Employee Benefits

MARCH 3, 2022

Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professional services firm Aon. Back in 2020, employers’ main priority was to offer a pension that was broadly in line with competitors.

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Pension Employment Professional Services Government 105

Employee Benefits

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. percentage point from 2021, while its median gender pay gap for 2022 is 0. for 2022, while its median bonus gap increased by a 1.2 The post Department of Work and Pensions reports 5.9% percentage point to 14.6%

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Pension Parental Leave Bonuses Government 105

Employee Benefits

JANUARY 5, 2022

One in three UK employees is prioritising building up emergency savings in 2022, according to new data, as financial uncertainty from the Covid-19 (Coronavirus) pandemic has promoted the need for a financial cushion. ” The post 32% of staff to increase emergency funds in 2022 appeared first on Employee Benefits.

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Pension Employee Benefits Employment IT 105

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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Pension Employee Benefits Management Employment 98

Employee Benefits

JANUARY 6, 2022

Time is running out to enter the Employee Benefits Awards 2022, in association with Aon, with the extended entry deadline of Friday 14 January 2022 drawing near. The winners for 2022 will be announced at the Employee Benefits Awards and Summer Party, which will be held in June.

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Employee Benefits Pension Healthcare Recruitment 69

Employee Benefits

NOVEMBER 11, 2022

between 4 and 10 November 2022 were: Lloyds Bank offers employees minimum £2,000 pay rise. Boohoo gives shares to more than 1,100 employees. Laura Trott appointed minister for pensions. EXCLUSIVE: Gen Z staff 20% more likely to engage with benefits package. The top 10 most-read articles on www.employeebenefits.co.uk

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Pension Benefits Package Banking Employee Benefits 19

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. Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford. Enter the living pension initiative.

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Pension Finance Salary Government 98

Employee Benefits

FEBRUARY 1, 2022

The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022. The draft regulations make provision for mandatory standards associated with pensions dashboards, delegating authority to the PDP to set them.

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Pension Consulting Government Employee Benefits 75

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

Pension 98

Pension Pension Benefit Employment IT 98

Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

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Pension Pension Benefit Employment Executive Compensation 98

Employee Benefits

JANUARY 10, 2022

The Caravan and Motorhome Club Pension Plan was established in 2009 and now has around 1200 active members. The club pays double the employee’s contributions up to a maximum of 15%. Looking at 2022, the busy schedule of pension communications will use a variety of media such as emails and articles.

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Pension Media Government Employee Benefits 59

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 in 2022, 4.63 Only 22% said they do not have any or much trust in the pensions industry.

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Pension Retirement Plan Employee Benefits IT 69

Employee Benefits

JANUARY 13, 2022

The deadline for the Employee Benefits Awards 2022, in association with Aon, has been extended for a final time until midnight on Monday 24 January to give HR, reward and benefits professionals one very last chance to enter and win recognition for their achievements.

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Employee Benefits Pension Healthcare IT 59

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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Pension Benefits Package Finance Salary 69

Employee Benefits

MARCH 13, 2023

In October 2022, professional services firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings. We deliberately structured the new policy to be more pro pensions than it was.

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Pension Finance Education Professional Services 72

Employee Benefits

JANUARY 4, 2022

Pay is one way but employee benefits and reward packages are another major focus. Flexible working, mental health and social value are all in demand but some are questioning the use of more ‘gimmicky’ benefits. That means employers must take benefits a lot more seriously and put together fully-fledged employee benefits plans.”.

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Employee Benefits

AUGUST 21, 2024

Credit: Dilok Klaisataporn/Shutterstock Need to know: Significant amounts of money are tied up in small pension pots, many of which may have been forgotten. The Pensions Tracing Service can help people reconnect with lost pensions. Employers can help staff with this process and engage with pensions more generally.

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Pension Retirement Plan Education Consulting 64

Employee Benefits

AUGUST 1, 2024

Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan. The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.

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Pension Insurance Employee Benefits Management 59

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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Pension Employee Benefits Management Taxes 59

Employee Benefits

FEBRUARY 20, 2023

Need to know: There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage. Investments can be made meaningful by using layman’s terms to explain the funds, and what they mean for employees.

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Pension Education Finance Government 69

Employee Benefits

JUNE 2, 2023

Credit: William Barton / Shutterstock.com Banking organisation Natwest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech Cushon. The post Natwest Group completes acquisition of Cushon appeared first on Employee Benefits.

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Pension Banking Engineering Employee Benefits 105

Employee Benefits

SEPTEMBER 19, 2024

The employees are members of the Associated Society of Locomotive Engineers and Firemen (Aslef) union. They have taken part in strike action since 2022 over pay, arguing that the previous government refused to let the train operating businesses negotiate freely and make a fair offer. These are all backdated and pensionable.

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Transportation Government Pension Engineering 111

International Foundation of Employee Benefit Plans

FEBRUARY 22, 2024

Department of Labor (DOL) Employee Benefits Security Administration (EBSA) has issued FAQs on optional pension-linked emergency savings accounts (PLESAs) as part of the implementation of the SECURE 2.0 Act of 2022 (ERISA section 801).

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401(k) Pension Employee Benefits 104

Employee Benefits

DECEMBER 16, 2021

Workers employed by Aston Martin have threatened the car manufacturer with strike action over changes to their company pension scheme. Unite general secretary Sharon Graham explained that the union will back members if they decide to take industrial action to defend their pensions.

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Pension Pension Benefit Manufacturing Consulting 59

Employee Benefits

APRIL 23, 2024

The FCA announced that more over 55s are accessing their pensions, and over half are cashing out their pension pots completely. Jonathan Watts-Lay, Director, WEALTH at work – a leading financial wellbeing and retirement specialist comments; “It’s concerning that so many pensions are being cashed out in full.

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Pension Taxes Finance Education 59

Employee Benefits

JANUARY 31, 2022

More than 50,000 university employees are to take part in further strike action over pensions , pay and working conditions next month, according to a trade union. USS announced last year that changes would be made to the way pensions accumulate for its members from April 2022.

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Pension Construction Education Employment 59

Employee Benefits

MAY 30, 2023

Whilst more than one in ten (13%) have either stopped or reduced the amount they pay into their pension due to rising costs, worryingly, almost three in ten (29%), admit they may consider stopping payments in the future, and a third (30%) may consider reducing future payments. Whilst this is understandable, it really should be a last resort.

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Pension Finance Taxes Education 98

Employee Benefits

JANUARY 30, 2024

The Department of Work and Pensions (DWP) has published the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 and a consultation response. The post DWP publishes updated occupational pension schemes regulations appeared first on Employee Benefits.

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Pension Consulting Government Employee Benefits 59

Employee Benefits

MARCH 24, 2023

The Pension Protection Fund has published its disability and long-term health condition pay gap data for the first time, reporting a 2022 mean hourly pay gap of 11.07%. A total of 85% of those employees with a disability or long-term health condition, and 83.5% The proportion of black employees receiving bonus pay was 72%.

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Pension Bonuses Employee Benefits IT 59

Employee Benefits

MARCH 10, 2023

Camden Council has reported its 2022 gender pensions gap for the first time, revealing that on average for every £1 paid into a male employee’s pensions, female staff receive 75p. The council’s 2022 mean gender pay gap was 1.2%, and its median was 2.5%, both in favour of women, compared with 0.9%

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Pension Government Employee Benefits Employment 59

Employee Benefits

JANUARY 12, 2024

More than a third (36%) of British employees will continue working past state pension age because they do not think their pension will cover their day-to-day expenses , according to research by Canada Life. million employees. Meanwhile, 34% have been swayed to take a job because of a competitive benefits package.

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Pension Retirement Plan Life Insurance Benefits Package 64

Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”).

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Pension Pension Benefit Consulting Employment 97

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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Retirement Plan Pension Employee Benefits IT 97

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt announced in his Budget statement today (15 March 2023) that government will abolish the lifetime allowance for pensions. Jeremy Hunt’s decision to raise the tax free pension allowance will help retain older staff who want work to pay.”

Pension 59

Pension Taxes Government Employment 59

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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Employee Benefits

JANUARY 14, 2022

between 7 January and 13 January 2022 were: UK Swissport staff receive above-inflation pay rise. A changing pension landscape: what can employers expect in 2022? The Caravan and Motorhome Club plans full pensions communication schedule for 2022. The top 10 most-read stories on employeebenefits.co.uk

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Pension Bonuses Employee Benefits Employment 59

Employee Benefits

JANUARY 20, 2023

HR, reward and benefits professionals who want their organisation or team to be in with a chance of winning at the Employee Benefits Awards 2023 have just one week left to enter. The post EXCLUSIVE: One week left to enter Employee Benefits Awards 2023 appeared first on Employee Benefits.

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Employee Benefits Pension Education Employment 59