• Wealth Management
    & Employee Benefits:
    0345 241 6500
Request a call

Employee Benefits News

News - Pensions
16 Dec 2013 FSCP Report Highlights Bad Practices In UK Annuity Market

The Financial Services Consumer Panel (FSCP) has released a new report in which it criticises some British pension providers and insurance companies for the service they provide to customers. When employees retire, they can use the money accumulated in their pension pot to buy an annuit...

02 Dec 2013 Pension Provider Calls For 0.5% Management Fees Cap

The British government´s plan to impose a cap on management fees for pension schemes has stirred the pot in the industry lately. While the government is expecting input from the industry on the proposed changes, pension provider Legal and General claims that the proposed 0.75% cap on fees...

18 Nov 2013 Britons Urged To Shop Around For Annuities To Maximise Retirement Income

Britons may be missing out on thousands of pounds in retirement income because they do not make the right choices when buying an annuity. Instead of shopping around and looking into as many options as possible, savers frequently turn to high-street providers that they are familiar with, even th...

11 Nov 2013 UK Government Opens Public Consultation On Defined Benefit Pension Schemes

The UK government is opening a public consultation about possibly removing protections for people who are saving for retirement in a salary-linked pension, known as defined benefit pension schemes. Since this type of scheme is more expensive for employers to run, over the past months ma...

04 Nov 2013 Government Reveals Plans For Pension Fees Cap

The UK government is planning to place a cap on management fees that pension providers charge scheme members, with the limit expected to be set between 0.75% and 1%. The exact cap will be announced when the Treasury has completed its consultation on imposing the limit, BBC News reported.

16 Sep 2013 Pensions Schemes Likely To See Charges Capped

The Office of Fair Trading (OFT) is expected to publish its report on its probe into workplace pension schemes any moment now, but many industry representatives think they know what the report will reveal. Many experts believe that the government will take a firmer stance on charges tha...

02 Sep 2013 Report Claims Raising State Pension Age Creates Inequalities

According to new research by the Trades Union Congress, raising the state pension age to 67 by 2020 contributes to a growing inequality in retirement benefits across different demographic groups. The raise in age was to reflect the increased life expectancy of British employees. For exa...

27 Aug 2013 New State Pension To Have Mixed Effect On Income, TUC Claims

According to the Trade Union Congress (TUC), changes to the British state pension system will have a mixed effect, boosting pension income for some people, but leaving others worse off. A report issued by the TUC stated that most people with a long working life are likely to see their r...

21 Aug 2013 14% of Britons Have No Retirement Plans

Some 5.1 million Britons have said they have no retirement plans, according to a study by Baring Asset Management. This number translates into 14% of the workforce in the country, a rise from 12% last year and 11% in 2011. It is also a record-high for the period since 2008, when the res...

08 Jul 2013 Government Looks To Establish DC Schemes Standards

The government has called for evidence into the quality of working standards in defined contribution pension schemes, in an attempt to ensure automatic enrolment offers protection to those saving for retirement, Money Marketing reported. UK pension minister Steve Webb announced that the...

17 Jun 2013 UK Workers´ Belief In Pension Savings Is Shaken, Survey Finds

Despite the government´s attempts to boost savings for retirement and to reform the UK pension system, the feeling of disillusionment amongst pension savers is growing. Results from a new survey by insurer MetLife reveal that as many as 12% of British workers over the age of 45 ac...

10 Jun 2013 UK Workers Should Expect 39% Lower Retirement Income

British workers should expect a dramatic fall in their income when they retire, with the average income falling by more than one-third, according to government figures, the Guardian reported. UK workers will see their income drop by an average of 39% when they retire, according to resea...

20 May 2013 Pension Minister Warns Of Final Salary Schemes Demise

There are only 12 months left to save final salary schemes, but it may already be too late, according to pension minister Steve Webb, who addressed the UK pension industry in a speech last week. However, he also noted that at least some of the defined benefit schemes could be rescued but it has...

13 May 2013 Queen´s Speech Reveals Planned Pension Reforms

New government plans, outlined in the Queen´s speech, revealed that the retirement age is going to rise further as life expectancy increases. Another major change to British pension plans will see the introduction of a flat-rate state pension of about £155 per week as of April 2016, the ...

29 Apr 2013 Small Pension Pots May Automatically Follow Workers To New Jobs

Employees who change jobs may see their pension pots automatically transferred to their new workplace if there is less than £10,000 worth of savings there, the Department for Work and Pensions (DWP) has proposed in a new plan. According to government figures, British workers change job...

22 Apr 2013 Solvency II To Cost UK Businesses £450bn, EU Commissioned Report Finds

The European Commission should drop its plans to implement the proposed Solvency II regime for defined benefit pension schemes, as it would put additional financial burden on UK businesses, the British government has claimed. UK businesses and pensions funds have also opposed the reform...

10 Apr 2013 48% of Younger Workers Now Saving Into Workplace Pensions

The National Association of Pension Funds (NAPF) has found that the awareness among younger people about developments in pensions has surprisingly increased, most probably as a result of ardent debates prompted by the undergoing overhaul of the system. The changes are set to result in the intro...

08 Apr 2013 NAPF Calls For Slimmer, Clearer Approach To DC Pension Schemes

The National Association of Pension Funds (NAPF) backs the Pensions Regulator´s proposed improvements to defined contribution (DC) pensions, but fears that the changes cover just half of the market and that the code of practice could prove eventually “counterproductive.” The r...

12 Mar 2013 Number Of Part-Time Working Women Surges Threefold Since 1987

The latest General Lifestyle Survey of the Office of National Statistics (ONS) showed that about one in four women in Britain occupying a part-time job are currently saving into a workplace pension scheme. This is 11% more than the level recorded 25 years ago, figures showed. Women work...

11 Mar 2013 Failure To Start Saving Earlier Is Baby Boomers´ Biggest Money Regret

Failure to start saving for retirement earlier is the thing that British baby boomers regret most when it comes to finances, a survey from Standard Life revealed. As much as 15% of Britons regret not starting a pension when they were younger, with the proportion going up to 20% among th...

25 Feb 2013 Number of Occupational Pension Savers Hits Lowest Level On ONS Records

About 46% of British workers were saving in a workplace pension in 2012, the lowest proportion since the Office for National Statistics (ONS) started its records in 1997, when 55% of staff were in occupational schemes. However, with the recent pension reforms designed to boost private-s...

18 Feb 2013 Final Salary Pensions Deficit Shrinks To £211.2 Billion In January

Private sector final salary pension schemes saw their aggregate deficit narrow to £211.2 billion at the end of last month from £244.7 billion at the end of December, the Pension Protection Fund (PPF) said last week. According to the latest data, the deficit of the 6,316 schemes in the...

11 Feb 2013 Two-Fifths Of Smaller Firms Without Pension Schemes Support Larger Schemes

Some 42% of smaller employers, that do not currently have a pension scheme, believe in the value of fewer, bigger schemes, where members and employers might share investment, inflation or longevity risks, research by the Association of Consulting Actuaries showed earlier this month. In ...

08 Feb 2013 Clear Communication Can Yield Benefits To Both Your Firm And Your Staff

Iain Fox, employee benefits director of growing Bath financial services firm Fidelius, explains how the art of clear communication can yield benefits to both your firm and your staff

28 Jan 2013 Only 13% Of Final Salary Schemes Open To New Members

Only 13% of final salary pension schemes at UK companies remained open to new members in 2012, which is down nearly a third from the percentage a year earlier, according to new data from the National Association of Pension Funds (NAPF). In 2011, 19% of final salary schemes were open to ...

22 Jan 2013 For the Benefit Of All

Offering the right blend of employee benefits to your staff can ensure that those 2013 resolutions don’t fall by the wayside, explains Iain Fox, director at Bath-based employee benefits specialist Fidelius.

22 Jan 2013 It Is Not Just About The Salary

An attractive job offer is about more than the size of the basic salary. At a time of upheaval to the UK’s pensions regime, the accompanying benefits package is also crucial. Iain Fox, director of Bath employee benefits firm Fidelius, explains why offering the right benefits to staff can boost a company’s bottom line as well as staff well-being.

21 Jan 2013 OFT To Investigate DC Schemes

The Office of Fair Trading (OFT) last Thursday initiated a probe into the quality of defined contribution (DC) workplace pension schemes amid reforms in the market resulting from the introduction of automatic enrolment. As a result of auto-enrollment, the value of annual contribution i...

09 Jan 2013 Defined Benefit Schemes Record Smaller Deficit In December

Defined benefit (DB) schemes in the UK saw their collective deficit reduce to £245 billion at the end of December 2012, when compared to £252.2 billion a month earlier, the Pension Protection Fund (PPF) said. PPF also recorded an improvement in the position of the schemes in the PPF 7...

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...

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 ...

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).

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.

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.

Request a call

X

Thank you for your request. We will be in contact as soon as possible.