Employee Benefits

NOVEMBER 22, 2023

The government is to consult on expanding the Pension Protection Fund’s (PPF) role to act as a consolidator for defined benefit (DB) pension schemes that are deemed “unattractive to commercial providers” and are not currently served by the market. Any public consolidator must be voluntary and separate.”

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Employee Benefits

NOVEMBER 8, 2022

Prime Minister Rishi Sunak has appointed Laura Trott MBE as minister for pensions, after predecessor Alex Burghart officially held the role for less than one month. Trott was appointed on 27 October, and the Department for Work and Pensions (DWP) made the announcement on 7 November via its official Twitter account.

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Employee Benefits

AUGUST 22, 2023

UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?

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Employee Benefits

NOVEMBER 22, 2023

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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Employee Benefits

SEPTEMBER 20, 2023

Many pension schemes will have missing members to whom benefits are due but cannot be paid as they are not contactable. But what happens if they don’t update their pension scheme? For some schemes, the arrival of pensions dashboards will bring into focus the quality of their data and what to do about missing members.

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Employee Benefits

AUGUST 24, 2023

For employers, setting up an auto-enrolment pension plan for your staff is a must. This guide will delve into the intricacies of auto-enrolment pensions and how to effectively manage them. Understanding Auto Enrolment At its core, auto enrolment means establishing a pension system by the employer for the benefit of their employees.

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Employee Benefits

APRIL 19, 2023

Dismissals may be deemed unfair if employers do not adequately consider these alternatives or fail to consult with employees before making decisions. Employees who are unfairly dismissed might miss out on opportunities to retain their jobs or access training and development programmes that could help them find new roles.

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Employee Benefits

JUNE 12, 2023

The Police Federation of England and Wales (PFEW) has been found to have discriminated against and victimised members who previously made claims against the government after being moved to pension schemes with reduced benefits. The claims against PFEW will return to the tribunal so compensation can be assessed.

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Employee Benefits

DECEMBER 6, 2023

Following its call for evidence on consolidating small pension pots earlier this year, the Department for Work and Pensions (DWP) is launching a further consultation on proposals to introduce a lifetime provider model. Monitoring and enforcement by HMRC and the Pensions Regulator would also become more complex.

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Employee Benefits

FEBRUARY 16, 2022

Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact. Here are some practical tips for employers on how they can reduce the gender pensions gap. Find the root causes of the gap. ” Men should also know more about the issue, adds Bolan.

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Employee Benefits

NOVEMBER 6, 2023

Image Factory/shutterstock_1864249615 Need to know: Employee benefits can play an important role in helping organisations meet their sustainability goals, as well as helping to attract and retain staff. Those working in HR and employee benefits roles are no exception.

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Vantage Circle

SEPTEMBER 23, 2023

In today's tough job market, businesses need to attract and keep the best employees to succeed. In 2023, employee benefits are important for businesses. Welcome to “Employee Benefits Guide for 2023: What Employers Need to Know.” Why Are Employee Benefits Important? " - Sybil F.

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Employee Benefits

NOVEMBER 22, 2023

According to the government, which announced the move in the Autumn Statement, this means the average worker earning £35,400 will receive a tax cut in 2024-25 of more than £450. Clare Moffat, pensions and tax expert at Royal London, said: “Ultimately, NI is another tax to be paid, so any saving is a good one.

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Employee Benefits

AUGUST 9, 2023

Based in Greater Manchester and with 3,000 employees, the university was a runner up in the Best financial wellbeing strategy at this year’s Employee Benefits Awards. These are hosted twice a year by a professional consultancy firm and are free of charge.

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Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. For these firms, it reinforces what they do but can also provide employees with an introduction to the concept. appeared first on Employee Benefits.

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Employee Benefits

APRIL 24, 2024

The new reporting regime for pension schemes to disclose their investment allocations to UK markets is flawed. Ken Scott, head of investment solutions at Royal London, says: “Department for Work and Pensions (DWP) best practice suggests that lifestyling is a key consideration.

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Employee Benefits

SEPTEMBER 4, 2023

Pay scales for consultants will also increase by 6%, resulting in a £93,600 starting basic full-time pay. Along with on-call payments, the average consultant’s NHS earnings will increase to £134,000 a year. Some staff will also benefit from performance pay , overtime, pay progression and pay rises from promotions.

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Employee Benefits

AUGUST 30, 2023

Employees can also participate in bespoke financial wellbeing workshops, featuring guides, webinars and in-person seminars on topics such as pensions and protection, budgeting , saving and investing. The post Thatcham Research introduces financial wellbeing scheme appeared first on Employee Benefits.

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Employee Benefits

NOVEMBER 22, 2023

The government has welcomed next steps towards implementing the Value for Money framework in the defined contribution (DC) pensions market. The Financial Conduct Authority (FCA) will launch a consultation next spring on the next steps of the new Value for Money framework and rules for contract-based DC schemes.

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Employee Benefits

NOVEMBER 6, 2023

Upon her return, she was interviewed for a leadership role in the early years consultant team which she did not get, but was offered a different position. The post Lancashire County Council ordered to pay £800,000 in discrimination case appeared first on Employee Benefits.

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Employee Benefits

APRIL 3, 2024

Piekielniak began to receive pay slips from Rentacar 24/7 from October 2021 and was also enrolled into a pension scheme without consultation or information provided to him. The post Tribunal orders Phoenix Healthcare and Rentacar 24/7 to pay unpaid wages appeared first on Employee Benefits.

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Benefit Resource Inc.

NOVEMBER 29, 2023

The importance of employee benefits should not be underestimated. There are any number of employee benefits you can take advantage of which either contribute to your financial security or provide you more time to enjoy the little things in life. Use paid time (and personal savings) for a relaxing vacation.

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Employee Benefits

DECEMBER 14, 2022

Of those that are considering change, 79% will be enhancing benefits. Diverse workforces and hybrid working are impacting how reward and benefits are now viewed by employees and candidates, says Sarah Jefferys, head of reward consulting at Gallagher. Events impacting pay, financial wellbeing and pensions.

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Employee Benefits

JANUARY 16, 2023

Samantha Gee, director of pay and reward consultancy Verditer Consulting, says: “Although still relatively high compared to previous years, this is significantly below current levels of inflation, meaning a pay decrease in real terms for many. “Due appeared first on Employee Benefits. Pay strategy changes.

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Workplace Insight

MARCH 7, 2024

These include a cut in National Insurance, pension fund reforms, support for working parents, AI, helping people back in to work and more. The Autumn Budget in November 2023 teased us with the “Back to Work” plan to support sick or disabled adults back into work along with a launch of the occupational health consultation.

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Employee Benefits

FEBRUARY 6, 2022

Reward and benefits can be used to demonstrate an organisation’s values, with examples including environmental, social and governance (ESG) default funds on pensions and electric car schemes. As well as meeting expectations, the role of reward and benefits within the employee experience has also grown.

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cipHR

JULY 30, 2020

In February 2020, the Money and Pension Service (MAPS) rolled out a 10-year strategy for financial wellbeing , which identifies workplaces as a key channel through which the UK can become financially healthier. Pensions . The UK government is certainly hoping employers will intervene in this area.

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HR Professionals Magazine

SEPTEMBER 2, 2021

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.

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Vantage Circle

SEPTEMBER 16, 2021

ESOP plan (employee stock ownership plan) is a form of employee compensation that provides employees with an equity stake in the company. It is also referred to as an employee stock option plan (ESOP) or an employee stock purchase plan (ESPP). ESOP plan can be an effective form of an employee incentive.

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Empuls

SEPTEMBER 25, 2023

For example, in 2006, IBM faced lawsuits over its shift from a traditional pension plan to a cash-balance plan, a change that allegedly discriminated against older workers. This case shows the legal complexities surrounding changes to employee benefits.

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HR Digest

FEBRUARY 20, 2020

Some of the reasons are: Around 75% of the employees expect their employees to provide better retirement benefit pension plans. Employers who stay out of giving retirement benefits misses the real talent and suitable candidates. Retirement Benefits: Pros and Cons .

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Business Management Daily

AUGUST 2, 2022

However, they forfeit some of the benefits and protections that come with being an employee. Independent contractors do not receive employee benefits such as health insurance from the business that they are performing work for. When hiring independent contractors, payroll taxes require different end-of-year tax forms.

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Insperity

FEBRUARY 26, 2019

And decent, yet affordable, medical and retirement benefits can be out of reach. When you enter into a co-employment relationship , a PEO takes on many of your employer-related responsibilities such as payroll, benefits, tax remittance and related government filings. How is an employee onboarded? The list goes on.

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