It is clear that governments across Europe are looking to address concerns over the lack of retirement readiness of the working population. The concern is well founded with projections showing an ageing population where the ratio of the working age population (those aged 15-64) to the retired population (those aged over 65) is expected to drop from 4:1 to 2:1 by 2060. Contributor Mark Sullivan, Head of International Benefits Consulting.
Published: 10 October 2018
The background to this really is that there’s been a lot of growing concern, I think since freedom and choice came in, that perhaps people are making choices that are not the best choices possible. And some of the background to that is there’s a lot of evidence that people are cashing in their pension pots completely.
Published: 9 July 2018
The Amendment Act of August 25 2016 introduced into Turkish law the automatic enrolment of employees in private pension plans. As a result, employees under the age of 45 must be enrolled in a private pension plan as part of a pension agreement between their employer and a pension company. Contributor Beri̇l Yayla Sapan - Gün + Partners (Turkey).
Published: 21 June 2018
Our recent survey amongst employers investigated what workplace support is available to help employees understand how to make the most of their finances throughout their career in order to optimise income at-retirement. It found that employees are at immense risk of retirement income shortfall.
Published: 12 March 2018
Whilst it is reassuring that the highest rates of regulated advice use are from those that go into drawdown – 69 percent according to the Financial Conduct Authority (FCA), it is weighted towards those with larger pot sizes. Overall, accessing pension pots early has become the norm. The FCA found that 72 percent of pots that have been accessed are by consumers under 65 - most choosing to take lump sums rather than a regular income.
Published: 26 November 2017
Employers selecting DC default investment funds for their workforce pensions assume they’re making a wise investment choice. However, a new report, ‘Who’s performing well?’ Article by Steve Butler, Chief Executive, Punter Southall Aspire.
Published: 12 September 2017
In 2016, employers contributed £42 billion[i] to UK workplace pension schemes. A sum which is not inconsiderable and one that is only likely to increase as greater number of employees become automatically enrolled. But apart from fulfilling your regulatory requirements, what is your company actually getting for your significant investment in the UK pensions industry? Article by Matthew Doyle, Managing Director of the Pensions Quality Mark (PQM).
Published: 9 September 2017
This feature will take a look at the face of constant change involved in pension schemes and how HRDs can win buy-in from employees. It will look at the different types of change occurring as well as the key communication methods and procedures HRDs have to meet to make sure the transition is met smoothly. Article by Karen Partridge at AHC. She is Head of Client Services - UK & Australia.
Published: 24 August 2017
The Pension Regulator’s latest figures on auto-enrolment for the year up to 31st March revealed that it had significantly increased its inspections on businesses and it increased its use of powers to crack down on firms whose auto-enrolment schemes were found to be non-compliant. From Steve Butler, CEO - Punter Southall Aspire.
Published: 6 August 2017
I was sitting with an employer last week talking through their efforts to get staff to plan for retirement. They had a generous pension scheme where employees contribute 3 percent and the employer will contribute 6 percent all the way up to a potential 6 percent employee and 12 percent employer. Article by Philip Blows, Director.
Published: 18 March 2017