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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Pension Employment Salary Finance 81

Money Talk

OCTOBER 11, 2023

For almost four years, I have been a full-time financial education entrepreneur. First, self-employment income can replace low earnings from a worker’s teens or 20s in Social Security’s 35-year benefit calculation formula. Self-employment provides this in spades as entrepreneurs set their own work hours and days off.

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Employment Deductions Deductible Taxes 209

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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Pension Education Government Taxes 52

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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Pension Taxes Finance Education 59

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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Pension Pension Benefit Taxes Education 105

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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Pension Finance Banking Government 52

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 income is taxable. They can choose to do a combination of these.

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Pension Taxes Government Salary 111

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. It decided to become an accredited living pension employer to provide greater financial security for its 5,000 employees.

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Pension Salary Education Employment 98

Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. An employer should really get to know the audience of employees and meet them where they are. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news.

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Pension Consulting Education Employment 98

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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Pension Finance Education Taxes 98

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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Pension Employment Payroll Government 52

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. This is to highlight the impact of the gender pensions gap and work to avoid it.

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Pension Retirement Plan Education Recruitment 52

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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Pension Insurance Salary Taxes 52

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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Pension Finance Education Professional Services 72

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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Pension Government Retirement Plan Consulting 64

Employee Benefits

AUGUST 31, 2023

Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023. Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.

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Pension Employee Benefits Finance Education 69

Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. This is especially true when an employer matches any additional contributions. They are paying 5% of their salary into a pension via a salary sacrifice arrangement, and their employer is paying 3%.

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Pension Take Home Pay Salary Taxes 64

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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Pension Benefits Package Deductions Deductible 64

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. Address contribution levels.

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Pension Employment Parental Leave Consulting 59

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Therefore a business with a team of 100 could pocket savings of up to £65,000 annually with a strategic pension plan. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

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Pension Salary Taxes Employee Loyalty 59

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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Pension Taxes Banking Retirement Plan 52

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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Pension Entertainment Education Salary 52

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. They are starting to think more about their pensions.”

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Pension Finance Payroll Education 52

Employee Benefits

NOVEMBER 10, 2023

UK employers could be spending up to £15 billion a year on employee benefits that do not resonate with their staff, according to research by Isio and YouGov. Ethnic minorities were more likely to welcome financial education, with pensions education requested by 86% of Asian and 87% of Black respondents.

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Pension Benefits Package Employment Education 64

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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Pension Construction Education Employment 59

Employee Benefits

APRIL 22, 2024

Employers should ask employees about their financial pressures to understand how to support them. In order to combat this, how can employers help manage employees’ financial pressures ? Employers can create a safe space for employees to discuss their concerns with HR or designated support staff,” he says.

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Employment Taxes Finance Net Pay 59

Employee Benefits

FEBRUARY 14, 2022

Teachers at all 23 schools that are part of the Girls’ Day School Trust (GDST) have gone on strike in a dispute over proposed changes to their pensions. NASUWT’s Mark Burns said: “They do not know how long that money may last for , it’s entirely up to the stock market instead of the old teacher’s pension.

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Pension Education Employee Benefits Employment 59

Employee Benefits

JULY 31, 2023

But your organisation might be doing just that because the set-up of your workplace pension scheme has kept you blissfully unaware. Pension contributions by employers are great in principle, fostering stability and long-term economic wellbeing for employees. After all, your workplace pension is your most costly perk.

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Pension Taxes Finance Retirement Plan 52

Money Talk

NOVEMBER 9, 2023

traveling, volunteering, and working) between high school and post-secondary education or college graduation and graduate school. Pension Payment Sequencing - Taxpayers fortunate to have a pension may want to delay their work exit date/pension start date to do Roth conversions or realize capital gains on taxable accounts before RMDs begin.

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Pension Taxes Deductions Deductible 185

Employee Benefits

JULY 7, 2023

A financial dilemma that many people consider is whether to prioritise reducing their mortgage debt or whether to increase the amount they pay into their workplace pension. Generally, if the investment growth you are likely to get is more than the interest rate on your mortgage, then it might be a better idea to pay into your pension.

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Pension Taxes Finance Education 52

Employee Benefits

APRIL 26, 2023

Here are five top tips to help employers do just that. But the REBA research shows that while over half (52%) of employers offer financial wellbeing benefits/services, they are not joined up in a strategy. Further, just 20% of larger businesses have a mature or well-developed financial wellbeing strategy.

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Employment Pension Education Finance 95

Money Talk

FEBRUARY 1, 2024

Education Matters- One study found that 88% of millionaires graduated from college and 52% have a master’s, doctoral, or professional degree. One reason is that average salaries rise with higher levels of education. In addition, people tend to marry spouses with similar characteristics.

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401(k) Finance Pension Commissions 182

Employee Benefits

JANUARY 24, 2024

And, while most people are happy to watch the roller coaster ride from the sidelines, employers are beginning to consider crypto as part of their pay strategies. Glenn Cameron, investment consultant at actuarial and pension specialists Cartwright, believes one of the currencies, Bitcoin, will become mainstream. It is still very niche.

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Global Payroll Employment Taxes Pension 105

Employee Benefits

JULY 6, 2023

You’ve got a company pension scheme in place, so what would prompt you to change it? Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Is your existing pension provider maximizing your savings?

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Pension Salary IT Take Home Pay 52

Employee Benefits

MARCH 13, 2022

Getting employees to think about their retirement savings can be tricky, and employers may struggle to make pensions exciting but there are ways to get employee’s attention. Workplace pensions have the potential to be real drivers of positive change in the environmental, social, and governance (ESG) space.

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Pension Education Finance Government 52

Employee Benefits

JANUARY 26, 2022

The Work and Pensions Committee is calling for trials of automatic appointments with the Pension Wise service as part of its new ‘Stronger Nudge’ interventions. For example, we find that about 80% of attendees request a call-back for further guidance or advice following a retirement financial education session.”.

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Pension Pension Benefit Retirement Plan Taxes 52

Employee Benefits

FEBRUARY 5, 2024

Jonathan Watts-Lay, Director, WEALTH at work, answers some key questions on the cost effective options available for employers to support financial wellbeing in the workplace. What options are available to employers to offer staff financial wellbeing support without breaking the budget?

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Pension Education Government Taxes 98