Are pensions set for a big retirement return in 2024?
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?
2024 Employment Pension 
How will the Spring Budget 2024 affect pay, pensions and employee benefits?
Employee Benefits
MARCH 7, 2024
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Naomi Brown: Do workplace pension schemes fully cater for 2024 family life?
Employee Benefits
DECEMBER 15, 2023
It is almost 2024. But as I look at all the wonderful families around me, families whose ideas of what ‘family’ means left the 1950s behind long ago, part of me worries that they may not appreciate that their pension scheme’s definition of ‘family’ might be much more traditional. There is no denying it.
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What actions can employers take to close the gender pensions gap?
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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Morrisons warehouse workers strike over pension contribution change
Employee Benefits
MAY 28, 2024
About 1,000 Unite union members working at two Morrisons warehouses have undertaken strike action for three days over a cut in company contributions to their pensions. She said: “Unite will not stand for such behaviour from any employer, let alone one like Morrisons which is raking in massive profits in the midst of a cost-of-living crisis.
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Newcastle Building Society accredited as living pension employer
Employee Benefits
JULY 24, 2024
Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation. Through auto-enrolment, employers must contribute at least 3% and employees pay 5%. The post Newcastle Building Society accredited as living pension employer appeared first on Employee Benefits.
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Fred Meyer Employees Strike Against Unfair Labor Practices
HR Digest
AUGUST 30, 2024
The union workers at Fred Meyer expect the strike to last through Labor Day until September 3, 2024. The union accused the employers of reducing the groups that the proposal was meant to support, backtracking out of negotiating terms for QFC, another Kroger subdivision, until their contract expired.
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How to improve employees’ confidence in making pension investment choices
Employee Benefits
SEPTEMBER 2, 2024
Choosing a pension provider that offers easily accessible and age appropriate investment education can increase employees’ confidence on the topic. In its March 2024 report, the Pensions and Lifetime Savings Association (PSLA) revealed that while 82% of savers understand their pension is invested, only 26% know what it is invested in.
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National Insurance saving could be used to boost workplace pension
Employee Benefits
MARCH 6, 2024
As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. a year in NI contributions and be able to pay an additional 1.03% of their salary into their workplace pension at no additional cost to them. When made into a pension contribution it is worth £206.39 1.53% £1,300.00
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5 Key Insights About the Gig Economy in 2024
Best Money Moves
MARCH 26, 2024
5 key insights about the gig economy in 2024. Here are 4 key takeaways and trends from the gig economy in 2024. workforce, with many participating in the gig economy in addition to other, full-time employment. Here are 5 key takeaways from the gig economy in 2024.
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The 4 Best Benefits in 2024, According to Employees
Best Money Moves
MARCH 11, 2024
The 4 best benefits in 2024, according to employees. Here are the 4 best benefits in 2024, according to employees. In fact, according to Forbes Advisor , 40% of employers believe that workers would leave their current jobs to find employment that offers better benefits.
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Individual Retirement Accounts: What You Need to Know
Money Talk
APRIL 11, 2024
The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). Baby Boomer Challenges - Baby boomers (born 1946-1964) were the first generation with the ability to save money for retirement in 403(b)s, 401(k)s, and IRAs for decades (their parent’s generation had pensions). There is no way out.
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Tips to help employees take control of their finances in 2024
Employee Benefits
DECEMBER 19, 2023
When it comes to big purchases, such as if a washing machine breaks, discount vouchers are often available through voucher and discount websites, and some people also have access to discount schemes through their employer. Many employers offer payroll-deducted savings schemes for effortless saving.
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Make the Most of Free Money
Money Talk
JANUARY 4, 2024
Employer Match- This is money contributed to employees’ retirement savings accounts to match what they save. Unclaimed Money - This is money held by state governments from a variety of sources including bank accounts, utility deposits, pension benefits, and insurance policies. Best wishes for a healthy, wealthy, and happy 2024.
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49% of workers aged 50 and older are phasing into retirement
Employee Benefits
SEPTEMBER 20, 2024
Its 2024 Global benefits attitudes survey, which surveyed 6,000 UK employees working at medium and large private sector employers, also found that 17% of respondents in this age group have either already started phasing into retirement by reducing their working hours or job responsibilities, while 32% want to do so.
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What do employers need to know about the pensions lifetime allowance abolition?
Employee Benefits
MARCH 4, 2024
Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.
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59% of British workers feel unhappy with their benefits packages
Employee Benefits
OCTOBER 24, 2023
Conducted by global talent services firm Morgan McKinley as part of its 2024 Salary guide , the survey found that the top five desired benefits respondents look for in a job are working from home, bonus, pension, health insurance and flexible working hours. Improvement will remain in demand and employers will pay well to secure them.
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Richard Knight and Amy Davies: Responses to Mansion House reforms in Autumn Statement
Employee Benefits
DECEMBER 6, 2023
Following its call for evidence on consolidating small pension pots earlier this year, the Department for Work and Pensions (DWP) is launching a further consultation on proposals to introduce a lifetime provider model. Monitoring and enforcement by HMRC and the Pensions Regulator would also become more complex.
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Only 28% of employees feel employers are supporting their financial wellbeing
Employee Benefits
JUNE 28, 2024
Nearly half (49%) of employers said they believe they are supporting their workforce’s financial wellbeing , while only 28% of employees agree, according to new research by Payroll Integrations. Half (54%) would prefer employers invest more in health insurance, while 43% would like more on retirement plans.
Bolt launches flexible pension scheme for private hire vehicle drivers
Employee Benefits
MARCH 26, 2024
Ride-hailing operator Bolt is to launch a pension scheme for its 65,000 UK registered private hire vehicle drivers from 1 May 2024. Through the scheme, which is provided by Aviva, drivers will be able to contribute 5% of their fees from every completed trip into their pension pot, to which Bolt will add a further 3% contribution.
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Key Take-Aways About Social Security From a Webinar
Money Talk
JUNE 29, 2024
of gross earnings: 7.65% each paid by workers and their employers. In 2024, at least $1,730 of earnings in a three-month period provides one credit and workers can earn a maximum of four credits per year. Total FICA tax is 15.3% The 7.65% tax is divided: 6.2% is for Social Security and 1.45% for Medicare.
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Comprehensive Guide to the Best Employee Benefits Options for 2024
Empuls
AUGUST 27, 2024
In this all-encompassing guide, we look at the best available options concerning Employee Benefits Options in 2024, different types, and significance, along with best practices in designing a benefits package to suit the workforce's needs. The impact of benefit options for employees on employee satisfaction and HR best practices 1.
DWP publishes updated occupational pension schemes regulations
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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Newcastle Building Society increases staff awareness of how to trace small pension pots
Employee Benefits
AUGUST 21, 2024
Central to this was its pension scheme. “We We offered a competitive pension that was above the market median but a majority of colleagues weren’t taking advantage of it,” Thomas says. When national insurance was reduced, we sent out communications suggesting that the extra increase in pay could be put into a pension,” says Thomas. “We
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The top 10 most read articles between 16 – 22 August 2024
Employee Benefits
AUGUST 23, 2024
The top 10 most read articles between 16 – 22 August 2024 on employeebenefits.co.uk million pension bulk annuity deal Digital Science appoints new chief people officer Bath Building Society introduces suicide prevention and mental health tool 40.6%
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The top 10 most read articles between 12 – 18 July 2024
Employee Benefits
JULY 19, 2024
The top 10 most read articles between 12 – 18 July 2024 on employeebenefits.co.uk The top 10 most read articles between 12 – 18 July 2024 on employeebenefits.co.uk
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The top 10 most read articles between 2 – 8 August 2024
Employee Benefits
AUGUST 9, 2024
The top 10 most read articles between 2 – 8 August 2024 on employeebenefits.co.uk 65% of pension scheme sponsors do not know how much members can expect at retirement One in three employers do not offer financial advice as a benefit SCA UK Pension Plan completes £1.1
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The top 10 most read articles between 19 – 25 July 2024
Employee Benefits
JULY 26, 2024
The top 10 most read articles between 19 – 25 July 2024 on employeebenefits.co.uk The top 10 most read articles between 19 – 25 July 2024 on employeebenefits.co.uk The top 10 most read articles between 19 – 25 July 2024 on employeebenefits.co.uk
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Siemens and Stockton-on-Tees Borough Council shortlisted for Best pensions strategy
Employee Benefits
MAY 16, 2024
Technology firm Siemens and Stockton-on-Tees Borough Council are among the employers shortlisted for Best pensions strategy at the Employee Benefits Awards 2024. A Howden spokesperson said: “We worked really hard with our pensions strategy. View the shortlist For more information and to book your table.
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The top 10 most read articles between 17 – 23 May 2024
Employee Benefits
MAY 24, 2024
The top 10 most read articles between 17 – 23 May 2024 on employeebenefits.co.uk The top 10 most read articles between 17 – 23 May 2024 on employeebenefits.co.uk
The top 10 most read articles between 26 July – 1 August 2024
Employee Benefits
AUGUST 2, 2024
The top 10 most read articles between 26 July – 1 August 2024 on employeebenefits.co.uk The top 10 most read articles between 26 July – 1 August 2024 on employeebenefits.co.uk
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Spring Budget 2024: TPR and FCA given powers to enforce Value for Money framework
Employee Benefits
MARCH 6, 2024
Spring Budget 2024: The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) will have a full range of regulatory powers to ensure employers are adhering to the Value for Money (VFM) framework. “We welcome the aim to target good investment returns for every member.
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Beth Brown and Danyal Enver: What did the Spring Budget mean for pensions?
Employee Benefits
MAY 8, 2024
The Chancellor announced powers that would be given to both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) in legislation slated for as early as 2027, enabling them to enforce the value for money regime. The Chancellor also announced two policy intentions for pensions in the future, with specifics to follow.
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65% of pension scheme runners do not know how much members can expect at retirement
Employee Benefits
AUGUST 5, 2024
Two-thirds (65%) of those running pension schemes do not know how much a typical member can expect at retirement, according to Aon’s latest research. Only around one in three (35%) respondents know what sort of pension outcome a typical member of their DC scheme can expect.
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Does crypto currency have a role to play in employers’ pay strategies?
Employee Benefits
JANUARY 24, 2024
And, while most people are happy to watch the roller coaster ride from the sidelines, employers are beginning to consider crypto as part of their pay strategies. Glenn Cameron, investment consultant at actuarial and pension specialists Cartwright, believes one of the currencies, Bitcoin, will become mainstream. It is still very niche.
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Stay up to date with the Spring Budget 2024
Employee Benefits
MARCH 6, 2024
Chancellor of the Exchequer Jeremy Hunt will deliver his Spring Budget 2024 speech at 12.30pm on Wednesday 6 March 2024. Stay tuned to the Employee Benefits website for all the latest updates on how the Spring Budget could impact pay, pensions and benefits for employers and staff.
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The top 10 most read articles between 14 – 20 June 2024
Employee Benefits
JUNE 21, 2024
The top 10 most read articles between 14 – 20 June 2024 on employeebenefits.co.uk were: Exclusive: Co-op wins Grand Prix at Employee Benefits Awards 2024 Morrisons warehouse workers accept new pensions, pay and conditions Who will win at the Employee Benefits Awards 2024?
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The top 10 most-read articles between 19 – 25 April 2024
Employee Benefits
APRIL 26, 2024
The top 10 most-read articles on employeebenefits.co.uk The top 10 most-read articles on employeebenefits.co.uk The top 10 most-read articles on employeebenefits.co.uk
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The top 10 most read articles between 6 – 12 September 2024
Employee Benefits
SEPTEMBER 13, 2024
The top 10 most read articles between 6 – 12 September 2024 on employeebenefits.co.uk The top 10 most read articles between 6 – 12 September 2024 on employeebenefits.co.uk
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Exclusive: Employee Benefits Awards 2024 entry deadline extended
Employee Benefits
JANUARY 22, 2024
The deadline for the Employee Benefits Awards 2024 has been extended until midnight on Friday 9 February to give HR, reward and benefits professionals more opportunity to enter. There is no limitation regarding the number of award categories each employer can put themselves forward for. See all the categories and enter now.
The top 10 most read articles between 28 June – 4 July 2024
Employee Benefits
JULY 5, 2024
The top 10 most read articles between 28 June – 4 July 2024 on employeebenefits.co.uk The top 10 most read articles between 28 June – 4 July 2024 on employeebenefits.co.uk
The top 10 most read articles between 5 – 11 July 2024
Employee Benefits
JULY 12, 2024
The top 10 most read articles between 5 – 11 July 2024 on employeebenefits.co.uk The top 10 most read articles between 5 – 11 July 2024 on employeebenefits.co.uk
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Gail Irvine: How can employers encourage staff to save money?
Employee Benefits
SEPTEMBER 16, 2024
UK Savings Week (9-15 September 2024) is a timely reminder of the financial challenges workers face when it comes to saving. Employers have an important role to play in improving their workers’ financial wellbeing. We also work with employers that want to ensure their workers never face pensioner poverty.
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The top 10 most-read articles between 29 March – 4 April 2024
Employee Benefits
APRIL 5, 2024
The top 10 most-read articles on employeebenefits.co.uk The top 10 most-read articles on employeebenefits.co.uk The top 10 most-read articles on employeebenefits.co.uk
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