Employee Benefits

APRIL 3, 2024

Credit: MAHATHIR MOHD YASIN / Shutterstock.com Global battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan. Buck acted as the employee benefit consultant, legal advice for the trustee was provided by Hogan Lovells, and Just Group used in-house legal support.

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Employee Benefits

JULY 11, 2023

Nine of the UK’s largest defined contribution (DC) pension providers have come to an agreement with the government to improve pension schemes. This could unlock up to £75 billion of additional investment from DC and local government pensions.

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Employee Benefits

OCTOBER 23, 2023

lost pension pots in the UK, worth around £26.6 billion WEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidate The total value of lost pension pots has grown from £19.4 find-pension-contact-details). find-pension-contact-details). billion in 2022.

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Employee Benefits

OCTOBER 16, 2023

A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks. With this in mind, what is a pensions buy-in and how is it conducted? If an investment strategy underperforms, it may not generate sufficient returns to pay pensions in the future.

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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

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

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

MARCH 6, 2024

Spring Budget 2024: Jeremy Hunt, Chancellor of the Exchequer, has announced plans to bring forward requirements for defined contribution (DC) schemes and local government pension schemes (LGPS) to publicly disclose the breakdown of their asset allocation in UK equities. Requirements for LGPS will be introduced in April 2024.

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Employee Benefits

FEBRUARY 23, 2024

Retailer Spar UK has completed an £11 million buy-in transaction for its UK pension fund. The transaction was carried out by Just Group in order to provide a better outcome for members through greater security of their benefits. Before approaching the market, the trustees worked to equalise guaranteed minimum pensions within the fund.

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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 22, 2024

The Department for Work and Pensions has launched a taskforce to improve occupational health provision. The framework, which is expected this summer, will form part of the government’s drive to tackle in-work sicknesses, and reduce inactivity levels and waiting list times.

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Employee Benefits

NOVEMBER 16, 2023

Paul Maynard, Conservative MP for Blackpool North and Cleveleys, has been appointed pensions minister at the Department for Work and Pensions (DWP). The former pensions minister, Laura Trott, has been promoted to the role of chief secretary to the treasury.

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Employee Benefits

MARCH 16, 2023

It included a number of key announcements that could impact employees’ pay , pensions and benefits. 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 FCA’s requirements around comparisons will consider the latest evidence on the different potential benefits of scale.

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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

MARCH 4, 2024

Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.

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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. Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford. Enter the living pension initiative.

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Employee Benefits

JULY 25, 2023

Transitioning to a superior provider is no longer a hassle: If you’re contemplating changing your current workplace pension scheme, the process isn’t as challenging as you might think. Many pension companies (we’re one of them!) What is a workplace pension? are prepared to assist you with the heavy lifting.

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Employee Benefits

JULY 24, 2023

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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Employee Benefits

MARCH 7, 2022

New research has revealed that 82% of young employees aged between 18 and 22 believe that individuals in employment should start saving for their pensions and retirement before the current default age of 22. There is much that the government could do to ensure that young people are sufficiently incentivised.

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Employee Benefits

NOVEMBER 15, 2022

In its blog published 4 November, AE has come a long way, but we all have further to go, the Pensions Regulator (TPR) recognises the successes of automatic-enrolment in encouraging retirement saving. While guidance from MoneyHelper is useful, the process of reconnecting lost pensions remains administratively cumbersome for individuals.

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Employee Benefits

APRIL 26, 2023

Need to know: The Department for Work and Pensions announced a delay to the delivery of the pensions dashboard programme in March 2023. Employers should also consider their communications and resources; once the dashboard project is live, they should expect questions and queries from employees. Who will oversee the dashboards?

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Employee Benefits

MARCH 2, 2023

The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation. DWP and the Money and Pensions Service [MAPS] remain committed to dashboards.

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Employee Benefits

SEPTEMBER 20, 2023

The Pensions (Extension of Automatic Enrolment) (No. The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme lowered from 22 to 18. 2) Bill has received Royal Assent.

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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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Employee Benefits

NOVEMBER 22, 2023

The state pension will increase by 8.5% Jeremy Hunt, Chancellor of the Exchequer, announced the rise in the Autumn Statement, with the increase based on average earnings data published in September and in line with the government’s triple lock policy on pension changes. The post Autumn Statement: State pension to increase by 8.5%

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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

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

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. The government department’s mean gender pay gap , increased by a 1.7 The post Department of Work and Pensions reports 5.9% mean gender pay gap appeared first on Employee Benefits.

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Employee Benefits

JULY 21, 2023

The Department for Work and Pensions and Department of Health and Social Care have published a consultation on ways to increase take up of occupational health provision. This will feature guidance, an option to pursue accreditation, and additional government support services, such as outreach workers to support SMEs to meet the standards.

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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

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

JANUARY 28, 2022

Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed. Meanwhile, a host of other industry-defining issues, from auto-enrolment to pensions tax reform, remain high on the industry’s to-do list,” he said.

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Employee Benefits

SEPTEMBER 18, 2023

Workplace pensions, as traditionally perceived, leave much to be desired. While the idea of auto-enrolment stands tall as a commendable government initiative, ensuring a comfortable life for retirees’ post-employment, its execution seems to be falling short. These questions ideally should be directed to the pension providers.

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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

AUGUST 7, 2023

Helen Tomlinson, head of talent UK and Ireland at The Adecco Group and government menopause employment champion, will delievr a session on women’s health at Employee Benefits Live 2023. Employee Benefits Live 2023 will take place on Tuesday 3 and Wednesday 4 October 2023 at ExCeL London.

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Employee Benefits

MARCH 15, 2023

Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS. ” He added: “The issue goes wider than doctors.

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