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.

Pension 103

Pension Taxes Government Payroll 103

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.

Pension 45

Pension Government Employee Benefits Taxes 45

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.

Pension 59

Pension Pension Benefit Employment Taxes 59

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.

Pension 96

Pension Net Pay Taxes Salary 96

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.”

Pension 52

Pension Education Government Taxes 52

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.”

Pension 59

Pension Taxes Government Employment 59

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.

Pension 59

Pension Consulting Government Taxes 59

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%

Pension 59

Pension Taxes Government Employee Benefits 59

Money Talk

MAY 31, 2023

Tax Planning - Until 12/31/25, taxes are “on sale.” Nobody has a crystal ball, but we know that tax rates will rise starting in 2026 when the Tax Cuts and Jobs Act expires. There are only two ways to reduce taxes: 1. When the government lowers tax rates. Make less income and 2.

Finance 246

Finance Taxes Pension Education 246

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.

Consulting 52

Consulting Government Pension Taxes 52

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.

Pension 59

Pension Pension Benefit Government Taxes 59

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.

Government 59

Government Pension Consulting Employee Benefits 59

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. Approximately 32% want the current tax system to be amended to support long-term saving over the next three-to-five years.

Pension 72

Pension Government Taxes Employee Benefits 72

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.”

Consulting 59

Consulting Government Pension Finance 59

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.

Pension 59

Pension Salary Taxes Employee Loyalty 59

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?

Pension 52

Pension Employment Taxes Government 52

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.

Pension 52

Pension IT Finance Taxes 52

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.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

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.

Pension 98

Pension Government Employment Employee Benefits 98

Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. Then there is the issue of tax relief for low earners.

Pension 72

Pension Net Pay Government Taxes 72

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.

Pension 64

Pension Architecture Government Retirement Plan 64

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.

Pension 52

Pension Taxes Finance Retirement Plan 52

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.

Pension 52

Pension Employment Net Pay Salary 52

HR Digest

MARCH 22, 2023

As France grapples with an aging population and a pension system deficit, the government’s proposal to raise the retirement age and cut pension costs has sparked a wave of protests and strikes across the country. The debate over pension reforms is not new to France. million people.

Pension 52

Pension Government Transportation Finance 52

Employee Benefits

MARCH 4, 2024

The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature , and yet, it only affects a minority of people. On the face of it, its removal has many benefits, including helping certain cohorts of people to fall back in love with pensions (and work). appeared first on Employee Benefits.

Pension 59

Pension Pension Benefit Taxes Government 59

Employee Benefits

AUGUST 21, 2023

Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions. Philip Smith, DC director at TPT Retirement Solutions, said: “DC pensions put responsibility for a member’s financial future firmly in their own hands.

Pension 97

Pension Retirement Plan Government Taxes 97

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. In May 2020, PFEW launched its own action against the government on the same basis.

Pension 59

Pension Government Consulting Construction 59

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?

Family and Medical Leave Act 59

Family and Medical Leave Act Employee Benefits 401(k) Employment 59

Employee Benefits

APRIL 13, 2023

The Department for Work and Pensions (DWP) has launched a government review designed to investigate boosting employment prospects for autistic people. “We are delighted to support the government on this vital review which will enable us to move from awareness to evidence-based action.

Government 59

Government Employment Pension Employee Benefits 59

Empuls

SEPTEMBER 28, 2023

Employee benefits in the UK aren't just a nice-to-have; they're a strategic tool in the modern business arsenal. Employee benefits in the UK have emerged as the silent game-changer, influencing recruitment, retention, and overall workplace satisfaction.

Employee Benefits 40

Employee Benefits Pension Benefits Package Mandatory Benefits 40

Employee Benefits

FEBRUARY 5, 2024

These sessions can cover a range of topics to support employees such as how to make the most of workplace benefits, understanding their payslips, understanding tax, saving for a rainy day, or retirement. Could employees in effect give themselves a ‘pay rise’ by using their benefits smarter?

Pension 98

Pension Education Government Taxes 98

Employee Benefits

NOVEMBER 22, 2023

Currently, employees pay 12% NICs on earnings above £12,570, and 2% on earnings above £50,270. From next year, employees will pay 10% and 2% respectively. 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.

Insurance 59

Insurance Pension Taxes Salary 59

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.

Pension 59

Pension Employment Government Banking 59

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.

Pension 105

Pension Transportation Consulting Government 105

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. Perhaps decisive policy action is needed to address the pension gender divide.

Pension 59

Pension Employment Parental Leave Consulting 59

Employee Benefits

MARCH 17, 2023

The top 10 most-read articles on www.employeebenefits.co.uk The top 10 most-read articles on www.employeebenefits.co.uk

Parental Leave 98

Parental Leave Pension Bonuses Government 98

Employee Benefits

MARCH 17, 2023

The Budget contained myriad measures impacting the reward and benefits industry, most notably around pensions, childcare, and both mental and occupational health. The abolition of the lifetime allowance was intended to encourage employees who had reached this limit to remain in, or return to, work.

Pension 59

Pension Taxes Government Payroll 59