in 40 years as young people are not interested in saving money for retirement, pension expert Michael Johnson told The Daily Telegraph last Wednesday. According to Johnson, who is a research fellow at the think tank Centre for Policy Studies, being a...

24 Dec 2012 First Set Of Public Payment Services To Go Online By 2015

The Cabinet Office announced on Friday the first batch of public services that will become available online by 2015 in a move that is expected to result in annual savings of up to £1.2 billion by 2015, with the figure rising to £1.7 billion afterwards. Under its “digital-by-default�...

17 Dec 2012 Over 400,000 To Miss Out On Auto-Enrolment After DWP Raises Trigger

Some 420,000 individuals will be excluded from automatic enrolment after the Department for Work and Pensions (DWP) last week announced its decision to lift the earnings trigger to £9,440 in 2013/14. As many as 320,000, or 76%, of those affected by the change are estimated to be women....

10 Dec 2012 Government To Cut Lifetime And Annual Allowance For Pension Savings

The government is to reduce the lifetime allowance and annual allowance for tax-free pension savings from the 2014/15 tax year, Chancellor George Osborne said as part of last Wednesday´s Autumn Statement. The lifetime allowance, which is the maximum pension saving one may have ove...

03 Dec 2012 Some 70% Of Brits Not To Opt Out Under Auto-Enrolment - DWP

Some 70% of UK adults intend to remain as members of a pension scheme if they are enrolled into one under automatic enrolment, the latest Department for Work and Pensions (DWP) study on retirement savings showed last week. According to the ‘Attitudes to pensions: The 2012 survey´...

26 Nov 2012 Government Seeks To Improve Workplace Pensions

The UK Department for Work And Pensions last Thursday released a report called ‘Reinvigorating workplace pensions´, which lists measures designed to improve the workplace pensions system. As part of the measures, the government is examining ways to ease the regulatory burden on ...

19 Nov 2012 DB Pension Schemes´ Deficit Narrows In October

Defined benefit (DB) pension schemes in the UK recorded a slight decline in their aggregate deficit to £227.3 billion at the end of October 2012, from the £229.1 billion a month earlier, data from the Pension Protection Fund showed last week. Despite the slight improvement in the posi...

01 Oct 2012 Pension Protection Fund Keeps Protection Levy At £630 Million

The Pension Protection Fund (PPF) said last week that it expects to collect £630 million in pension protection levy for 2013/14, the same level as the amount estimated for 2012/13.

26 Sep 2012 UK SIPP Market Edges Up

The UK market for self-invested personal pensions (SIPP) grew slightly between March and September, with assets under administration inching 0.08% higher to £88.6bn in the period, according to the latest survey by Financial Times magazine Money Management, released on Tuesday.

24 Sep 2012 More than half a million Britons to join workplace pension by year-end

Over half a million employees in the UK will become members of a workplace pension scheme by the end of the year as a result of automatic enrolment, data from the Department for Work and Pensions (DWP) showed last week.

17 Sep 2012 Auto-Enrolment To Spark Interest In Industries Lacking Adequate Pension Access

Industries that previously did not provide adequate workplace pensions are expected to see a rise in interest after automatic enrolment, due to begin in October, becomes compulsory, according to a study by the Department for Work and Pensions (DWP).

10 Sep 2012 Over 18 Million Britons To Undergo Auto-Enrolment By End-2013

Automatic enrolment is to cover over 18 million employees in the UK by the end of 2013, according to the latest forecast of The Pensions Regulator (TPR) released last week.

03 Sep 2012 Advisers See Auto-Enrolment As Opportunity To Boost Group Protection Sales

Almost 60% of financial advisers and employee benefit consultants (EBCs) in the UK believe there is an opportunity for stronger group protection sales that arises from auto-enrolment, according to a study from ORC International released last week.

28 Aug 2012 ABI Sets Out Measures To Boost Pensions Transparency

The Association of British Insurers (ABI) last week wrote a letter to The Pensions Regulator and the Financial Conduct Unit of the FSA, listing measures designed to make the pensions industry more transparent.

20 Aug 2012 UK Final Salary Pensions Deficit Grows In July

The aggregate deficit of the schemes in the Pension Protection Fund's (PPF) 7800 index grew to £283.0 billion at the end of last month from £267.0 billion in June, according to data released last week.

13 Aug 2012 Employees Fail To Save For Pensions, Concerned Over Making Wrong Decisions

Nearly three in four people who are not in a workplace pension say they do not put enough aside because they do not want to make the wrong decision about saving for retirement, according to results from a new survey by the National Employment Savings Trust (NEST).

13 Aug 2012 SMEs Signed Up For NEST Report Strong Take-up

Small and medium-sized companies that have signed up for NEST ahead of the start of automatic enrolment are seeing considerable interest in pension saving, the official magazine of the Chartered Institute of Personnel and Development, People Management, reported last week.

06 Aug 2012 UK Pension Income To Double Thanks To Auto-Enrolment

As a result of automatic enrolment, private retirement income in the UK could rise almost two times by the time Britons that start work today become pensioners, research by the Department for Work and Pensions (DWP) has shown.

30 Jul 2012 UK Workers' Pension Saving Down 15% Since 2007

Pension saving among private sector employees in the UK has declined by 15% between 2007 and 2011, according to the Employers' Pension Provision Survey 2011, published by the Department for Work and Pensions last Thursday.

02 Jul 2012 Employers To Face Fines For Failure

Just three months before the launch of the automatic enrolment scheme that will see millions of UK workers join workforce pension schemes, The Pensions Regulator (TPR) has announced that employers who fail to comply with the rules will be facing a fine of up to £10,000 a day.

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