Employee Benefits

MARCH 6, 2024

WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National Insurance if they can, to increase their monthly pension contributions. Saving 1% more could boost pension by 25%.

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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. Investments can be made meaningful by using layman’s terms to explain the funds, and what they mean for employees.

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Employee Benefits

MAY 22, 2024

It is generally acknowledged that, despite the success of pensions auto-enrolment , saving the minimum contribution levels will not lead to a comfortable standard of living in retirement. Pensions can also seem too abstract to think about. The complexity of pensions and lack of financial education is another factor, Blake adds.

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Employee Benefits

MAY 16, 2024

Technology firm Siemens and Stockton-on-Tees Borough Council are among the employers shortlisted for Best pensions strategy at the Employee Benefits Awards 2024. A Howden spokesperson said: “We worked really hard with our pensions strategy.

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Employee Benefits

SEPTEMBER 6, 2023

Given cost of living worries and the notion this may be impacting pension savings, WEALTH at work conducted research* with employees to find out their thoughts into what’s happening in reality. It’s therefore more important than ever to ensure employees are engaged with their pensions.

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Employee Benefits

MARCH 27, 2023

What is a group personal pension (GPP)? A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. The pensions annual allowance has been increased from £40,000 to £60,000.

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Employee Benefits

JULY 17, 2023

When law firm Herbert Smith Freehills was approached about taking part in the living pension pilot, it was keen to support what it saw as a vital initiative not just for its own employees, but for society in general. The living pension voluntary savings target is 12% of a worker’s annual salary.

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Employee Benefits

APRIL 22, 2024

According to new research* from WEALTH at work of over 2,000 working adults with a defined contribution workplace pension, nearly half (49%) said they were unaware of what their pension is invested in. This is especially appealing for younger workers, a cohort typically less engaged with their pensions.”

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Employee Benefits

APRIL 23, 2024

The FCA announced that more over 55s are accessing their pensions, and over half are cashing out their pension pots completely. Jonathan Watts-Lay, Director, WEALTH at work – a leading financial wellbeing and retirement specialist comments; “It’s concerning that so many pensions are being cashed out in full.

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Employee Benefits

JUNE 26, 2023

With interest rates on the rise, we often get asked at our financial education sessions, is it best to pay off your mortgage or pay into your pension? He concludes, “Many employers offer financial education in the workplace, to help their staff to understand their finances so they are better prepared to make decisions like these.”

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Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news. Employees will appreciate honesty, he adds. Whatever the change, some universal principles remain true.

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Employee Benefits

AUGUST 29, 2023

Auto Enrolment Pension Staging Date: A Guide for Employers Whether you’re exploring the possibility of establishing a new auto enrolment pension for your company, or if you’ve already got one in operation pension auto enrolment staging dates might puzzle you. Hasn’t pension auto enrolment been an obligation for quite some time?

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Employee Benefits

FEBRUARY 12, 2024

Passionate about financial wellbeing , global recruitment firm Hays provides employees with back-to-basics roadshows and webinars to explain pensions terminology in a more straightforward way in order to combat the gender pensions gap. It has offices in 33 countries and 13,000 employees across the world.

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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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Employee Benefits

MAY 4, 2023

A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis , according to research by Cushon. The majority (84%) of those with a workplace pension agreed that increased financial education around pensions would be helpful.

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Employee Benefits

NOVEMBER 9, 2022

Sight loss charity Royal National Institute of Blind People (RNIB) has provided access to financial education to its employees and others with sight loss. The charity partnered with global financial education benefit provider Nudge, which has made sure that its technology now complies with the web content accessibility guidelines.

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Employee Benefits

FEBRUARY 2, 2024

WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National Insurance if they can, to increase their monthly pension contributions. A person earning £20,000pa will save £148.60

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Employee Benefits

MAY 2, 2024

The government has published statutory guidance setting out the staged timetable by which it expects pension schemes to connect to the Pensions Dashboards. With the launch of the Pensions Dashboards approaching there is potential to develop this into ‘Open Finance’ which is an extension of Open Banking.

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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 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

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HR Digest

MAY 21, 2023

A strong employee benefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Employee benefits have become an essential part of any competitive compensation package. What do you want to achieve with the employee benefit package 2. Payroll taxes 2.

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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

MAY 10, 2023

Fashion brand Stella McCartney and law firm Herbert Smith Freehills are among those employers on the shortlist for Best pensions strategy at the Employee Benefits Awards 2023. The aim was to instil positive savings habits and educate younger employees about employee benefits, long-term savings, and financial resilience.

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Employee Benefits

MAY 29, 2023

Employee benefits are an important aspect of any job, but can be overlooked when thinking about changing roles. Depending on those on offer, benefits can be just as valuable as a pay rise , and in some cases, even more valuable. So what constitutes a good employee benefits package?

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Employee Benefits

FEBRUARY 15, 2024

The Welsh government has partnered with employee benefits provider Vivup for the managed service provision of its employee benefit schemes. It will also offer reward and recognition benefits such as gift cards, vouchers and gift experiences, long-service awards, recognition messages or cards, and lump sums.

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Employee Benefits

MARCH 13, 2023

Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future. In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable. One thing that might feel set in stone is pension contributions.

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Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Retain top talent and save substantially Very few employees stay with the same organisation for their entire careers. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

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Employee Benefits

FEBRUARY 8, 2024

HR, reward and benefits professionals who want to be in with a chance of winning at the Employee Benefits Awards 2024 have just one day left to enter. There are 22 categories available to enter across a wide range of categories, including financial wellbeing , pensions, healthcare, employee engagement and mental health.

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Employee Benefits

APRIL 10, 2023

Pensions are not usually at the forefront of the minds of young employees, yet early engagement with the subject could make accruing sufficient retirement funds much more likely. Digital marketing firm Flaunt Digital provides pensions education and information for its 30-strong workforce whose average age is 30.

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Employee Benefits

FEBRUARY 20, 2023

When it comes to communicating to employees about pension scheme investing , Gary Douglas, finance director of new business agency Ingenuity, is of the firm belief that you must get the basics right first. Accordingly, pensions were not always at the forefront of people’s minds.

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Employee Benefits

JULY 6, 2023

But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. Workplace pension contributions are fantastic as a concept, offering long-term financial stability and nurturing a productive and motivated workforce. Remember, your workplace pension is your priciest benefit.

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Employee Benefits

AUGUST 29, 2023

Whether you’re exploring the possibility of establishing a new auto enrolment pension for your company, or if you’ve already got one in operation pension auto enrolment staging dates might puzzle you. The auto enrolment staging date refers to the deadline by which UK companies must launch their auto enrolment pension plans.

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International Foundation of Employee Benefit Plans

AUGUST 4, 2022

As the global impact of climate change grows, environmental, social and governance (ESG) factors have become a core consideration for pension funds. Read more > The post Protecting Pensions and ESG Risks appeared first on Word on Benefits. ESG issues and concerns can no longer be.

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International Foundation of Employee Benefit Plans

APRIL 16, 2024

My companions were not up for the hike, so I […] The post Educating DC Plan Participants for the Long Hike to Retirement appeared first on Word on Benefits. Many years ago, I visited Grand Canyon National Park with my mom and aunt. It was unseasonably hot, but I wanted to walk down into the canyon on the Bright Angel Trail.

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Employee Benefits

JANUARY 20, 2023

HR, reward and benefits professionals who want their organisation or team to be in with a chance of winning at the Employee Benefits Awards 2023 have just one week left to enter. The post EXCLUSIVE: One week left to enter Employee Benefits Awards 2023 appeared first on Employee Benefits.

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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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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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