NEWS
Magic circle law firm wins age discrimination case
In the first of two landmark rulings on age discrimination, elite law firm Freshfields Bruckhaus Deringer has won its case against former partner Peter Bloxham.
BT replaces all DC pension fund managers
Trustees at BT's 163 million pound defined contribution pension scheme have made a clean sweep of all their current fund managers.
Group SIPP linked to flexible benefits platform
Premier Pension Services (PPS) has launched a Group SIPP that can integrate into an employer's existing flex package.
Holiday pay plans to be axed
Holiday pay funds are to be axed for most employers as part of package of measures designed to protect the tax system from abuse.
DB cost leads to benefit cuts
One in four employers are cutting back on benefits to meet pension costs, according to research by the CBI and Watson Wyatt.
DB back door closed for execs
The largely unpublicized practice of letting new senior executives join 'closed' final salary schemes is ending according to Watson Wyatt.
10pc pension contribution 'too low'
Average pension contribution levels are too low to support employees in retirement, according to a survey by Mercer.
Unisys plans to scrap final salary scheme
Unisys is planning to end further accruals to its defined benefit pension scheme for its UK staff.
DC could offer far more to staff
Most DC schemes are not using easy devices to help members increase their pension pots, according to a survey by Hewitt Associates.
BP ponders financial education for staff
BP is looking at educating its staff to help with financial planning around share schemes, bonuses and pension opportunities.
Essential statistics on financial firms' benefits
A unique survey of financial services firms has revealed that 15pc still have final salary pension schemes open to new members.
Pension payout could depend on postcode
People living in poor areas will be offered higher pensions, if a pilot scheme using postcodes to set annuity rates proves successful.
Too many pension trustees are old men
The vast majority of pension trustees are men over the age of 60 according to research by pension consultant and actuary Hymans Robertson.
Pension fund surplus short lived
A surplus of 12bn pounds for FTSE100 pension schemes has turned into a deficit of 15bn pounds over the last month according to a leading actuary.
A third of pensions in surplus despite market falls
A third of the largest 200 UK pension funds remain in surplus, including 40pc of FTSE-100 companies, despite recent market falls.
Royal Mail pension age could rise 'five years'
A secret document has revealed proposals to increase the age at which Royal Mail workers can retire on full pension. The plans leaked to the Mirror recommend raising the retirement age from 60 to 62 next year and to 65 in 2010, as well as the closure of the final salary pension scheme to new members from next year.
Freshfields faces second lawsuit over age-discrimination claims
A top London law firm has been hit by a second age-discrimination claim over changes to its pension scheme. Freshfields Bruckhaus Deringer former head of insolvency Peter Bloxham accused the firm of age discrimination on the ground that changes to its pension scheme affected partners differently according to their age.
Former senior lawyer sues firm for age discrimination
In one of the first age discrimination cases of its kind, a senior lawyer is suing his former firm over changes to its pension scheme. Former partner Peter Bloxham lost 20pc of his pension and has taken Freshfields Bruckhaus Deringer LLP to the Employment Tribunal, which is expected to call some of London’s top lawyers to give evidence.
Boots and Reuters upgrade pensions admin
Boots and Reuters have both appointed new pensions’ administration providers. Boots has awarded a six year contract to Northgate HR worth in excess of £1.3million, while Reuters has given Capita Hartshead a five year contract.
Pensions guru to speak at web seminar
A chance to see US pensions and savings guru Schlomo Benartzi being quizzed by UK pension experts will take place on 28 June. The University of California, Los Angeles professor is the driving force and innovator behind Save More Tomorrow plans and has given advice to the UK department of work and pensions.
DB pensions move into surplus
UK pension schemes have moved into overall surplus for first time in over five years. The move into surplus marks more than a £50bn improvement in FRS17 scheme net valuations in two months.
M&S pension letter theft puts staff at risk of fraud
Marks and Spencers is offering its staff free credit checks after personal details intended for a pensions letter were stolen. The offer is being made to 26,000 employees at risk of identity fraud, after a laptop containing salary details, addresses, dates of birth, and National Insurance and phone numbers of staff, was taken.
Pension costs hurt employers
Pension scheme costs have been the fastest growing business overhead for three quarters of employers in the last year according to Capita Hartshead. Increases in professional fees, the costs of compliance and changes in long-term assumptions were the main culprits rated by 74pc of employers who took part in the pension scheme administrator’s annual survey.
University awards HR software deal
The University of Southampton has awarded Northgate HR a five-year deal for its payroll software to give them more time to focus on retention.
Staff negligence on pensions poses fraud risk
Over a third of employees risk identity fraud by not notifying their pension providers of a change in address according to new research.
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