Pensions & employee benefits roundup – May 2016
Over half of people don't understand the new state pension
Money Wise, 5 April
55% of people that voted in a Money Wise poll of 969 participants said they don’t understand how the new state pension works.
New state pension system is underway
BBC, 6 April
An overhauled state pension for new pensioners rather than existing has begun with some, particularly the self-employed and women, benefiting whilst others lose out. The Government’s aim is to simplify state pension removing extras such as the second state pension.
More than half of UK employees believe they need to change company to get a pay rise, survey finds
The Independent, 12 April
There is a general perception amongst UK employees that the grass is greener elsewhere as one in two feel as though they must switch companies to get a pay rise according to Glassdoor’s Global Salary Transparency Survey.
23% have seen retirement plans impacted by low interest rates
Employee Benefits, 13 April
Just under a quarter (23%) of respondents to a survey conducted by the Canada Life Group Insurance expect to have to work past the age of 65 due to the impact of low interest rates on their retirement savings.
Speaking at the PMI annual conference hosted in London yesterday, attended by over 160 industry professionals, the Pensions Minister Baroness Ros Altmann told delegates that the UK is in the middle of a pensions and retirement revolution with radical reform happening all the way through from state to private pensions.
Wealthy professionals choose risk over retirement
Pension Funds Online, 15 April
Wealthy professionals are rejecting retiring at 65 in favour of starting a business, pursuing an alternative career or doing good, according to a new report by UBS Wealth Management.
Every person in Britain would have to pay more than £53,000 to cover the cost of public sector pensions and other unfunded government schemes according to the Adam Smith Institute.
Turning pensions into ISAs would be ‘a disaster’, Altmann warns
Pensions Age, 19 April
Turning pensions into ISAs would be “a disaster” and would “destroy them as we know them”, Minister for Pensions Ros Altmann has warned.
Nearly three in four think the state pension is enough to live on
Money Wise, 19 April
Nearly three in four (73%) people think the state pension alone would enable them to live comfortably in retirement, according to The Pensions Advisory Service (TPAS) latest ‘Women and Pensions’ survey.
Research finds that 60% do not measure success of pensions communication campaigns
Employee Benefits, 27 April
Less than two-thirds (60%) of pension decision-maker respondents do not measure the success of pensions communication campaigns, according to research by Capita Employee Benefits.
Lack of resources and technology is causing major challenges for trustees report shows
Pensions Age, 27 April
Lack of resources, time and technology are the main causes of some of the biggest challenges facing pension scheme trustees and managers, a new report has revealed.