Pensions
An occupational pension scheme is retirement savings plan provided by an employer for its employees. Staff who are members of a company pension plan benefit from a favourable income tax and national insurance (NI) break on contributions. The defined benefit plan (final salary) used to be the most popular scheme on offer, but now stakeholder, group personal pension and money purchase (all defined contribution schemes) are becoming more popular; while there is some interest in career average and hybrid pension arrangements. The pension scheme is a key benefit for employees in the UK, and by 2012 all companies will have to auto enrol all staff into some sort of pension arrangement, or use the incoming National Savings Pension Scheme (NPSS) also known as personal accounts.
Definition of common pension terms
Key research on occupational pensions (PDF 144kb)
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News
Kingfisher introduces group Sipp
Kingfisher has launched a group self invested personal pension (Sipp) to accommodate employees' maturing shares and additional voluntary contributions (AVCs).
16 May EU backs GPP auto-enrolment and personal accounts exemption
13 May Lonmin offloads defined benefit pension scheme
12 May NAPF in legal challenge over VAT on pension investment services
12 May YMCA to improve pension scheme services
08 May Novae Group launches group self invested personal pension (Sipp)
Analysis
Soften the blow of pension changes
Changes to pension benefits will rarely go down well with staff, but there a number of measures employers can use to try to soften the blow, says Sarah Coles
06 May Pensions Supplement May 2008
06 May Sipps' popularity on the up
06 May Greater onus on employers to look after staff needs
06 May Pensions tutoring vital for staff
06 May Interview with Justin Wray, head of pensions administration and governance at the Pensions Regulator
Case Studies
ISG raises matching of GPP contributions
Construction services company, ISG has increased the level at which it matches the contributions of senior staff to a group personal pension (GPP) from 2% to 5% in order to encourage their long-term commitment to the business.
04 Feb BDO Stoy Hayward offers trust-based salary sacrifice plan
03 Dec Coda offers Shariah fund in GPP
03 Sep Case law - Flexible retirement
10 Jul Babcock shipyard staff to ballot on strike over pensions
15 Jun Summit news: GlaxoSmithKline increases staff pension contributions
Research
Pensions' additional voluntary contributions still popular
Median additional voluntary contributions (AVCs) have risen by £200 per member per annum over the last year. This figure now stands at £2,000 per member per annum, up from £1,800 last year and £1,000 in 2005.
06 May Pensions big with IT firms
22 Apr Trustees conflict with employers over longevity of DB pensions
07 Apr Trustees show concern about the demands of their role
07 Apr Pensions are most popular perk offered through flex
07 Apr Low faith in pension plans
