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Features: Pensions

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Five key takeaways from the 2019 Pensions statement 

For the first time, TPR explicitly sets out their expectation that trustees, and sponsors should set a Long Term Funding Target and, importantly, the need to evidence how shorter-term investment and funding strategies are aligned with the LTFT

Article by: Marian Elliott | Published: 21 March 2019

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Pension withdrawal and misinterpreted tax implications

It’s clear that employees and members need to understand the tax implications around accessing their retirement savings. For example, do they know that typically only the first 25 percent of a defined contribution pension is tax free and that the remaining 75 percent is taxed as earned income? 

Article by: Jonathan Watts-Lay | Published: 10 March 2019

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INTERNATIONAL
Europe – Remove the right to opt-out

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[1] 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.

Article by: Mark Sullivan, Fidelity Investments - Head of International Benefits Consulting | Published: 10 October 2018

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The pros and cons of Defaults at-retirement

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.

Article by: Jonathan Watts-Lay | Published: 9 July 2018

INTERNATIONAL
Turkey – new AE pension legislation explained

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).

Article by: Beri̇l Yayla Sapan | Published: 21 June 2018

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Pensions gliding off course

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.

Article by: Jonathan Watts-Lay | Published: 12 March 2018

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How can pension freedoms benefit everyone?

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.

Article by: David Bird | Published: 26 November 2017

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Check performance of default DC pension funds

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.

Article by: Steve Butler | Published: 12 September 2017

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Recruitment and retention – how to make pensions pay

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). 

Article by: Matthew Doyle | Published: 9 September 2017

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How to manage pensions scheme change

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.

Article by: Karen Partridge | Published: 24 August 2017