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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 rest will be taxed. What are the origins of GPPs? What are the costs involved?
Credit: ClimbWhenReady / Shutterstock In the UK, home improvement firm Kingfisher’s pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.
Retirement Plans (401(k) & Pensions) A robust 401(k) match or pension plan is a powerful signal that a company views its employees as long-term partners, not disposable resources. In 2015, the streaming giant shook up the industry by introducing a one-year paid parental leave policy. But few companies are stepping up.
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.
Inflation, cost of living, and static salaries mean employees’ financial health cannot be overlooked this year. Because there are benefits that need to be core benefits, like pensions, healthcare and financial education. Not convinced? Let the numbers do the talking. 75% of people feel anxious about their finances.
When it comes to organisations’ reward propositions, for example, there are still some significant gaps when it comes to pay and pensions. This is the highest gender pensions gap since 2015-2016, when it was deemed to be 40.7%. This is the highest gender pensions gap since 2015-2016, when it was deemed to be 40.7%.
The focus on employee welfare started post-World War II when retirement and pension plans appeared as the biggest forms of employer care. An article by Greg Roper from 2015 indicated that interpersonal communication and conflict management were two of the most important skills to focus on, and that remains relevant today.
What they fail to realize is that for today’s worker, salaries are more of a threshold than a scorecard. If salaries don’t always move the needle, what does? 40% of respondents to Glassdoor’s Q3 2015 employment confidence survey said that they value health insurance more than a pay raise. The answers might surprise you….
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