Employee Benefits

JULY 22, 2024

Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. How pension pots for savers in DC schemes could be boosted by more than £11,000, will also be explored. There is no time to waste.

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Employee Benefits

DECEMBER 12, 2023

Employee Benefits poll: Just one-third (33%) of organisations think the pension pot for life plans announced in November’s Autumn Statement by Chancellor Jeremy Hunt will help employees to manage their pension, according to a survey of Employee Benefits readers.

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International Foundation of Employee Benefit Plans

JULY 15, 2024

Income Tax Act (ITA) […] The post Cross-Country Pensions Update appeared first on Word on Benefits.

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Employee Benefits

APRIL 24, 2024

Increasing minimum pension contributions under auto-enrolment from 8% to 12% could result in additional contributions of £10 billion a year in the UK, according to research by Phoenix Group and WPI Economics. The post Increasing minimum pension contributions to 12% could boost savings by £95,530 appeared first on Employee Benefits.

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Employee Benefits

NOVEMBER 15, 2023

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.

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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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Employee Benefits

APRIL 25, 2024

Just over one-third of pension savers (35%) feel confident to make decisions such as choosing how to access their pension when they reach retirement age, according to research by workplace pension scheme provider TPT Retirement Solutions.

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Employee Benefits

JULY 2, 2024

Aviation services firm Menzies has completed a £260 million pensions buy-in for its Menzies Pension Fund. The transaction secures the benefits of more than 3,000 members, including almost 1,400 pensioners and 1,650 deferred members. Law firm LCP was the lead pension risk transfer adviser.

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Employee Benefits

FEBRUARY 20, 2024

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.

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Employee Benefits

FEBRUARY 12, 2024

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. The Pensions (Extension of Automatic-Enrolment) (No.

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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. With this in mind, what is a pensions buy-in and how is it conducted? If an investment strategy underperforms, it may not generate sufficient returns to pay pensions in the future.

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Employee Benefits

JANUARY 17, 2024

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.

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Employee Benefits

MAY 22, 2024

ICI has completed a £900 million pensions buy-in deal. This is the 12th pensions-related transaction for the fund after entering into an umbrella agreement with Legal and General in 2014. We look forward to continuing to work closely with the fund to secure its members’ pension liabilities.”

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Employee Benefits

JULY 8, 2024

Unported Deed, resized Liz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week. For defined benefit (DB) schemes, the most immediate request will be sight of the Pensions Regulator’s new DB funding code.

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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.

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Employee Benefits

MARCH 6, 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 £206.39

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Employee Benefits

MAY 20, 2024

Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation. Luke Streeting, chief executive of Novus Health, said: “Our commitment to provide the living pension to our employees is a very important step to ensure all our staff can look forward to a decent standard of living in retirement.

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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

MAY 22, 2024

Scottish energy multinational SSE was one of the first employers to become accredited by the living pension scheme in 2023. The Living Pension savings target is 12% of a full-time living Wage worker’s salary, of which the employer pays at least 7%. One reason behind high contribution levels is SSE’s communications strategy.

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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 Benefit News

FEBRUARY 5, 2024

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?

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Employee Benefits

APRIL 24, 2024

Credit: JHVEPhoto / Shutterstock.com Printer and image product manufacturer Lexmark has completed a £46 million pension buy-in for its UK division’s pension scheme. The post Lexmark completes £46 million pension buy-in appeared first on Employee Benefits. The transaction completed in March.

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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

APRIL 18, 2024

Public trust in the pensions industry has increased for the fourth consecutive year, according to research by third-party pensions administrator Trafalgar House. The results found that trust in the pensions industry rose to 5.26 Only 22% said they do not have any or much trust in the pensions industry. in 2022, 4.63

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Employee Benefits

MARCH 7, 2024

Image credit: photocosmos1 / Shutterstock.com Chancellor of the Exchequer, Jeremy Hunt (pictured), delivered his Spring Budget speech in the House of Commons on Wednesday 6 March. appeared first on Employee Benefits.

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Employee Benefits

DECEMBER 1, 2023

Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man. The post 66% of full-time UK staff think contributory pensions are important appeared first on Employee Benefits.

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Employee Benefits

JUNE 10, 2024

Credit: Electric Egg / Shutterstock.com Nottingham Building Society has introduced a platform to modernise the management of its defined benefit pension scheme in order to support its members. The post Nottingham Building Society introduces defined benefit pension platform appeared first on Employee Benefits.

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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

JUNE 6, 2024

Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings , according to research by workplace pensions provider TPT Retirement Solutions. The findings highlighted that respondents approaching retirement were more confident and engaged with their pensions than other demographics.

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Employee Benefits

MAY 29, 2024

Commercial property investment firm Telereal Trillium, now known as TT Group, has completed a £130 million bulk purchase annuity full scheme buy-in for its pension plan. The post Telereal Trillium completes £130m full pension scheme buy-in appeared first on Employee Benefits. The plan is sponsored by Telereal Services.

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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

DECEMBER 14, 2023

The BP Pensioner Group has begun legal action against senior members of BP management and directors of the BP pension fund trustee due to concerns around the value of 2,500 members’ pensions. According to the BP Pensioner Group, the dispute is about decisions made by BP and the pension fund trustee in 2022 and 2023.

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Employee Benefits

JUNE 18, 2024

Hundreds of Morrisons’ warehouse and logistics employees based in Cheshire and Yorkshire have accepted new terms related to their pensions, pay and working conditions , from 1 July. They stood strong and have won an important workplace victory including improved pay and conditions as well as protecting their pension contributions.

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Employee Benefits

MAY 28, 2024

Nortel Networks UK pension plan has completed a third and final buyout deal to insure the final tranche of members’ benefits. The plan entered a Pension Protection Fund (PPF) assessment after Nortel Networks went into administration in 2009.

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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

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

JUNE 3, 2024

A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information. This caused a degree of distress to the people affected, as the money they thought was going into their pensions didn’t. It caused them real concern.”

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