article thumbnail

66% of workers unaware of total pension savings

Employee Benefits

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.

Pension 127
article thumbnail

Half of employers think pots-for-life will increase pensions engagement

Employee Benefits

Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. Employees would also be able to choose their own pension scheme for automatic-enrolment.

Pension 115
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Emily Whitelock: Pots-for-life plan could pose risk to employee pension engagement

Employee Benefits

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.

Pension 119
article thumbnail

Are pensions set for a big retirement return in 2024?

Employee Benefit News

Major employers like IBM and Ikea are touting the benefits of pensions on their employees' financial well-being. Is the industry ready for a comeback?

Pension 120
article thumbnail

Top tips for boosting employees’ pensions knowledge 

Employee Benefits

Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. They could invest in financial coaching for a more personal approach to pensions education.

Pension 111
article thumbnail

Buyer’s guide to group personal pension schemes

Employee Benefits

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 pensions annual allowance has been increased from £40,000 to £60,000.

Pension 111
article thumbnail

What it would really take for a pensions comeback

Employee Benefit News

While the revival of traditional pension plans faces significant hurdles, the exploration of hybrid solutions and innovations in retirement planning could provide a path forward.

Pension 124