Tag: National Association of Pension Funds

Auto-enrolment aligned with tax and NI

Auto-enrolment aligned with tax and NI

The government revealed today that automatic enrolment rates for the tax year to April 2013 will be aligned with tax and National Insurance thresholds to make implementation simple for firms. Auto-enrolment is being phased in from 1 October, starting with the largest firms, and should be in full effect by the middle of 2017. It […]

March 27, 2012 More
Quarter of final-salary pension schemes closed

Quarter of final-salary pension schemes closed

Nearly a quarter (24 per cent) of private-sector final-salary pension schemes were closed in 2011, according to the National Association of Pension Funds (NAPF). In comparison, just 3 per cent of final-salary pension schemes closed in 2008, while the proportion increased to 17 per cent in 2010. It is estimated that the closure of this […]

December 16, 2011 More
Short-service pension refunds to be banned

Short-service pension refunds to be banned

Employees who have been with a company for less than two years will no longer be eligible for a refund of the money they have paid into a defined-contribution pension scheme, under proposed reforms. The change, which is designed to stop employees leaving a firm without a pension, has been welcomed by the National Association […]

Occupational pension contributions fall to 54-year low

Occupational pension contributions fall to 54-year low

According to a report by the Office for National Statistics (ONS), the number of people paying into an occupational pension has slumped to a level not seen since 1956. Last year, there were 8.3 million people contributing to an occupational pension (3 million in the private sector and 5.3 million in the public sector). This […]

October 29, 2011 More
Final salary pension scheme closures on the up

Final salary pension scheme closures on the up

According to the National Association of Pension Funds (NAPF), final salary pension scheme closures are on the increase. These types of schemes are becoming significantly more expensive to operate and costs are likely to rise. As a result, the rate of decline appears to be picking up, said the NAPF. The Association said 17% of […]

March 9, 2011 More
NAPF issues pensions warning to Government

NAPF issues pensions warning to Government

A report by the National Association of Pension Funds (NAPF) has found that just 23% of final salary pension schemes in the private sector are open to new members, compared with 28% a year earlier. As a result of the findings, the NAPF has issued a warning to the Government to introduce measures to help […]

Pension Quality Mark launched

Pension Quality Mark launched

The Pension Quality Mark has been launched in a bid to help potential employees assess the quality of a work-place scheme on offer, as well as making them more attractive and understandable to employees. It also hoped the award will boost the take-up of pension savings – particularly among younger employees. The scheme is being […]