Employee Benefits

JANUARY 17, 2024

While automatic-enrolment has resulted in more individuals saving for retirement, it has created a separate issue that the Department for Work and Pensions (DWP) describes as ‘the proliferation of small pots’: the creation of multiple deferred pension pots , often low in value, when employees change employer.

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Pension Payroll System Consulting Payroll 119

Employee Benefits

APRIL 18, 2024

Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House. The results found that trust in the pensions industry rose to 5.26 Only 22% said they do not have any or much trust in the pensions industry. in 2022, 4.63

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Pension Retirement Plan Employee Benefits IT 69

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. When made into a pension contribution it is worth £206.39

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Employee Benefits

NOVEMBER 15, 2023

For the last 11 years, BT has rolled out a programme of financial education for its employees to help them plan for retirement. Typically, on a rating scale of one to five, with five being the highest, employees reported that their knowledge improved from 2.7 before financial education, to 4.1 following it,” says Shiels.

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Employee Benefits

MAY 8, 2024

The Chancellor announced powers that would be given to both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) in legislation slated for as early as 2027, enabling them to enforce the value for money regime. The Chancellor also announced two policy intentions for pensions in the future, with specifics to follow.

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Pension Government Consulting Employee Benefits 59

Employee Benefits

DECEMBER 1, 2023

Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man. Critical illness cover was seen as more important than death-in-service benefits across all markets.

Pension 113

Pension Salary Finance Medical 113

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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Pension Insurance Consulting Government 105

Employee Benefits

APRIL 9, 2024

Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme. The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members.

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Pension Manufacturing Electronics Consulting 59

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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Pension Government Consulting Insurance 59

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

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 rest will be taxed. The income is taxable. What are the origins of GPPs?

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Pension Taxes Government Salary 111

Employee Benefits

MARCH 26, 2024

Ride-hailing operator Bolt is to launch a pension scheme for its 65,000 UK registered private hire vehicle drivers from 1 May 2024. Through the scheme, which is provided by Aviva, drivers will be able to contribute 5% of their fees from every completed trip into their pension pot, to which Bolt will add a further 3% contribution.

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Pension Employee Benefits Employment Management 59

Employee Benefits

APRIL 17, 2024

Pension salary sacrifice schemes are not a new concept, but one that all employers should consider, especially at a time where the tax burden on both employers and employees is high. For every £100 the employee agrees to sacrifice, the employer will see a £13.80 appeared first on Employee Benefits.

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Pension Salary Taxes Insurance 59

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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Benefits Package 401(k) Employee Benefits Disability Insurance 105

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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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. In many situations, it is good news for employees. Employees will appreciate honesty, he adds. Avoid legalese; be honest, clear and concise.

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Pension Consulting Education Employment 98

Employee Benefits

JANUARY 31, 2024

Pensions law firm Sacker and Partners has become a living pension employer. Sackers joins other employers which have received living pension accreditation, including Aviva, Wealthify, Phoenix Group, Herbert Smith Freehills and SSE.

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Pension Employment Salary Medical 59

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

FEBRUARY 21, 2024

The UK’s private sector defined benefit (DB) pension landscape is generally described as in its endgame. There has been a fall in the number of open DB pension schemes as a result of economic, social and regulatory changes. The vast majority of employers offer a defined contribution (DC) pension to eligible employees.

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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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Pension Retail Government Insurance 59

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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Pension Consulting Government Employee Benefits 59

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

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

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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Pension Employment Payroll Government 96

Employee Benefits

AUGUST 14, 2023

When Ford Motor Company moved to a master trust in April 2022, explaining the changes to people at pensions roadshows was a priority. Oliver Payne, international pensions and data analytics manager at Ford and founder of the Reinventing Pensions event, explains: “The reason for that is you get people’s focused attention.

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Pension Employee Benefits Management Employment 98

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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Pension Net Pay Taxes Salary 96

Employee Benefits

JANUARY 18, 2023

Global technology organisation Siemens, which employs approximately 7,000 employes in the UK, believes it is important for its younger employees to understand that pension saving is most effective when they start early on. “We also use our internal social platform Yammer to promote pension messages within Siemens.”

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Pension Electronics Benefits Package Technology 105

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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Pension IT Finance Taxes 52

Employee Benefits

FEBRUARY 4, 2022

Of 500 people surveyed by online pension provider PensionBee, 66% said they were unaware of the total value of their pension pots. While customers under the age of 40 have on average of just £11,200 saved for retirement, they have also already typically brought together two pension pots.

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Pension Employee Benefits Management IT 127

Employee Benefits

NOVEMBER 10, 2023

Credit: Alasdair Jones / Shutterstock.com Scottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security. The living pension savings target is 12% of a full-time employee earning a living wage salary , of which the employer pays in at least 7%.

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Pension Employment Healthcare Salary 59

Employee Benefits

AUGUST 2, 2023

Telecommunications firm BT’s pension scheme has entered into a longevity reinsurance arrangement with Reinsurance Group of America (RGA), which covers £5 billion of pensioner liabilities. The new arrangement follows the £16 billion of liabilities covered by a similar deal that the BT Pension Scheme entered into in 2014.

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Employee Benefits

JULY 11, 2023

With a private healthcare plan, employees have access to top-tier healthcare services for a wide variety of conditions, including mental health and physical illnesses. Group health insurance packages typically range between £250 and £1,000 per employee per annum. The remaining amount is covered by employees from their post-tax salary.

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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

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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Pension Pension Benefit Employment Taxes 59

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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Pension Finance Salary Government 98

Employee Benefits

MARCH 9, 2022

New research has found the gender pension gap between men and women’s contributions is 35% for employees aged between 50 and 54, almost double the gap for 35 to 39 year-olds (18%). Due to auto-enrolment (AE) thresholds, an employee earning £30,000 who opts to reduce their hours by 40% would see their pay reduce by 40%.

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Employee Benefits

JANUARY 25, 2022

Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme. This is Cushon’s third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market.

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