Employee Benefits

JANUARY 18, 2022

Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. Companies might feel that providing a generous pension scheme is the most effective way to discharge their obligation to look after employees in later life. What’s more, our understanding of retirement is becoming more nuanced.

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Employee Benefits

SEPTEMBER 11, 2024

Only a quarter of UK employers think their defined contribution (DC) pension provision will leave their workers with a comfortable retirement, according to research by Willis Towers Watson (WTW). The post A quarter of UK employers think DC pension will provide comfortable retirement appeared first on Employee Benefits.

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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. It found that Bartholomew had intentionally failed to provide the required information by the deadline of 8 July 2020, and that he had suppressed the material without reasonable excuse.

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Employee Benefits

JULY 26, 2024

Members of the Box Clever pension scheme will receive their pension benefits in full following an in-principle deal between The Pensions Regulator (TPR) and ITV. Employees were then transferred to the new organisation and enrolled in the Box Clever pension scheme.

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International Foundation of Employee Benefit Plans

JUNE 24, 2024

According to recent data from Horizon Actuarial Services, LLC and the International Foundation of Employee Benefit Plans, the fifteen-year period between 2006 and 2020 was turbulent for multiemployer defined benefit (DB) pension plans.

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Employee Benefits

MAY 9, 2023

Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme. Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019.

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cipHR

DECEMBER 18, 2019

From likely UK case law developments to changes to annual leave calculations and employees’ entitlement to written statements of particulars , ESP Law’s team of legal experts look ahead to what 2020 has in store for employment law . Sick pay, paid leave, pensions and any training entitlement can be in a separate document but referred to .

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Proskauer's Employee Benefits & Executive Compensa

JUNE 5, 2023

27, 2023), the court held that financial support provided by Congress to a multiemployer pension plan under the Bipartisan American Miners Act (“BAMA”) did not divest the plan of Article III standing to pursue the withdrawal liability it was owed. In Holland v. Murray , No. 21-cv-567, 2023 WL 2645708 (D.D.C. Bank , 140 S.

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HR Lineup

APRIL 23, 2024

Form 1099-NEC: Introduced in 2020, this form reports nonemployee compensation, such as payments to independent contractors, freelancers, and gig workers. Form 1099-R: Reports distributions from pensions, annuities, retirement plans, or insurance contracts.

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Employee Benefits

SEPTEMBER 13, 2023

Need to know: A raft of proposals have been launched to improve value for money in pension schemes. In July, Chancellor of the Exchequer Jeremy Hunt proposed a number of pension reforms in his Mansion House speech, with an overarching focus on value for money for members.

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Pension Consulting Government Employment 105

Employee Benefits

NOVEMBER 6, 2023

Ovo Energy When Ovo Energy took over SSE Energy Services in 2020, it needed to harmonise benefits across the two organsiations. This would incorporate an employer pension contribution of 4%, and an extra 5% which could be used to purchase other benefits. The starting point was the pension plan.

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Global People Strategist

MARCH 2, 2020

Reforms to Ireland State Pension Pushed Back to 2021. Throughout 2020, the Minister for Employment Affairs and Social Protection of Ireland has stated that the highly anticipated reform to Ireland’s State Pension has been pushed back to not begin until 2021.

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Employee Benefits

FEBRUARY 14, 2024

Birmingham Chamber of Commerce, which supports local businesses, has completed a £9 million pension buy-in. The post Birmingham Chamber of Commerce completes £9 million pension buy-in appeared first on Employee Benefits. The careful planning and good teamwork with the Chamber and the advisers in implementation has worked well.”

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Employee Benefits

DECEMBER 13, 2021

Suez works closely with works councils, and pensions is always on the agenda as there is regular demand for higher employer contributions. So I wanted to find a way to prove that we as a business were getting value for money from that pension scheme and that it in turn provided value to members.”. That’s real value for money.”

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Employee Benefits

JUNE 12, 2023

The Police Federation of England and Wales (PFEW) has been found to have discriminated against and victimised members who previously made claims against the government after being moved to pension schemes with reduced benefits. In May 2020, PFEW launched its own action against the government on the same basis.

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Employee Benefits

FEBRUARY 21, 2022

The figures, sourced from providers on behalf of industry body Group Risk Development (Grid), highlighted that more than £168 million was awarded last year, up from £93 million in 2020. Grid spokesperson Katharine Moxham said losing the income of a loved-one could be “financially catastrophic” for people.

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HR Digest

SEPTEMBER 3, 2021

The most obvious and devastating cost is the record declines of the real gross domestic product (GDP) in the second quarter of 2020 while unemployment soared and left an unprecedented hole in the state and federal budget. This may come as a surprise that workers kept up with payments into their pension funds last year.

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Benefits Notes

AUGUST 9, 2022

On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and section 2203 (allowing waiver of 2020 required minimum distributions) of the CARES Act. December 31, 2025.

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Employee Benefits

JANUARY 12, 2022

The organisation also awards employees, who have been with the business since 1 July 2020, a £500 profit-share payment, which is calculated based on average working patterns and uses 30-hours per week as a full-time equivalent cap.

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Global People Strategist

MAY 11, 2020

The Hungarian Government introduced some significant changes to labor law effective as of January 1, 2020. In this article, we address some of the major changes in the 2020 Hungary Labor Code. Effective January 1, 2020, employees with children will be able to request a reduction in their shift hours by half.

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Global People Strategist

JUNE 4, 2020

The changes in the 2020 Dutch Labor Code, effective from January 1st, 2020, aim to bring balance into their labor market by reducing pay gaps and differences in legal protection for fixed and short term employees. The 2020 Dutch Labor Code also laid out important new legislation pertaining to insurance contributions.

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cipHR

AUGUST 1, 2019

With the first companies required to report on their executive pay gaps from early 2020, we answer some of the most common questions about why executive pay reporting has been introduced, what information your report needs to include, and how to calculate pay ratios. . Pension-related benefits. Pension-related benefits. .

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Business Management Daily

JANUARY 6, 2020

Employees may account for tax dependents in Step 3 of the 2020 W-4. Regulations and other guidance regarding income and pension withholding, in light of the suspension of the personal exemption amount. But it is useful as a road map for what the IRS wants to accomplish by June 30, 2020.

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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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cipHR

MARCH 15, 2019

If your finance and HR teams aren’t prepared yet for changes to payslip requirements, minimum pension contributions, and national minimum wage (NMW) increases that are effective from April 2019, then time is running out to implement the necessary modifications. Pension contributions. Changes on the horizon for April 2020.

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InterWest Insurance Services

MARCH 22, 2022

Only California employers that do not offer retirement plans are required to register for CalSavers and there are different registration deadlines depending on employer size, staggered over a few years as follows: Employers with 100 or more workers – The deadline for registration was June 30, 2020. Simplified Employee Pension (SEP) plans.

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Employee Benefits

JUNE 3, 2024

Following a review of its pension scheme and a consultation in 2020, kitchen furniture manufacturer Howdens chose to close its defined benefit (DB) scheme in 2021. Nilam Gardiner, pensions specialist at Howdens, says: “We have people who come time and again and there’s always more to tell them.”

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Employee Benefits

NOVEMBER 17, 2023

Over the course of a career, this disparity can amount to a significant difference in pay , with the potential to also impact womens’ pension savings. According to Business in the Community’s 2023 Race at work charter survey, published in October, 44% of respondents now do so, up from 30% in 2020. less than non-disabled colleagues.

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Best Money Moves

OCTOBER 18, 2022

This measure of financial literacy has fallen 19 percent over the past decade and is estimated to have cost Americans more than $415 billion in 2020 alone. . As per the ASPPA (American Society of Pension Professionals and Actuaries), 80% of employers said that financial wellness programs result in increased workplace productivity. .

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Workers' Compensation

DECEMBER 10, 2021

Long-Term Symptoms Among Adults Tested for SARS-CoV-2 — United States, January 2020–April 2021. It has been reported that, "Long-term symptoms associated with COVID-19 represent an emerging public health concern." Wanga V, Chevinsky JR, Dimitrov LV, et al. MMWR Morb Mortal Wkly Rep 2021;70:1235–1241. DOI: [link] "In a sample of U.S.

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Money Talk

JUNE 24, 2021

People with secure jobs or pensions and decreased expenses and spending opportunities saved more and/or reduced debt. We have moved from a year of contraction (2020) to a year of economic rebound (2021). It is safe to say that COVID-19 impacted the finances of every American in one or more ways. It was a tsunami that swept up everyone.

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Employee Benefits

APRIL 24, 2024

The new reporting regime for pension schemes to disclose their investment allocations to UK markets is flawed. Ken Scott, head of investment solutions at Royal London, says: “Department for Work and Pensions (DWP) best practice suggests that lifestyling is a key consideration. per annum to 31 December 2023.

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Best Money Moves

MARCH 26, 2024

According to Financial Executives International, only 8% of female gig workers hold a pension plan. However, since 2020, there has been an increase in flexibility allowed by those positions especially seen with the increase of remote work.

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cipHR

JULY 30, 2020

An April 2020 study by the CIPD found that the financial security of 39% of UK workers had worsened as a result of the lockdown, with those most likely to have experienced worsening financial security including households earning less than £20,000 a year, female workers, and those in the hospitality sector. Pensions .

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Workplace Insight

MAY 1, 2022

of workers who were employed in Q4 2020 with a wage in the 25th-50th percentile were economically inactive by Q4 2021. This was driven by increases in the state pension age , which rose from 65 to 66 from 2019-20. Each chart gives a different quartile of the wage distribution (0-25th, 25th-50th, 50th-75th, and 75th-100th respectively).

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HR Digest

FEBRUARY 25, 2020

Gig Economy Statistics 2020. One in three employers of 100,000 employees or more said they expected to use 30% or more contingent workers by 2020. One in three employers of 100,000 employees or more said they expected to use 30% or more contingent workers by 2020. Why is the Gig Economy growing?

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Employee Benefits

JANUARY 5, 2022

More people should be automatically enrolled in workplace pensions , scrapping the age and earnings thresholds that have existed since auto-enrolment began to be phased in a decade ago. Since auto-enrolment was introduced in 2012, the proportion of employees in workplace pension schemes has risen from 47% to nearly 78% in 2020.

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