Employee Benefits

NOVEMBER 15, 2023

Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. Workplace pensions are one of the most valuable elements of the benefits package.

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Employee Benefits

JANUARY 17, 2024

While automatic-enrolment has resulted in more individuals saving for retirement, it has created a separate issue that the Department for Work and Pensions (DWP) describes as ‘the proliferation of small pots’: the creation of multiple deferred pension pots , often low in value, when employees change employer.

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Employee Benefits

OCTOBER 16, 2023

A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks. The parties involved include a sponsoring employer, a scheme trustee, advisers to the trustees and the insurer. With this in mind, what is a pensions buy-in and how is it conducted?

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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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Employee Benefits

SEPTEMBER 11, 2024

Credit: elina.nova/Shutterstock What are master trust pension schemes? Master trusts are defined contribution pension schemes , set up under trust law, which allow multiple employers that are unconnected with one other to participate. Master trusts have grown dramatically since auto-enrolment legislation was introduced.

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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.

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Employee Benefits

OCTOBER 17, 2023

Pension consulting and administration business XPS Pensions Group has been awarded menopause-friendly accreditation ahead of World Menopause Day (18 October). Ben Bramhall, co-chief executive officer at XPS Pensions Group, said: “We are delighted to have achieved accreditation as a menopause friendly employer.

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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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Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. An employer should really get to know the audience of employees and meet them where they are. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news.

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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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Employee Benefits

JANUARY 17, 2024

Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. Opinions differ. “I

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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

JANUARY 18, 2023

One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly. In order to minimise jargon surrounding pensions, communication strategies should be easy to understand, inspiring, engaging and informing.

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Pension Finance Technology Consulting 111

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. Since its inception in 2012, it became mandatory for qualified employees to be part of a workplace pension. Their income.

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Employee Benefits

JULY 8, 2024

Unported Deed, resized Liz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week. For defined benefit (DB) schemes, the most immediate request will be sight of the Pensions Regulator’s new DB funding code.

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Employee Benefits

NOVEMBER 22, 2023

The government is to consult on expanding the Pension Protection Fund’s (PPF) role to act as a consolidator for defined benefit (DB) pension schemes that are deemed “unattractive to commercial providers” and are not currently served by the market. Any public consolidator must be voluntary and separate.”

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Consulting Government Pension Finance 59

Employee Benefits

JULY 21, 2023

The Department for Work and Pensions and Department of Health and Social Care have published a consultation on ways to increase take up of occupational health provision. The proposals include introducing a national health at work standard for all employers to provide a baseline for quality occupational health provision.

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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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Employee Benefits

DECEMBER 13, 2021

Need to know: Workplace pension regulators are looking at how value for money can be clarified in defined contribution (DC) pension schemes. Ultimately the employer is one of the greatest contributors to delivering value for money from a DC workplace pension. A qualified success. A complex conundrum.

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Employee Benefits

SEPTEMBER 20, 2023

The Pensions (Extension of Automatic Enrolment) (No. The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme lowered from 22 to 18. 2) Bill has received Royal Assent.

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Employee Benefits

JANUARY 12, 2024

Credit: JHVEPhoto / Shutterstock.com Professional services and accounting firm Ernst and Young (EY) is to allow its UK consultant employees to take time away from their roles. Through the employer’s Employee TimeOut initiative, employees without an assignment from March to August 2024 can leave their role for between four and 12 weeks.

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Employee Benefits

NOVEMBER 22, 2023

Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023. This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working life.

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Employee Benefits

NOVEMBER 28, 2023

Askews and Holt Library Services has completed an £11 million pensions buy-in deal. The transaction with Legal and General, which was made possible by a discretionary one-off contribution from the employer, covers 64 pensioners and 22 deferred members. The scheme will now proceed to a full buy-in and wind up.

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Workplace Insight

APRIL 22, 2024

This news comes amidst Prime Minister Rishi Sunak’s proposed benefit cuts for 420,000 sick and disabled individuals, aiming to push them into employment. Stephen Timms, chair of a work and pensions committee, acknowledged WHP’s limitations but emphasized its success in helping many find work.

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Employee Benefits

SEPTEMBER 20, 2023

Many pension schemes will have missing members to whom benefits are due but cannot be paid as they are not contactable. But what happens if they don’t update their pension scheme? For some schemes, the arrival of pensions dashboards will bring into focus the quality of their data and what to do about missing members.

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Employee Benefits

AUGUST 19, 2024

Credit: Mistervlad/Shutterstock Need to know: The Labour government’s Employment Rights Bill will enhance employee rights but there are concerns that proposals could have unintended consequences, adding cost, disadvantaging some businesses and their employees, and affecting recruitment strategies.

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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. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

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Money Talk

OCTOBER 10, 2024

The webinar further explained that the 3-legged stool of retirement income sources (pension, Social Security, investment earnings) is very wobbly. Fewer than 20% of employers provide pensions and the Social Security trust fund is estimated to run out of money in 2033. Lifelong learning is a key factor.

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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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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. The claims against PFEW will return to the tribunal so compensation can be assessed.

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Pension Government Consulting Construction 59

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. A consultation period between the car firm and affected staff will close tomorrow (17 December). The post Aston Martin staff threaten to strike in pensions row appeared first on Employee Benefits.

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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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Pension Consulting Insurance Government 111

Employee Benefits

DECEMBER 8, 2022

Need to know: *Trustees of large pension schemes and master trusts now have an additional obligation to publish a forward-looking measure of their scheme’s alignment with the Paris Agreement. Trustees and employers should ensure the pension investment strategy aligns with the business’s own corporate social responsibility strategy. .

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Employee Benefits

NOVEMBER 14, 2022

Need to know: Trustees of large pension schemes and master trusts now have an additional obligation to publish a forward-looking measure of their scheme’s alignment with the Paris Agreement. Trustees and employers should ensure the pension investment strategy aligns with the business’s own corporate social responsibility strategy.

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Pension Consulting Government Media 59

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.

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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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Employee Benefits

OCTOBER 9, 2023

Our employees benefit from a 30-minute free consultation with an independent financial advisor, and access to free mortgage and pension advice. Dani Saadu: Could employers do more to support the mental health of staff? The post Marco Pezzani: Could employers do more to support the mental health of staff?

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