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Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professionalservices firm Aon.
In October 2022, professionalservices firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings. We deliberately structured the new policy to be more pro pensions than it was.
Dairy co-operative First Milk has completed a £42 million full-scheme pension buy-in for its Scottish Milk Retirement Benefits Plan. The transaction, which was carried out with financial services Just Group, secures the benefits of 452 scheme members, of which 292 are pensioners and 160 deferred members.
Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme. The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members.
Interserve, a construction firm that went into administration in 2019, has completed a £400 million buy-in for its pension scheme members. The transaction was conducted with provider Aviva, and secured the benefits of more than 7,000 scheme members and follows a £300 million pensioner-only buy-in that took place in 2014.
Two-thirds (65%) of those running pension schemes do not know how much a typical member can expect at retirement, according to Aon’s latest research. Only around one in three (35%) respondents know what sort of pension outcome a typical member of their DC scheme can expect.
One in five defined contribution (DC) pension schemes reported an increase in requests to reduce or opt out of pension savings over the past three months, according to research by Aon. This edition included responses from 132 UK DC pension schemes.
Need to know: Crypto currency is still unusual in pay strategies with early adopters predominately technology businesses and the professionalservices firms that support them. Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days.
HR, pensions and employeebenefits consulting, technology, and administration services provider Buck has 2,300 employees across the US, Canada and the UK. Its team will work under William F Ziebell, head of Gallagher’s employeebenefits consulting and brokerage operations.
Credit: Just Jus / Shutterstock.com Automotive risk intelligence firm Thatcham Research has implemented a financial wellbeing scheme for its 259 employees. The post Thatcham Research introduces financial wellbeing scheme appeared first on EmployeeBenefits.
Credit: JHVEPhoto / Shutterstock.com Professionalservices and accounting firm Ernst and Young (EY) is to allow its UK consultant employees to take time away from their roles. In order to be eligible, employees must be graded as at least “performing as expected” by their line manager.
Did you know that boosting the amount you contribute to your pension pot throughout your working life could make you nearly £100,000 better off by the time you reach retirement? This got us thinking about the many ways that employeebenefits can save staff serious money over time. You can read more here ).
Based in Greater Manchester and with 3,000 employees, the university was a runner up in the Best financial wellbeing strategy at this year’s EmployeeBenefits Awards. These are hosted twice a year by a professional consultancy firm and are free of charge. They pass this on through meetings with each department.
Almost one-third (30%) of UK defined contribution (DC) savers said they prefer a collective defined contribution (CDC) pension for a decumulation option at retirement instead of an annuity or drawdown, according to new research. Those who preferred annuities over CDC pensions cited the lower risk of an annuity as their reasoning.
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