Pensions & employee benefits roundup - June 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 May 2016.
CIPD Labour Market Outlook
CIPD, 1 May
The quarterly Labour Market Outlook provides a set of forward-looking labour market indicators, highlighting employers’ recruitment, redundancy and pay intentions.
80% believe a wide-ranging benefits offering is important
Employee Benefits, 9 May
More than three-quarters (80%) of employer respondents feel that it is important to offer employees a wide range of benefits choices, according to research by Grass Roots Employee Solutions.
38% likely to consider including lifetime Isa in remuneration package
Employee Benefits, 10 May
More than a third (38%) of respondents are likely to consider introducing the new lifetime individual savings account (Isa) into their employee remuneration scheme in the future, according to research by law firm Sackers.
PASA announces revised standards
Pension Funds Online, 13 May
The Pensions Administration Standards Association (PASA) has revised its standards to simplify the initial stages of accreditation. The changes include making what administrators need to do to become accredited clearer and working with an auditor to ensure the changes are workable.
Pension freedoms could trigger 'mass mis-selling', say MPs
City Wire, 13 May
An influential committee of MPs has warned the pension freedoms are a 'potential trigger for mass mis-selling' in a sweeping report that found too little has been done to fix problems behind financial services selling scandals. The Public Accounts Committee (PAC) has today warned there are substantial and continuing risks that financial services will be mis-sold and that too little has been done to tackle the cultural problems behind mis-selling.
According to recent figures, over 90% of all the data in the world has been created in the last two years. Certainly in our industry, we are now working with enormous quantities of data, which can give us great insight into understanding target audiences.
Six in 10 Brits expect to work after retirement age
Health Insurance Daily, 16 May
Six in 10 (59%) British adults expect to still be working after reaching retirement age, a poll has found. The survey of 2,000 people found 18% expect to be in full time employment after they have reached retirement age and 25% are planning on working part time to boost their retirement income.
Nearly one million people aged over 75 live in poverty and need more help from the government, a report suggests. The charity Independent Age says ministers should do more to make older pensioners aware they can top up their pensions with other benefits. It also suggests the income of those aged over 75 is, on average, £3,000 a year less than younger pensioners.
Independent governance committees call for more regulatory direction
Pensions Insight, 23 May
Anyone reading the final rules set out by the Financial Conduct Authority for independent governance committees will have little doubt that value for money is at the top of their agenda. The phrase pops up 85 times in the document and the watchdog states: “The primary purpose of an IGC is to act in the interests of scheme members in assessing and raising concerns about the value for money of the provider’s workplace personal pension schemes.”
According to ONS findings, London is projected to grow the fastest (13.7%), followed by the East (8.9%) and the South East (8.1%) over the 10 year period to mid-2024, compared with the projected growth for England of 7.5% over the same time period. The North East is projected to grow at the slowest rate, by 3.1% over 10 years. The population aged 65 and over is projected to grow at the fastest rate compared with other age groups in every region of England.