A work-based pension scheme is any scheme that an employer makes available to employees. The Pensions Regulator is the regulatory body for work-based pension schemes in the UK.
By 2012, all eligible workers will have to be automatically enrolled into either a good quality workplace scheme or a personal pension account scheme. This change is planned to start in October 2012 and is expected to be phased in over two years. It is expected that all employers will be included by 2014.
The law will require employers to make contributions at a rate of 3 per cent of salary to pension schemes, though it is expected that this will be phased in over three years.
The Charity Commission reports that in recent years a number of charity pensions schemes have reported significant deficits. This is because the value of scheme assets have fallen combined with increased longevity of scheme members, low interest rates and lower-than-expected returns.
Yes and no are not the only options available when it comes to FRS17 pension reports, says David Davison.
Charities could be responsible for 'orphan' pensions liabilities, born from unconnected organisations. David Davidson offers his advice to prevent an outcome as seen in the Wedgwood case.
Tory peer Lord Flight has called for charities to be exempt from the Pensions Act 2004 "last man standing rule”, in order to protect charity assets from being sold.
Acevo has warned charities not to delay preparing for pension reforms, as the government announces that it will defer auto-enrolment for companies with less than 250 employees this week.
Changes which could help charities cope with pension deficits are on the radar, but would require further government consultation, says David Davison.
The Pensions Trust has written to charities in its Growth Plan 3 scheme, warning that they could now face significant liabilities on leaving the scheme thanks to a recent court case.
The High Court in Birmingham has ruled that a 10,000-piece pottery collection housed in the Wedgwood Museum will be made available to pay off creditors seeking funds for a £134m pension shortfall.
Regular pensions blogger David Davison makes his pension wishlist for 2012.
There's no sense in burying your head in the sand when it comes to pensions, David Davison says, the sooner the matter is broached, the fewer the implications.
Citizens Advice has appointed Crowe Clark Whitehill as its new auditor, replacing Baker Tilly who quit the account over a disagreement about the way the charity treats its pension deficit in its accounts.
Charities with less than 50 employees will be given an extra year to prepare for the implementation of automatic pension enrolment for workers, minister for pensions Steve Webb announced yesterday.
The Pensions Trust has made savings of over £600,000 on its defined benefit pension scheme through the successful appeal of 11 Pension Protection Fund levy invoices.
David Davison explores the extras you could be paying if you're a charity worker in a multi-employer defined benefit pension scheme.
Mike Weaver, the ex-treasurer at Citizens Advice, has admitted that he resigned after just two months because he did not agree with the way the charity treats its pension liability in its accounts.
Baker Tilly has quit as auditor for Citizens Advice because it disagrees with the way the charity accounts for its pension deficit, estimated to be just under £19m.
Today is the first day of a three-day High Court hearing to determine whether a 10,000 piece collection housed at the Wedgwood Museum is protected from administrators seeking funds for a £134m pension shortfall.
Tendering for public services could get easier
The forthcoming review of the TUPE Regulations may make it more palatable for charities to tender for public sector contracts, says John McMullen.
David Davison warns regulation around multi-pension employer schemes is forcing charities to build up unnecessary liabilities, and urges the sector to take action.
The Pensions Trust has launched an ethical investment option as part of its Flexible Retirement Plan, as a result of demand from its members.
Charities cannot afford to take their eye off the ball as the debate over pensions evolves, warns David Davison.
In advance of the 2012 pension reforms, NCVO has partnered with Lloyds subsidiaries Scottish Widows and IFA Lucas Fettes to provide pensions advice and planning to the umbrella body's 8,400 members and their 280,000 staff.
Why five charities have received the Pension Quality Mark
BMS World Mission has become the latest charity to be awarded the Pension Quality Mark. Alexandra Kitching explains how this award is helping to promote excellent quality defined contribution schemes.
David Davison offers advice on the challenges likely to be faced by charities when auto-enrolment for pensions becomes a reality.
The CFDG has called on the government to reform the Fair Deal policy, saying that it must be changed if charities are to be more involved in public service delivery.
Qualified comment - learning from a charity accounts audit
Last year his accounts were qualified. Alistair Gibbons, head of finance at Citizens Advice asks if it has mattered.
A fair deal for pensions?
The government may be about to reduce pension costs for charities providing contracted-out services, says Nick Burrows.
A treasurer's tale: Jonathan Tross on his time at Citizens Advice
What is the job of treasurer in a major charity? For Jonathan Tross at Citizens Advice it’s been about focusing on future sustainability.
Fair deal reform for pensions
Three of the coalition government’s most cherished projects – reducing the ‘red-tape’ burden on businesses, cutting back on ‘gold-plated’ public sector pensions and the ever-enigmatic ‘Big Society’ – underlie a new government consultation on the Fair Deal policy. Alex Mizzi explains.
The Pensions Trust has announced that the SFHA Pension Scheme has been renamed the Scottish Housing Associations’ Pension Scheme (SHAPS).
Clearly-defined benefit?
The Pensions Trust has a rich history, but has been criticised for giving conflicting messages about defined-benefit schemes. Gareth Jones mediates.
