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

MAY 15, 2023

We ask Jonathan Watts-Lay, Director, WEALTH at work, what he thinks are the main benefits of salary sacrifice schemes. Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and National Insurance.

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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

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

APRIL 15, 2024

Two in five (40%) UK employees admitted they would choose a job with a lower salary but generous employee benefits , according to research from MetLife UK. Competitive salaries are important, but businesses need to realise that it’s not the only thing candidates think about when assessing job opportunities.

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Employee Benefits

MARCH 15, 2024

Credit: Ritu Manoj Jethani/Shutterstock Footwear brand FitFlop has introduced a salary sacrifice nursery scheme for its 165 UK employees in order to help them save money on childcare fees. The post FitFlop introduces salary sacrifice nursery scheme appeared first on Employee Benefits.

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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

FEBRUARY 28, 2024

Organisations are more likely to publish information on salary ranges than specific salaries, according to research by professional body the Chartered Institute of Personnel and Development (CIPD). The post Employers more likely to publish salary ranges than specific amounts appeared first on Employee Benefits.

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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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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

NOVEMBER 10, 2023

Credit: Alasdair Jones / Shutterstock.com Scottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security. The living pension savings target is 12% of a full-time employee earning a living wage salary , of which the employer pays in at least 7%.

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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

MAY 4, 2023

A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis , according to research by Cushon. The majority (84%) of those with a workplace pension agreed that increased financial education around pensions would be helpful.

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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

MAY 29, 2023

It is quite natural for us to focus on salary. For example, deductions for childcare vouchers or for a salary sacrifice car arrangement are made from pre-tax salary, which means that the money is not subject to income tax and national insurance. After all, we all need to make a living. appeared first on Employee Benefits.

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Employee Benefits

FEBRUARY 2, 2022

Higher pay rises for men than women could result in a gender pensions gap of £142,603, according to new findings. Research commissioned by investment solutions firm Fidelity International revealed that men typically receive £733 more than women when their salary is increased.

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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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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

NOVEMBER 28, 2023

Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers.

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Employee Benefits

MARCH 7, 2022

New research has revealed that 82% of young employees aged between 18 and 22 believe that individuals in employment should start saving for their pensions and retirement before the current default age of 22. The post 82% of young staff want to save for pensions before turning 22 appeared first on Employee Benefits.

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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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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

JULY 24, 2023

Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1

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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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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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Employee Benefits

JULY 6, 2023

How would you feel if you discovered your company was unintentionally wasting a significant portion of your salary? But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. You might expect pension providers to help you traverse this complex maze.

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Employee Benefits

MARCH 24, 2023

Herbert Smith Freehills, Citizens UK, Aviva, and Phoenix Group this week became among the first employers to sign up to the new Living Pension Employer standard , launched by the Living Wage Foundation. The living pension is a voluntary savings target of 12% of an employee’s salary, whereby the employer contributes 7%.

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Employee Benefits

MARCH 5, 2024

Currys offers a total remuneration and benefits package that includes bonuses, 10% discount, pensions, flexible benefits, share plans, and health and wellbeing benefits. The post Currys increases salary for 10,000 staff and boosts minimum pay rates appeared first on Employee Benefits.

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Employee Benefits

JUNE 28, 2023

Insurance firm Allianz has introduced an electric car salary sacrifice scheme for its more than 8,000 UK employees. They can choose between electric and plug-in hybrid cars, while the cost of the lease is calculated monthly and deducted from their gross salary through payroll.

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Employee Benefits

MARCH 21, 2023

Insurers Phoenix Group and Aviva, and law firm Herbert Smith Freehills are among those that have signed up to become living pension employers , a scheme launched today (21 March) by the Living Wage Foundation. The standard was introduced following research among 3,000 people who saved into a pension in the past year.

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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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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. Consider salary sacrifice, for instance.

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Employee Benefits

MAY 10, 2023

Fashion brand Stella McCartney and law firm Herbert Smith Freehills are among those employers on the shortlist for Best pensions strategy at the Employee Benefits Awards 2023. A spokesperson for the university said: “We’re delighted to win, we really didn’t think we stand a chance of winning in a category about pensions.

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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. There will be a need to be maintaining ongoing AE duties.

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Employee Benefits

AUGUST 9, 2023

Anyone involved with pension schemes which contracted out on a salary-related basis after 1997 will want to be aware of a recent High Court ruling which could impact their scheme. Also, the Department for Work and Pensions has power to issue retrospective correcting regulations on contracting out and has used such a power before.

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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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HR Digest

SEPTEMBER 29, 2020

Salary expectations is a question that will crop up if it has not been specified in the job description. This question is more about finding a salary match, adds Crawford. “Ideally, employers and recruiters would be upfront with [salary] information and volunteer it first, but that’s not often the case,” Fink said.

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