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London Underground strikes over pension changes suspended

Employee Benefits

Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1

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Useful Information from 2022 Webinars- Part 2

Money Talk

Nobody has a crystal ball, but we know that tax rates will rise starting in 2026 when the Tax Cuts and Jobs Act expires. Someone’s effective tax rate is useful to determine tax withholding or estimated taxes for investments, pensions, and Social Security. low expense ratios) and how they react to market downturns.

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Greggs to share £17.6 million bonus among staff

Employee Benefits

This will include the impact of the 10% national living wage increase and enhancement of its pension benefits, with staff now able to access up to 6% employer contributions. The bakery chain also implemented an 8% overall wage and salary inflation in 2023 and expects to make around an increase of around 9.5%

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Do employees really need to be concerned about the Lifetime Allowance right now?

Employee Benefits

Therefore, people’s pension savings will likely start catching up with the frozen Allowance. This could particularly affect those who never check the value of their pension or haven’t done so for some time. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it.

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What employees need to know to reduce the impact of the LTA

Employee Benefits

As announced in April’s Budget, the Lifetime Allowance (LTA) will be frozen at its current level of £1,073,100 until April 2026. million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. Assumes growth rate of 5% and excludes charges on the pension plans.

Pension 52
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Top gifts for your staff: 5 suggestions

Employee Benefits

by 2026, a significant rise that shows the demand for this gift option. But an even more important and considerate gift is to enrol them in an award winning workplace pension plan like Penfold’s. Gift vouchers Gift vouchers are universally acknowledged as the most adaptable gift choice, a trend that is set to continue in the future.

Pension 52
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Top 5 reasons to check your payslip

cipHR

For the 2021/22 tax year (and through to 2025/26), the tax code for most people under 65 who only have one job or pension is 1257L. HMRC stores a history of everyone’s National Insurance contributions (NICs), which builds up entitlement to a basic state pension, under their NI number (which is unique to them). Pension payments.

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