Tags: Pensions

Retirement income for UK employees has improved in the past month, according to Aon Hewitt’s DC Index. The index showed an increase in projected annual pension, especially for 30 year olds who have seen a £403 increase to the retirement income they can expect to receive. However, although 30 year olds’ average annual retirement income…

The automatic enrolment into a pension scheme, due to come into force in 2012, may impact small businesses the most. The Federation of Small Businesses (FSB) fears that the true administrative costs are incredibly high and may cost small business up to £2,550, per year Due to new regulation, all firms and their staff will…

A large mionority of workers plan on continuing in the workforce beyond the national retirement age. A new CIPD survey, Employee Outlook: focus on the ageing workforce, has found that four in 10 employees plan to continue working, compared to 29% of the 2,000 respondents who don’t. The survey also shows that many people are…

Millions of people can look forward to greater financial security in retirement, as Government sets out its plans to introduce automatic enrolment into workplace pensions, following an independent review. Minister of State for Pensions, Steve Webb said: “Our reforms will ensure that millions of people will start to save for their retirement, many for the…

Following the Government’s proposals to scrap the default retirement age, experts fear they could have an impact on employers health policies. According to Mercer, with the growing incidence of major illnesses with age and increasing sickness absence, the cost of providing employee risk and healthcare benefits will rise. Some benefits may even become uninsurable for…

Middle-aged workers are still faced with significant ageism from prospective employers, but UK firms could stand to benefit from their experience and work ethic, according to an expert. Saga Magazine editor-at-large Emma Soames claimed some companies are still reluctant to employ over-50s and questioned whether the government's decision to scrap the default retirement age will…

AWD Chase de Vere urges caution over the use of Employer Financed Retirement Benefit Schemes (EFRBS). With so much uncertainty hanging over the future of EFRBS we have serious concerns that they are being actively recommended to corporate clients and high earners, when in a few months they may no longer be appropriate. Since the…

The CBI has commented on the announcement that the consumer prices index (CPI) will be used to determine statutory increases for occupational pensions and for payments made by the Pension Protection Fund (PPF) and Financial Assistance Scheme (FAS). Neil Carberry, CBI Head of Employment and Pensions, said: “Statutory indexation is the biggest single regulatory cost…

A survey of 179 employers by PricewaterhouseCoopers (PWC), including 34 with more than 10,000 employees and 38 of the FTSE 100, found 6% of companies expect to retain defined-benefit pension schemes in their current form. The number of companies that have shut defined-benefit schemes to existing employees has more than doubled since last 2009’s survey,…

The policy agreement published by the Conservatives and Liberal Democrats contains a number of pension reforms that older workers should be aware of. Towers Watson says the commitment to review the State Pension Age is more significant than bringing forward the earnings link for the Basic State Pension by another year, that higher rate tax…