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theHRDIRECTOR Issue 70
This issue we speak to
Tony McCarthy
HR Director -British Airways

FEATURES

Roundtable - Shared services
Benefits Survey
Succession Planning
CSR
Outsourcing

FEATURING

KPMG
Hays Group
Oakridge
Midland HR
Dynamic Transition

Pensions

Almost two thirds of workers believe means-tested benefits deter Pension saving
62% of UK workers believe that means tested benefits deter some people from saving in a pension. Seven out of ten workers aged over fifty-five feel that means-tested benefits could deter people from saving.
Poor understanding of workplace Pensions
The latest findings from the National Association of Pension Funds (NAPF) "Workplace Pensions Survey" show that more work must be done with employees to build their understanding of the benefits of workplace pensions.
Financial Advisers urged to advise on Pensions and savin for retirement
Zurich is urging advisers to review their clients’ retirement portfolios in light of people delaying their retirement, or considering going back to work – a term dubbed ‘returnment’.
Major reversal of funding positions for UK's FTSE 100 Pension Schemes
Lane Clark & Peacock LLP (LCP) has revealed in its 15th annual Accounting for Pensions report, that UK pension schemes of the FTSE 100 companies had a net deficit of £41bn
Annual survey of Pension financial risk
Special contributions to pension schemes have risen for the third year in a row as companies continue to address pension risk, according to the Annual Survey of Pension Financial Risk carried out by Mercer and the Association of Corporate Treasurers (ACT).
Age old dilemma - call for removal of retirement age
The Employers Forum on Age says the idea of enforcing a mandatory retirement age is out of step with today. They are additionally concerned with the prevalence of age discrimination in the workplace.
Confusion reigns over UK retirement age
A YouGov survey shows two thirds of British workers think they will retire by 65. Only a third of workers think that they will work until they are over 65 and just one in ten believes they will still be working in their 70s.
Third sector employees 'neglect pensions'
One third of charities remain disappointed with the take-up rate of their employee pension schemes, says recent research
Hung drawn and quartered for annuities?
Cost of scrapping default retirement
Employers will be faced with significant expense, following the Government announcement that it is to bring forward the review of the default retirement age.
Work age raise to 70 challenges prejudice
A new report has called for retirement age to be increased to 70 as soon as possible, and for the subsequent savings made on pension payouts to be used to simplify the basic state pension and increase its value.
Legislation stifling pensions initiatives
There are calls for the next Government to revive 'the middle ground' by amending restrictive pensions legislation.
CFA Institute launches global Code of Conduct for Pension Schemes
The Centre for Financial Market Integrity (CFA) has launched the “Code of Conduct” for Members of a Pension Scheme Governing Body to help such individuals manage their ethical responsibilities.
Boost in employee confidence for the workplace Pension
The latest bi-annual National Association of Pension Funds (NAPF) Workplace Pensions Survey shows that employee confidence in pensions as a way of saving for retirement has improved from +3% to +22% during 2008.
2009 pension abyss
By the end of the year, a £689 billion pensions black-hole is predicted - a value equivalent to 40 percent of the UK GDP.
Pensions recovery uncertain
UK's DC pension assets increase for third month in a row. Nine more months of similar stock market gains required to return pensions to 2007 levels.
UK Heading for Pensions 'Dark Age'
Pensioner poverty set to rise with 64 percent of UK workers looking to rely on state pension in retirement as occupational pension scheme membership falls UK comes out 'bottom of the pile' in G7 for state pension provision.
Urgent call for pensions clarity
With the balancing of public sector finances a key general election issue, AXA is calling on all political parties to specify exactly how they plan to tackle the rising cost of public sector pension provision, and how a sustainable approach to financing this can be achieved.
The Pensions Trust insures 10,500 Pensions
The Pensions Trust, the leading multi-employer scheme in the UK for the charitable, social, educational, voluntary and not-for-profit sectors, has selected Paternoster to secure the benefits of the pensioner section of the Growth Plan through the purchase of an insurance policy.
Modest returns anticipated on DC pensions
The switch to defined contribution (DC) continues, but contributions and education must increase to provide 'decent income'.
Rise in DC assets fails to boost confidence
Rise in DC assets fails to boost confidence
Pension industry calls for £50k cap
"The KPMG/CIPD report mentions the Working Time Regulations, the Agency Workers Regulations and the current paternity leave legislation as being of particular concern for those employers who responded to the survey.
NAPF announces the launch of the Pension Quality Mark
The National Association of Pension Funds (NAPF) has today announced that it will start awarding a Pension Quality Mark from 2009 for any employer offering defined contribution (DC) pensions that meet three core tests.
Pension Schemes face increasing risk of insolvency
Despite current market volatility, using standard accounting measures, defined benefit pension scheme funding levels have not been hit as hard as drastic stock market falls.
Pension panic easing
The number of requests for projected pensions is decreasing, as confidence slowly returns to pension savings. That's according to Aon Consulting Pensions Admin Tracker.
Tories solution, another year at the grindstone
Tory call for later working an acknowledgement of the inevitable Pension policy has not kept pace with life expectancy.
Pension taxes “flawed” says ACA
In a detailed response to the HM Treasury and HM Revenue & Customs consultation paper Implementing the restriction of pensions tax relief, the Association of Consulting Actuaries (ACA) has said that the policy is ‘seriously flawed' with each attempt to try to make it fairer only increasing the complexity and adverse impact on pension schemes.
Inflation will burst equity bubble
It's all pointing the wrong way for a route out of the pensions crisis; companies continue to grapple with pension risks, FTSE 350 pension deficit at £160 billion in Q1 2010, compared to £49 billion in Q1 2009. Increases in liabilities highlighting the significant risk attributable to inflation-linked future benefit payments, volatility prompts increased interest in de-risking.
Employers oppose default retirement age
As employers await the outcome of the Heyday case on 25 September, which could see the default retirement age of 65 ruled unlawful.
Pension deficit hits £100 billion
Emergency Budget administers painful medicine to UK pension.