Employee Benefits

NOVEMBER 16, 2023

Paul Maynard, Conservative MP for Blackpool North and Cleveleys, has been appointed pensions minister at the Department for Work and Pensions (DWP). The former pensions minister, Laura Trott, has been promoted to the role of chief secretary to the treasury.

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Employee Benefits

NOVEMBER 24, 2023

In his Autumn Statement on Wednesday (23 November), Chancellor of the Exchequer, Jeremy Hunt, announced plans to introduce the concept of employees having a single pension pot for life. Should this come to fruition, the move would mark a significant departure from the traditional model for workplace defined contribution (DC) pensions.

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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

NOVEMBER 13, 2023

Deutsche Bank has completed a £500 million buy-in for its UK pension scheme , its first to include deferred members. This takes the scheme’s total buy-ins to £1,500 million, including a £570 million buy-in between Legal and General and Deutsche Bank pension scheme in February 2021.

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

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Employee Benefits

JULY 18, 2023

Workplace pension provider Smart Pension has acquired workplace pension services Evolve Pensions, owner of master trust the Crystal Trust. Paul Bannister, chief executive officer at Evolve Pensions, added: “At Evolve, we have always put people at the centre of everything we do.

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Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news. Independent sources of support Employees may well feel less self-conscious asking an independent person about their pension.

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Employee Benefits

APRIL 14, 2023

The Pensions Regulator (TPR) has assessed and authorised the UK’s first collective defined contribution (CDC) pension scheme. The Royal Mail Collective Pension Plan (RMCPP) was the first to be added to the newly published list of authorised CDC pensions on TPR’s website.

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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

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. It decided to become an accredited living pension employer to provide greater financial security for its 5,000 employees.

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

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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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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

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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Employee Benefits

OCTOBER 25, 2023

Credit: Tony Baggett / Shutterstock.com British Red Cross has completed a £30 million buy-out deal for its pension fund and the British Red Cross Society’s Scottish branch retirement benefits scheme. The post British Red Cross completes £30 million pensions buy-out appeared first on Employee Benefits.

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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

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

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. Organisations should engage employees in their future finances by introducing schemes to improve financial literacy and provide better pensions information.

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Employee Benefits

JANUARY 18, 2023

One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly. In order to minimise jargon surrounding pensions, communication strategies should be easy to understand, inspiring, engaging and informing.

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Employee Benefits

SEPTEMBER 6, 2023

BBC v Christina Burns concerns the ability of employers to amend their old-fashioned and prohibitively expensive defined benefit pension schemes to make cost-saving changes. Pension schemes can be amended in the ways that their amendment power says is possible, but not otherwise. The court said the BBC could not do this.

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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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Employee Benefits

SEPTEMBER 1, 2023

The average pension pot of a UK retiree totals less than a quarter (24%) of the recommended amount for a moderate standard of living, according to research by Finder.com. When asked how much money was in their pension pots, 18% of respondents said they do not have a pension at all or have nothing saved.

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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. Pensions dashboards are coming, and will allow individuals to access all their information online and in one place. Who will oversee the dashboards? What do employers need to do?

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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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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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Employee Benefits

APRIL 28, 2023

Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation. Launched last month , the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement.

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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

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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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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Employee Benefits

JULY 26, 2023

Considering a shift in your workplace pension provider? The pension plan you offer should mirror your company’s brand. The heartening truth is that transitioning your pension provider is far less complicated than it appears. This article will guide you on how to switch workplace pension providers, one step at a time.

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Employee Benefits

MARCH 9, 2022

New research has found the gender pension gap between men and women’s contributions is 35% for employees aged between 50 and 54, almost double the gap for 35 to 39 year-olds (18%). There is never a perfect time to increase pension contributions, but a phased approach should help to ease any sudden financial impact on employers and employees.

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Employee Benefits

AUGUST 31, 2023

Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023. Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.

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Employee Benefits

JUNE 8, 2023

The UK government has issued an update on its planned pensions dashboards programme , stating that it needs additional delivery time and its connection deadline will be 31 October 2026. It stated that this will give the programme the flexibility to be completed effectively.

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Employee Benefits

JANUARY 25, 2022

Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme. This is Cushon’s third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market.

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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. Moreover, HR departments, instead of focusing on pivotal HR tasks, find themselves swamped with pension-related queries.

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Employee Benefits

JANUARY 10, 2022

Shareholder returns that feed into UK workers’ pensions “disproportionately benefit a wealthy minority”, according to a report put together by the TUC, think tank Common Wealth and the High Pay Centre. The study found that almost one in three UK shares was held by a UK pension fund in 1990 yet this had declined to 2.4%

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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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