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Surveys
Pensions worth more to public sector workers
Source: Occupational Pensions
Date: 01/01/2010
Research undertaken recently on behalf of the Institute for Fiscal Studies (IFS) has revealed that defined-benefit (DB) pensions form a larger proportion of the total remuneration package of public sector workers than they do of private sector workers. The paper is published in Economic Journal and is only available to subscribers. However, the IFS has issued a summary of its conclusions as a press release.
Recession impacts on defined-benefit pension schemes
Source: Occupational Pensions
Date: 01/01/2010
More defined-benefit pension schemes closed to new entrants in 2009 than in the previous two years, according to the latest survey from the NAPF, as economic turmoil took its toll on pension provision. At the same time, levels of defined-contribution pension provision held up. We examine the key findings of the survey.
Pension membership up, contributions down
Source: Occupational Pensions
Date: 01/12/2009
The Office for National Statistics has published its third annual occupational pension schemes survey. This shows a more settled picture for occupational schemes in 2008 compared with previous years, with a small increase in the active membership of schemes. Surprisingly, the average contribution rate was lower in 2008 than in 2007.
Final-salary pension scheme closures gather pace
Source: Occupational Pensions
Date: 01/12/2009
The closure of DB schemes to existing members is becoming more common. Schemes that typically closed to new entrants earlier this decade are now ceasing all future accrual. Our survey reports on organisations that have closed recently, or that are consulting on closure.
Workers put retirement plans on hold
Source: Occupational Pensions
Date: 01/10/2009
Around 1.85 million people, 35% of the over-55s who are still at work, may have put off their planned retirement, according to a survey conducted for MGM Advantage, the mutual insurer and annuity provider.
Largest ever deficit for FTSE 100 pension schemes
Source: Occupational Pensions
Date: 01/09/2009
The defined-benefit pension schemes of the FTSE 100 companies had a deficit of £96 billion as at mid-July 2009, based on figures calculated from disclosures in company accounts.
Walker review proposes shake-up of banks' pay practices
Source: IRS Employment Review
Date: 07/08/2009
Greater emphasis on long-term incentives for executives, a company-wide remit for remuneration committees and disclosure of the pay of executives below board level are among the recommendations of a Treasury-commissioned review of corporate governance and risk management in the finance sector.
Trustees drive sustainable pensions
Source: Occupational Pensions
Date: 01/08/2009
Large UK pension schemes are becoming more responsible investors. This is according to the latest survey on sustainable pensions by UK Sustainable Investment and Finance (UKSIF), the association until recently known as the UK Social Investment Forum.
Company accounts show divergence on actuarial assumptions
Source: Occupational Pensions
Date: 01/08/2009
The economic downturn is causing companies to reassess very carefully the assumptions they use when accounting for their defined-benefit (DB) pension arrangements, according to accountants and consultants KPMG.
Impact of pension reform on saving may be limited
Source: IRS Employment Review
Date: 24/07/2009
Government reforms to the pensions system designed to encourage more people to save for their retirement may lead to only a small increase in pension saving in absolute terms, according to a report published by the Institute for Fiscal Studies (IFS).
"Hard core" of final-salary pension schemes hangs on
Source: Occupational Pensions
Date: 01/07/2009
The recession is putting additional pressure on already vulnerable final-salary pension schemes, according to a survey1 of 200 UK companies carried out by law firm Pinsent Masons.
Pension scheme management costs on the rise
Source: Occupational Pensions
Date: 01/07/2009
A recently published survey1 of pension scheme administration shows that statutory levies and changes in assumptions are having a major impact on scheme management costs
Budget Report 2009: no silver lining
Source: IRS Employment Review
Date: 08/05/2009
The Chancellor has revealed a deeper hole in the public purse than even his detractors had anticipated, but details of the public spending cuts that will be needed to fill it remain sketchy.
DB pension trustees optimistic despite economic gloom
Source: Occupational Pensions
Date: 01/05/2009
A survey of defined-benefit (DB) scheme trustees by Baker Tilly's pension group has shown trustees to be surprisingly confident in their employers' ability to survive the recession. It also finds that recovery plan defaults are minimal.
Excessive use of default funds poses risk for pension schemes
Source: Occupational Pensions
Date: 01/05/2009
The high percentage of defined-contribution (DC) scheme members who use their plan's default fund option is becoming a matter of concern to the pensions industry. This follows from the recent publication of a survey1 that shows that the default strategies of respondent schemes recorded an average ?23% return in 2008.
Case studies
BT substitutes Sipp for existing pension plans
Source: Occupational Pensions
Date: 01/10/2009
BT introduced its original defined-contribution (DC) plan in 2001 in order to control its pension costs. Now, as part of a major review of all its pension arrangements, it has closed its existing trust-based DC schemes and replaced them with a contract-based self-invested personal pension (Sipp) provided by Standard Life.
RS Components' risk-sharing plan saves defined-benefit pension scheme
Source: Occupational Pensions
Date: 01/04/2009
In order to avoid closing its final-salary scheme, RS Components went to great lengths to get employee agreement for an innovative set of changes, including a mortality risk-sharing arrangement. The exercise saved the company from a potential doubling of its pension contributions.
How DWP-funded pensions education projects are working
Source: Occupational Pensions
Date: 01/08/2008
Following the DWP’s announcement of additional funding for a series of pensions education projects, we look at how some of the less well-known ones are operating - an evaluation for the DWP of progress made suggests that overcoming employer resistance to projects is a key problem.
NHS pensions nursed back to health
Source: Occupational Pensions
Date: 01/07/2008
A dual-scheme pension structure has been introduced for health service staff, based on a revised version of the current NHS Pension Scheme for existing members, and a new, final-salary scheme for future entrants. We investigate the details of these changes alongside amendments to ill-health retirement arrangements for NHS workers.
Scheme profile: New NHS pension scheme
Source: Occupational Pensions
Date: 01/07/2008
A new NHS Pension Scheme, together with revisions to the existing scheme, was introduced on 1 April 2008.
Security firm G4S replaces trust-based plan with new GPP
Source: Occupational Pensions
Date: 01/03/2008
The move from trust-based to contract-based pension provision can reduce costs but may concern members. We look at how G4S moved from an occupational money-purchase scheme to a group personal pension, while minimising potential disadvantages for employees.
Civil service adopts bold pension solution
Source: Occupational Pensions
Date: 01/11/2007
Less than five years after the principal civil service pension scheme was restructured and modernised, it has been completely revised again. We discuss the reasons for the change and describe the benefit structure that now applies to new entrants.
New scheme for local authority workers unveiled
Source: Occupational Pensions
Date: 01/08/2007
A revamped pension scheme for local government workers will go live from April 2008. Up to 1.7 million members of the current plan will transfer across on this date and start to build up benefits on the basis of the new scheme's 1/60th accrual rate.
Scheme profile: Local Government Pension Scheme
Source: Occupational Pensions
Date: 01/08/2007
Regulations setting out the details of a new Local Government Pension Scheme for England and Wales have been made, and the new scheme will commence on 1 April 2008. All members of the old scheme will start to accrue benefits under the new scheme from this date.
Case study: Flexible retirement at Yorkshire Water
Source: IRS Employment Review
Date: 02/07/2007
Yorkshire Water has launched a leading-edge flexible retirement scheme that enables older workers to go part-time and draw part of their pension. IRS investigates how the initiative was launched and how it works in practice.
Flexible pension options go live at Yorkshire Water
Source: Occupational Pensions
Date: 01/06/2007
Yorkshire Water is one of the first employers to introduce flexible options for older workers enabling final-salary scheme members to work part time, draw part of their pension, and accrue further benefits. We investigate how this works in practice.
Teachers' pension scheme
Source: Occupational Pensions
Date: 01/05/2007
The Teachers' Pension Scheme was significantly reformed from 1 January 2007, with changes affecting new entrants and existing members to a greater and lesser extent.
Teachers' new plan: a lesson in redesign
Source: Occupational Pensions
Date: 01/05/2007
A revised pension scheme for teachers and lecturers has been introduced, with a different benefit structure for new entrants, wider eligibility for dependants' pensions and two-tier ill-health benefits. Member contributions have increased and employer contributions are capped. The deal allows both government and unions to achieve their competing objectives.
Spain: Energy sector reaches accords
Source: European Employment Review
Date: 01/03/2007
Collective agreements have recently come into force at Repsol YPF, the energy group, and the Petróleos del Norte oil-refining company, which is majority-owned by Repsol. We review the main provisions of two of the key accords in the Spanish energy sector.
Spain: Two-year accord at Siemens now in force
Source: European Employment Review
Date: 01/02/2007
A two-year collective agreement covering 4,900 employees at Siemens SA in Spain has now taken effect, providing for pay increases of 3.2% each year for two years. We review its main provisions.
DMX Music employees given Second Chance
Source: Occupational Pensions
Date: 01/12/2006
In its recent white paper the government highlights a us programme called Save More Tomorrow.It is looking at whether a version of it can be applied in this country. But secondsight, a firm of UK advisers, is already operating a similar programme called second chance. We examine the programme and the experience of one of its users.
New affordable plan for firefighters
Source: Occupational Pensions
Date: 01/11/2006
A new pension scheme for all firefighters, regardless of contract type, became effective on 6 April 2006. It offers a lower accrual rate and less generous ill-health retirement pensions, but also has lower member contributions and will be significantly less costly to run.
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