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. In turn, many employers can share their NIC savings, either in full or in part with employees in the form of additional pension contributions.

Pension 59

Pension Salary Taxes Insurance 59

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. No one should be pushed out of the workforce for tax reasons.”

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Pension Taxes Government Bonuses 64

Employee Benefits

OCTOBER 23, 2023

lost pension pots in the UK, worth around £26.6 billion WEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidate The total value of lost pension pots has grown from £19.4 million lost pension pots sitting unclaimed because they’ve been simply lost or forgotten about.

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Pension Electronics Finance Government 105

Employee Benefits

NOVEMBER 15, 2023

So far, it has been delivered to approximately 80,000 of its UK employees. Kerry Shiels, pension and benefits director at BT, says: “It is very important that employees understand their BT pension and the retirement decisions they will need to make in the lead up to, and at, retirement. before financial education, to 4.1

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Pension Education Retirement Plan Finance 116

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.

Pension 59

Pension Taxes Finance Education 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.

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Pension Net Pay Taxes Salary 96

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

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

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

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 16, 2023

It included a number of key announcements that could impact employees’ pay , pensions and benefits. Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget speech in the House of Commons on Wednesday 15 March. appeared first on Employee Benefits.

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Pension Taxes Government Payroll 103

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

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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401(k) Taxes Retirement Plan Pension 182

Employee Benefits

JUNE 26, 2023

With interest rates on the rise, we often get asked at our financial education sessions, is it best to pay off your mortgage or pay into your pension? The post Paying off a mortgage or paying into a pension? However, there are often limits on the amount you can overpay without paying a penalty, so make sure you check this first.

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Pension Finance Education Taxes 98

Employee Benefits

FEBRUARY 2, 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 £212.29

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Pension Insurance Salary Taxes 52

Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

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Pension Take Home Pay Salary Taxes 64

Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

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Pension Taxes Banking Retirement Plan 52

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

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

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. a week, resulting in pensioners receiving around £900 more a year.

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Pension Taxes Government Employee Benefits 59

Money Talk

NOVEMBER 9, 2023

when there are no more early withdrawal penalties on money removed from tax-deferred accounts) and the start of required minimum distributions (RMDs). Many people are in a lower marginal tax bracket during their gap years (especially after leaving a primary career) than they will be later when RMD withdrawals must begin.

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Pension Taxes Deductions Deductible 187

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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Pension Salary Taxes Employee Loyalty 59

Employee Benefits

JULY 6, 2023

You’ve got a company pension scheme in place, so what would prompt you to change it? Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Is your existing pension provider maximizing your savings?

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Pension Salary IT Take Home Pay 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.

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Pension Pension Benefit Government Taxes 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?

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Pension Employment Taxes Government 52

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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Finance Taxes Pension Education 246

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

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

Employee Benefits

JULY 31, 2023

billion pension to cut future benefits for plan members but can make other changes without employees’ consent. The case explored the treatment of future service benefits under the BBC pension scheme, which provides retirement benefits on a defined benefit (DB) basis for BBC employees who joined before 1 December 2010.

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Pension Salary Employee Benefits Employment 98

McDermott Will & Emery Employee Benefits

DECEMBER 9, 2021

The post New IRS Guidance for Tax-Qualified Pension Plans with Rehired Retirees Due to COVID-19 appeared first on EMPLOYEE BENEFITS BLOG. The Internal Revenue Service (IRS) recently updated its guidance for retiree distributions under a defined benefit plan.

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Pension Taxes Employee Benefits Retirement Plan 73

Employee Benefits

NOVEMBER 25, 2022

Huddersfield-based children’s Hospice charity Forget Me Not has launched a salary sacrifice pension arrangement in order to look after the financial wellbeing of its 140 employees. This is then paid into their pension account before national insurance and tax is taken from their salary.

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Pension Salary Taxes Finance 59

Money Talk

SEPTEMBER 28, 2023

It should include essential living expenses, discretionary living expenses, and guaranteed sources of income such as Social Security, an annuity, or a pension. They must cope with issues such as lower trigger amounts for taxes on Social Security and Medicare and reduced guaranteed income.

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Pension Pension Benefit Insurance Taxes 190

Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

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Employment Deductions Deductible Taxes 211

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

APRIL 10, 2023

Pensions are not usually at the forefront of the minds of young employees, yet early engagement with the subject could make accruing sufficient retirement funds much more likely. Digital marketing firm Flaunt Digital provides pensions education and information for its 30-strong workforce whose average age is 30.

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Retirement Plan Pension Taxes Education 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.

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Pension Employment Net Pay Salary 52

Money Talk

JANUARY 4, 2024

Free money does not have any work requirement, however, and is often income tax-free. 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. If they didn’t discover their tax error, they would not have it.

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Life Insurance Pension Benefit Retail Taxes 173