Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. There will be a need to be maintaining ongoing AE duties.

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Employee Benefits

JANUARY 30, 2024

The Department of Work and Pensions (DWP) has published the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 and a consultation response. The post DWP publishes updated occupational pension schemes regulations appeared first on Employee Benefits.

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Employee Benefits

AUGUST 14, 2023

When Ford Motor Company moved to a master trust in April 2022, explaining the changes to people at pensions roadshows was a priority. Oliver Payne, international pensions and data analytics manager at Ford and founder of the Reinventing Pensions event, explains: “The reason for that is you get people’s focused attention.

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Employee Benefits

APRIL 28, 2023

Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation. Launched last month , the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement.

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Employee Benefits

JULY 17, 2023

As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement. Organisations should engage employees in their future finances by introducing schemes to improve financial literacy and provide better pensions information.

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Employee Benefits

JANUARY 10, 2022

The Caravan and Motorhome Club Pension Plan was established in 2009 and now has around 1200 active members. Pensions manager Sarah Reynolds has planned a series of monthly communications this year, with the help of provider Aegon and adviser Punter Southall Aspire. A topic here will be to encourage people to pay more into the scheme.

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Employee Benefits

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. percentage point from 2021, while its median gender pay gap for 2022 is 0. for 2022, while its median bonus gap increased by a 1.2 The post Department of Work and Pensions reports 5.9% percentage point to 14.6%

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Employee Benefits

JANUARY 12, 2024

More than a third (36%) of British employees will continue working past state pension age because they do not think their pension will cover their day-to-day expenses , according to research by Canada Life. Of those workers, the average individual expects to work until they are 72, up from an estimated 70 years old in 2022.

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Employee Benefits

MARCH 13, 2023

In October 2022, professional services firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings. We deliberately structured the new policy to be more pro pensions than it was.

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Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

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Employee Benefits

MARCH 3, 2022

Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professional services firm Aon. Back in 2020, employers’ main priority was to offer a pension that was broadly in line with competitors.

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Employee Benefits

AUGUST 9, 2023

Smith and Nephew UK Pension Fund has completed a £260 million buy-in deal. The transaction with Rothesay, which secures the benefits of 1,885 pensioners and dependants, as well as 2,315 deferred members, is the final transaction securing the fund’s objective of insuring all of its members’ benefits.

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Employee Benefits

MARCH 24, 2023

The Pension Protection Fund has published its disability and long-term health condition pay gap data for the first time, reporting a 2022 mean hourly pay gap of 11.07%. The fund’s 2022 mean hourly ethnicity pay gap was 14.43%, down from 1.82% in 2021, while its median gap was 14.26%, down from 15.6%.

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Employee Benefits

MARCH 10, 2023

Camden Council has reported its 2022 gender pensions gap for the first time, revealing that on average for every £1 paid into a male employee’s pensions, female staff receive 75p. The council’s 2022 mean gender pay gap was 1.2%, and its median was 2.5%, both in favour of women, compared with 0.9% of white and 39.6%

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Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Consider this: A 2022 survey conducted by tech giant Lattice, which included 200 HR professionals and 2,000 UK-based workers, revealed that 14% switched jobs due to superior benefits. Think this isn’t a big deal?

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Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

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Workers' Compensation

MARCH 8, 2022

The rules are effective as of March 7, 2022. concluded that employers must pay complete workers’ compensation benefits, and the state pension system should be permitted to take an offset in benefits than it pays out. The Rules were adopted without change and have retroactive application. Division of Workers’ Compensation [D.W.C.]

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Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. Jeremy Hunt’s decision to raise the tax free pension allowance will help retain older staff who want work to pay.”

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Employee Benefits

FEBRUARY 20, 2023

Need to know: There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

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Employee Benefits

JANUARY 5, 2022

One in three UK employees is prioritising building up emergency savings in 2022, according to new data, as financial uncertainty from the Covid-19 (Coronavirus) pandemic has promoted the need for a financial cushion. ” The post 32% of staff to increase emergency funds in 2022 appeared first on Employee Benefits.

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Employee Benefits

JANUARY 31, 2022

More than 50,000 university employees are to take part in further strike action over pensions , pay and working conditions next month, according to a trade union. USS announced last year that changes would be made to the way pensions accumulate for its members from April 2022.

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Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

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The Workcomp Writer

JUNE 3, 2022

Quoting Larson’s Workers’ Compensation Law , an Ohio appellate court affirmed a decision by the state’s Industrial Commission that had refused to consider various fringe benefits in the form of health and welfare benefits, as well as the employer’s contribution to several pension funds as “wages” or “earnings” under Ohio Rev. Background.

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Employee Benefits

DECEMBER 17, 2021

The entry deadline for the Employee Benefits Awards 2022, in association with Aon, has been extended to Friday 14 January 2022. The 22 available categories span a variety of employee benefits aspects, including financial wellbeing, pensions, healthcare, employee engagement and mental health.

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Money Talk

SEPTEMBER 30, 2022

There is a two-year look-back period so 2022 IRMAA surcharges are based on 2020 modified adjusted gross income (MAGI). There are five MAGI income ranges for IRMAA, with 2022 payments ranging from $238.10 The 2022 standard Medicare Part B premium for most older adults, for whom IRMAA is a non-issue, is $171.10. to $573.30

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Employee Benefits

FEBRUARY 16, 2022

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.

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Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% This includes Social Security recipients, retirees with COLA-adjusted pensions, and workers with COLAs stipulated in their job or union contracts. million in 2022). in June and a still-high 6.5% CPI at year-end.

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cipHR

JANUARY 11, 2022

The 2022 NI increase . Hunt down lost pension pots. This equates to a lot of different pension pots – in fact there are around £20 billion in unclaimed pots in the UK. . Some employers will offer benefits such as Mintago, which allows employees to track down lost pensions on your behalf.

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Money Talk

MAY 4, 2023

Interest Rates- Between March 2022 and May 2023, the Federal Reserve raised interest rates 10 times in an effort to decrease inflation by slowly increasing the cost of borrowing. Increasing Debt Loads- The average credit card balance was $5,805 at year-end 2022 and the average credit card interest rate in April 2023 was 24.2%.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

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Global People Strategist

MARCH 2, 2020

Reforms to Ireland State Pension Pushed Back to 2021. Throughout 2020, the Minister for Employment Affairs and Social Protection of Ireland has stated that the highly anticipated reform to Ireland’s State Pension has been pushed back to not begin until 2021. Resistance can be an issue if too many changes take place all at once.

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Employee Benefits

MARCH 22, 2024

Single parents have the lowest average income for both men and women, according to research by workplace pension provider Now: Pensions and the Pensions Policy Institute (PPI). The different working patterns between men and women are the main source of this gap, because they can reduce women’s pensions wealth by 33%.

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Employee Benefits

JANUARY 6, 2022

Time is running out to enter the Employee Benefits Awards 2022, in association with Aon, with the extended entry deadline of Friday 14 January 2022 drawing near. The winners for 2022 will be announced at the Employee Benefits Awards and Summer Party, which will be held in June.

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Employee Benefits

JANUARY 14, 2022

between 7 January and 13 January 2022 were: UK Swissport staff receive above-inflation pay rise. A changing pension landscape: what can employers expect in 2022? The Caravan and Motorhome Club plans full pensions communication schedule for 2022. The top 10 most-read stories on employeebenefits.co.uk

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Employee Benefits

DECEMBER 2, 2022

between 25 November and 1 December 2022 were: Ikea gives staff 6% pay rise and enhances benefits. 47% of businesses plan bonuses for Christmas 2022. Forget Me Not introduces salary sacrifice pension scheme. The post The top 10 most-read articles between 25 November – 1 December 2022 appeared first on Employee Benefits.

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Money Talk

JUNE 16, 2022

. ¨ Contribution Limits- The maximum contribution for Roth and traditional individual retirement accounts (IRAs) in 2022 is $6,000 (under age 50) and $7,000 (age 50+). The 2022 limits for the plans noted above are $20,500 (under age 50) and $27,000 (age 50+). Contributions can be made until the tax filing deadline in April 2023.

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Employee Benefits

JANUARY 13, 2022

The deadline for the Employee Benefits Awards 2022, in association with Aon, has been extended for a final time until midnight on Monday 24 January to give HR, reward and benefits professionals one very last chance to enter and win recognition for their achievements. To see all the categories and start your entry, click here.

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