All Contributions articles – Page 4
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NewsPPI: More data needed on ethnic groups’ retirement outcomes
On the go: While it is known that people from Pakistani, Bangladeshi, black, and other minority ethnic groups suffer poorer retirement outcomes than the white majority of savers, the data collected does not allow us to properly examine why that is the case, according to the Pensions Policy Institute.
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NewsNumber of savers opting out of pension schemes jumps by 29%
On the go: The number of people opting out of their workplace pension scheme has risen by 29 per cent between March and July this year, according to analysis by pensions provider Penfold.
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NewsGovt to change civil servants’ early pensions access
The government has proposed to change the rules around early access to pensions in the civil service, tracking 10 years behind state pension age, according to a new consultation over reforms to the Civil Service Compensation Scheme.
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NewsCornish housing association pilots ‘living pension’
On the go: A Cornish housing association is piloting a ‘living pension’ scheme for its employees, building on research that suggests some savers’ pension contributions will need to rise to more than double their current rate.
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NewsTPR advises employers to shield schemes from refinancing costs
On the go: Companies and pension scheme trustees should take steps to protect their schemes and their employer covenant from the fallout of any refinancing that they have undertaken, according to David Fairs, the Pensions Regulator’s executive director of regulatory policy, analysis and advice.
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NewsTaylor Wimpey suspends escrow payments
On the go: Home construction company Taylor Wimpey has suspended escrow payments to its defined benefit pension scheme due to its strong funding position.
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NewsOmbudsman fines Capita for substandard administration
The Pensions Ombudsman has told Capita to pay £500 to a disgruntled scheme member as its communications “fell below the standards of good administration”, though the member’s substantive complaint was not upheld.
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NewsOmbudsman orders employer to rectify incorrect contributions
On the go: The Pensions Ombudsman has ordered an employer to pay contributions into an employee’s Nest pension, more than three years after deductions had been made from his pay.
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News‘Fundamental duties’ overlooked as claimant misses 12 years of benefits
The Pensions Ombudsman has partially upheld a complaint against the trustee of the Midcounties Co-operative Pension Scheme, criticising the scheme's record keeping, but fell short of awarding the applicant the 12 years’ worth of entitlements he sought.
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NewsCollective defined contribution schemes launch in Great Britain
On the go: Providers in Great Britain are now able to apply to launch collective defined contribution schemes, a development hailed by pensions minister Guy Opperman for its potential to “transform the UK pensions landscape”.
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NewsPandemic damage mitigated as quarter of schemes are in surplus
More than a quarter (27 per cent) of defined benefit and hybrid schemes with tranche 15 valuations were in surplus on a technical provisions basis, despite the market shock of the Covid-19 pandemic, according to the Pensions Regulator’s latest scheme funding analysis.
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NewsContributions must double to fund some ‘living pensions’, report finds
On the go: Some savers’ pension contributions will need to sit at slightly more than double the current minimum automatic enrolment threshold in order for them to have a “living pension”, according to new research.
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NewsNew proposals set DB schemes on path to ‘low dependency’
Defined benefit pension schemes will need to be funded in such a way that they are in a state of “low dependency” on their sponsoring employer by the time they are significantly mature, under new government proposals.
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NewsUSS annual report shows significant improvement but angers unions
The significant improvement in the Universities Superannuation Scheme’s funding position and resilience has angered the University and College Union, which argued that benefit cuts implemented in April were “totally unnecessary” in light of the scheme’s strength.
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NewsPFA pushes for women’s football pension scheme
On the go: The Professional Footballers’ Association is campaigning for a new pension mechanism for women footballers, which would be similar to an arrangement for their male counterparts that is funded by a levy on transfer fees.
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NewsUSS review sees ‘much improved’ deficit cut by £12bn
Despite an accelerated year-end review conducted by the Universities Superannuation Scheme revealing a “much improved deficit”, with a reduction of £12bn, the trustee board is reluctant to agree to interim changes to benefits of contribution rates before the scheme’s 2023 valuation.
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NewsGovt urged to tackle NHS pensions amid staff retention fears
The government has been encouraged to address NHS pensions in order to tackle staff retention issues, following the announcement of a sub-inflation pay rise of 4.5 per cent for eligible dentists and doctors.
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NewsPodcast: Providers delaying transfers are failing their customers
Podcast: The Department for Work and Pensions has been clear about the intent of regulations governing transfers, and providers continuing to delay them are doing their members a disservice, argues PensionBee founder Romi Savova. She is joined by Penfold co-founder Pete Hykin to discuss the ongoing transfer fight, the fallout from pensions minister Guy Opperman’s resignation that wasn’t, and employers misunderstanding auto-enrolment.
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NewsCost of living crisis makes AE expansion unwise
Expanding auto-enrolment during a cost of living crisis would significantly undermine retirement resilience, with low-income earners seeing their surplus income decrease by almost a quarter, according to a new report from Hargreaves Lansdown.
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NewsA third of firms paying minimum AE believe this is govt recommendation
One in three employers who offer the minimum auto-enrolment contribution of 3 per cent to their staff are doing so as they believe this is the government “recommendation”, new research has revealed.