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

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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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. The parties involved include a sponsoring employer, a scheme trustee, advisers to the trustees and the insurer. With this in mind, what is a pensions buy-in and how is it conducted?

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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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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.

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Employee Benefits

JANUARY 17, 2024

Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. Opinions differ. “I

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Employee Benefits

JUNE 5, 2024

The abolition of the lifetime allowance (LTA) in April came with implications that employers will want to be aware of. The LTA is woven throughout pensions tax rules and so it is a complex process with opportunities to drop balls as a consequence. As is often the case in pensions, communication is key.

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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?

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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

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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Employee Benefits

MARCH 7, 2023

The UK government has appointed Helen Tomlinson to be its first menopause employment champion , as part of a call for more employers to develop dedicated menopause policies. The post Government names first menopause employment champion appeared first on Employee Benefits.

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Employee Benefits

FEBRUARY 22, 2024

The Department for Work and Pensions has launched a taskforce to improve occupational health provision. We will encourage employers to embrace practices that prevent or reduce ill-health related job loss. “We Jo Churchill MP, minister for employment, added: “Millions of working days are lost each year through sickness.

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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. Since its inception in 2012, it became mandatory for qualified employees to be part of a workplace pension. Their income.

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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

APRIL 13, 2023

The Department for Work and Pensions (DWP) has launched a government review designed to investigate boosting employment prospects for autistic people. The Buckland Review of Autism Employment was created with support from charity organisation Autistica, and aims to address low employment among autistic people.

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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

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

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 use this additional time to make sure they have their data up-to-date, in order and correct. What do employers need to do? Who will oversee the dashboards?

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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. It also acknowledges that it could do more to enforce employer compliance with AE obligations. Eligibility. Engagement.

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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 7, 2024

appeared first on Employee Benefits.

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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

DECEMBER 13, 2021

Need to know: Workplace pension regulators are looking at how value for money can be clarified in defined contribution (DC) pension schemes. Ultimately the employer is one of the greatest contributors to delivering value for money from a DC workplace pension. A qualified success. A complex conundrum.

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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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Workplace Insight

MARCH 28, 2024

A parliamentary committee of MPs has called for a ‘long-overdue’ boost to statutory sick pay (SSP), emphasising the need to strike a delicate balance between workers’ wellbeing and employers’ financial constraints. In response to the committee’s findings, the government has pledged a 6.7 In 2022, 185.6

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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. The proposals include introducing a national health at work standard for all employers to provide a baseline for quality occupational health provision.

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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 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

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. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

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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% percentage point from 2021, while its median gender pay gap for 2022 is 0.

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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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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.

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Employee Benefits

SEPTEMBER 4, 2023

When hiring employees, it’s crucial to fulfil your legal responsibilities concerning your workplace pension. For UK employers, this involves completing a declaration of compliance for The Pensions Regulator. This guide will explain how to complete your declaration of compliance and the implications of missing the deadline.

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Employee Benefits

JUNE 3, 2024

Employers can direct them to support from providers, send out newsmails or facilitate access to qualified financial advisers. It is important for employers not to be seen to be pushing people towards retirement or offering financial advice themselves. One option here could be an uncrystallised funds pension lump sum (UFPLS), he adds.

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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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