Pensions & employee benefits roundup – April 2016
Throughout the month our research team keep a close eye on what is happening in the pensions and employee benefits industries. Here is a roundup of the best news articles and stories for April 2016:
The Under-pensioned 2016
Pensions Policy Institute (PPI), 1 March
The under-pensioned 2016 report from the PPI explores the differences in pension income over the last two decades and how these differences may change in the future. The report explores outcomes for the “under-pensionsed” and is the third in the series of reports by the PPI.
Annual Survey of Hours and Earnings Pension Tables: 2015 Provisional and 2014 Revised Results
Office of National Statistics (ONS), 3 March
The ONS report looks at membership and contributions to workplace pension arrangements for UK employees by type, age, industry, public/private sector, occupation and size of company.
Employers’ Pension Provision Survey 2015
Department for Work & Pensions (DWP), 7 March
The survey takes a look at private sector pension provision and the early impact of recent pension reforms. Key findings highlighted that participation in workplace pensions has more than doubled following automatic enrolment.
Half of over-50s don't know value of their pension
Which?, 8 March
In January 2016, Which? surveyed over 50 year olds to understand what they knew about pensions and responses indicated that people may not have enough information to be able to make informed decisions about their retirement.
Financial Advice Market Review (FAMR)
Financial Conduct Authority (FCA), 14 March
The FCA released its long awaited Financial Advice Market Review (FAMR) paper which amended the definition of what constitutes advice, enabling consumers to access their pension pot early to pay for advice. It also takes a look at automated advice, or robo-advice.
Taking a proactive approach to the Guaranteed Minimum Pension reconciliation issue Capita Employee Benefits, 14 March
GMP was cited as the number one challenge for pension managers and trustees in our Pension Scheme Insight Report. Lynne Stewart, Head of Client Partnerships, discusses what schemes should consider and the importance of putting a plan in place.
Budget 2016: Lifetime ISA presents new dilemma for young savers
Capita Employee Benefits, 16 March
Research from Capita Employee Benefits found that whilst young employees may be likely to embrace the introduction of a new flexible Lifetime ISA, as announced in the March Budget, they may be unlikely to be able to contribute to a pension as well.
42% of under-25s are not rewarded by their employer
Employee Benefits, 21 March
More than two-fifths (42%) of employee respondents aged 18-24 did not receive a reward from their employer in 2015, according to research by Red Letter Days for Business.
19% plan to increase benefits spend in 2016
Employee Benefits, 22 March
Around a fifth (19%) of employer respondents plan to increase spend on employee benefits over the next 12 months, according to research by Aviva.
Trustees admit to avoiding member communication in fear of ‘advice’
Pensions Age, 24 March
Research from the Pensions Regulator has found that many trustees have admitted to avoiding member communications for fear of giving 'advice'.