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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Pension Government Employee Benefits Taxes 45

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 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 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

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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Pension Taxes Government Payroll 103

Money Talk

JANUARY 4, 2024

Free money does not have any work requirement, however, and is often income tax-free. Common sources are businesses, individuals, and the government. 50% for a fifty cent per employee dollar saved match) and is taxed as ordinary income in retirement. Like inheritances, life insurance is generally not subject to income tax.

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Life Insurance Pension Benefit Retail Taxes 170

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 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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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

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

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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Pension Pension Benefit Government Finance 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.

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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 will work with the government and The Pensions Regulator (TPR) for consistency with the development of legislative requirements across all DC and trust-based schemes.

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

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Pension Government Taxes Employee Benefits 72

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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Pension Employment Taxes Government 52

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Therefore a business with a team of 100 could pocket savings of up to £65,000 annually with a strategic pension plan. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

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Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

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Retirement Plan Pension Taxes Education 64

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

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

NOVEMBER 23, 2023

A number of key announcements were made that will affect pay , pensions and benefits. Autumn Statement: Government announces plans to offer pension pot for life Autumn Statement: State pension to increase by 8.5% appeared first on Employee Benefits.

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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.

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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.

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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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Money Talk

APRIL 12, 2023

Acronyms associated with impact investing include SRI (socially responsible investments) and ESG (environmental, social, and governance). placing savings in taxable, tax-free, and tax-deferred accounts). convert a traditional IRA to a Roth IRA) because the Tax Cuts and Jobs Act was “time-boxed.”

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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.

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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.

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Pension Taxes Finance Retirement Plan 52

Money Talk

MARCH 15, 2023

No Federal Insurance - There is no federal government insurance for annuities as there is for bank products (FDIC) and investment products (SIPC). Three Types- Fixed annuities are like CDs, only tax-deferred, and guarantee a certain interest rate for a specified time period. Best, Duff and Phelps, and Standard and Poor’s).

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401(k) Life Insurance Insurance Taxes 242

Money Talk

DECEMBER 22, 2021

Pension COLAs - Pension benefits for some retirees are also indexed for inflation. An example is pensions for federal government workers and military retirees and disabled veterans. Other pensions have frozen or suspended COLAs for their retirees (e.g., the New Jersey state pension plan).

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401(k) Pension Taxes Deductions 226

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.

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Pension Employment Net Pay Salary 52

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

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401(k) Taxes Pension Deductions 243

Employee Benefits

FEBRUARY 1, 2023

The Department of Work and Pensions (DWP) has launched a public consultation on a policy framework for broadening collective defined contribution (CDC) provision in pension schemes. The post Department of Work and Pensions launches collective defined contribution consultation appeared first on Employee Benefits.

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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

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). Ah, maybe not quite a disappearing act then.

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Pension Pension Benefit Taxes Government 59

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.

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Money Talk

MAY 4, 2023

Inflation-induced price hikes on goods and services are like a regressive sales tax and hurt those with low incomes the most. More Attention to Asset Decumulation - Baby boomers were “guinea pigs” for voluntary self-directed retirement savings accounts and the decline of pensions.

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Education Finance Pension Taxes 244

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.

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Employee Benefits

AUGUST 21, 2023

The workplace pension master trust scheme’s research, which polled around 1,500 DC savers, highlighted that savers are not aware they receive tax relief on their contributions, which is money from the government that they can claim when saving into their pension.

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