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Howdens provides staff with valuable retirement-planning tools

Employee Benefits

Following a review of its pension scheme and a consultation in 2020, kitchen furniture manufacturer Howdens chose to close its defined benefit (DB) scheme in 2021. In all, around 10,700 employees from a total workforce of 11,500 are in the company pension scheme.

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What actions can employers take to close the gender pensions gap?

Employee Benefits

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. The Pensions (Extension of Automatic-Enrolment) (No.

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Top tips for boosting employees’ pensions knowledge 

Employee Benefits

Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. Workplace pensions are one of the most valuable elements of the benefits package.

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What impact will CDC pensions have on employers’ retirement provisions?

Employee Benefits

Need to know: Collective defined contribution (CDC) pensions potentially offer a more sustainable way of funding pensions and reducing pension liabilities for some employers. Clear and effective communication from employers will be key to keeping employees well-informed about the implications and benefits of CDC schemes.

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Autumn Statement: Government announces plans to offer pension pot for life

Employee Benefits

Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023. This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working life.

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Educating staff about at-retirement choices

Employee Benefits

Credit: Andrii-Yalanskyi/Shutterstock Need to know: Employees nearing retirement need to know if they can retire and what their options are. Employers can direct them to support from providers, send out newsmails or facilitate access to qualified financial advisers.

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Employee Focused Retirement Plans

HR Professionals Magazine

As an HR professional, you might read that title and think, “Duh – aren’t all retirement plans focused on employees?” As pensions have gone by the wayside and 401(k) plans have gained more notoriety, employees have become increasingly more aware of their employer sponsored retirement plans, and the financial benefits they provide.