Employee Benefits

MAY 29, 2024

Commercial property investment firm Telereal Trillium, now known as TT Group, has completed a £130 million bulk purchase annuity full scheme buy-in for its pension plan. The members will not see any changes in their benefit entitlement as a result of the transaction. The plan is sponsored by Telereal Services.

Pension 59

Pension Disability Insurance Bonuses Insurance 59

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. Shiels adds: “Our programme helps employees to manage their finances better to build their financial resilience so that they don’t need to access their pension earlier than planned.

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Employee Benefits

MAY 23, 2024

Nearly one-quarter (23%) of UK employees are unsure of the size of pension pot they require to achieve their desired retirement income, according to research by online pension provider PensionBee. A good pension pot is one that can provide enough money for the duration of retirement.

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Pension Retirement Plan Employee Benefits Management 59

Employee Benefits

NOVEMBER 27, 2023

Last week, Employee Benefits reported that Chancellor of the Exchequer Jeremy Hunt announced plans to offer a pension pot for life in the Autumn Statement 2023. In light of this, do you think the pension pot-for-life plan will help employees to manage their pension?

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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 Electronics Manufacturing Consulting 59

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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Pension Employment Salary Retirement Plan 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. What are the origins of GPPs? What are the costs involved?

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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. 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

JULY 18, 2023

Workplace pension provider Smart Pension has acquired workplace pension services Evolve Pensions, owner of master trust the Crystal Trust. Following the acquisition of Evolve, Smart Pension’s assets under management are now £4 billion.

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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

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

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

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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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

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

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

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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Pension Retirement Plan Education Recruitment 52

Employee Benefits

JULY 11, 2023

Implementing flexible work practices offers several benefits, from boosting productivity to giving you a competitive edge in hiring. Workplace Pension A substantial pension plan with generous employer contributions represents one of the most valuable employee perks, ensuring a secure future in an employee’s retirement years.

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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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Pension Finance Salary Government 98

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

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.

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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 26, 2023

Considering a shift in your workplace pension provider? That’s a bold step towards ensuring your most expensive employee benefit is truly rewarding. The pension plan you offer should mirror your company’s brand. The array of benefits notwithstanding, it’s common to question: is the change worthwhile?

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Pension Finance Salary Employee Benefits 52

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. The post 82% of young staff want to save for pensions before turning 22 appeared first on Employee Benefits.

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Pension Government Salary Employee Benefits 121

Employee Benefits

NOVEMBER 28, 2023

Askews and Holt Library Services has completed an £11 million pensions buy-in deal. The transaction with Legal and General, which was made possible by a discretionary one-off contribution from the employer, covers 64 pensioners and 22 deferred members. The scheme will now proceed to a full buy-in and wind up.

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Pension Consulting Insurance Employee Benefits 59

Employee Benefits

JANUARY 22, 2024

To meet Gen Z’s needs, your organisation must promote the importance of a work-life balance from the beginning of the employee journey. Pensions and Future Planning Contrary to stereotypes, Gen Z actually places significant importance on pension benefits for future planning.

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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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Pension Finance Banking Government 52

Employee Benefits

OCTOBER 17, 2023

Pension consulting and administration business XPS Pensions Group has been awarded menopause-friendly accreditation ahead of World Menopause Day (18 October). Ben Bramhall, co-chief executive officer at XPS Pensions Group, said: “We are delighted to have achieved accreditation as a menopause friendly employer.

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Pension Employment Retail Bonuses 59

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 20, 2023

Many pension schemes will have missing members to whom benefits are due but cannot be paid as they are not contactable. But what happens if they don’t update their pension scheme? For some schemes, the arrival of pensions dashboards will bring into focus the quality of their data and what to do about missing members.

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Employee Benefits

SEPTEMBER 18, 2023

Workplace pensions, as traditionally perceived, leave much to be desired. The team at Penfold believes that the current workplace pensions system isn’t just a challenge for employees, but also for employers. These questions ideally should be directed to the pension providers.

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Employee Benefits

SEPTEMBER 6, 2023

For employers, determining the contributions to a workplace pension scheme depends on the pensionable earnings of their employees. This article will explain the different methods for calculating pensionable earnings and how these methods affect pension contributions and tax efficiency. Employee contribution (inc.

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Pension Employment Bonuses Net Pay 52

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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Pension Salary Taxes Employee Loyalty 59

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

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

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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