Employee Benefits

FEBRUARY 20, 2024

Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. Employees would also be able to choose their own pension scheme for automatic-enrolment.

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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

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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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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Pension Parental Leave Employment Education 104

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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Employee Benefits

FEBRUARY 1, 2023

The Department of Work and Pensions (DWP) has launched a public consultation on a policy framework for broadening collective defined contribution (CDC) provision in pension schemes. The consultation began this week and will close on Monday 27 March.

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Employee Benefits

AUGUST 8, 2024

The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) have launched a consultation on a joint framework for workplace defined contribution (DC) schemes. We’re working with the government and the Pensions Regulator to help them get better returns.

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Money Talk

JUNE 8, 2022

Young adults working in the gig economy may have income from a variety of consulting contracts or from a full-time job and “side hustles.” RMDs, Roth conversions, pensions, unemployment benefits), taxpayers may have to proactively request tax withholding. In other instances (e.g.,

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Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news. Independent sources of support Employees may well feel less self-conscious asking an independent person about their pension.

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Flimp Communications

APRIL 3, 2025

Aptia clients now have the added benefit of improving benefits education and engagement with Flimps robust digital benefits campaigns and white-glove, consultative approach. ” Wayne Wall CEO and Founder of Flimp About Aptia Aptia is a trusted provider of employee benefits and pensions administration services, with offices in the U.K.

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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

AUGUST 19, 2024

Chancellor of the exchequer Rachel Reeves has launched a review to boost investment, increase saver returns and tackle waste in the pensions system. The review will be led by minister for pensions Emma Reynolds and will focus on defined contribution workplace schemes and the Local Government Pension Scheme (LGPS).

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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

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

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

Money Talk

JANUARY 19, 2022

For example, workers with a guaranteed pension and/or a high investment risk tolerance might want to have more stock exposure in a TDF and would chose a target date farther off in the future. Estimate Future Retirement Income - Consult an online calculator to understand how a sum of money (savings) can turn into a stream of income.

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Employee Benefits

JULY 17, 2024

The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes. In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.

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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

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. billion in assets, data from the Pensions Regulator shows. Are there any tax or legal issues?

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Employee Benefits

SEPTEMBER 20, 2024

More than half (55%) said their employer-provided pension is more important than ever, and 70% said it is the primary way they save for retirement, while 41% cited their pension as an important reason to stay with their current employer.

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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

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. But it’s all in the execution.”

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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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HR Bartender

SEPTEMBER 21, 2016

I recently had the chance to chat with Dean Aloise, global HR consulting leader for Xerox HR Services. Aloise] Actuarial science, particularly as it relates to valuing the liabilities of a pension plan, is a critical need in managing the retirement benefit programs for many organizations that sponsor a defined benefit pension plan.

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Employee Benefits

NOVEMBER 8, 2022

Prime Minister Rishi Sunak has appointed Laura Trott MBE as minister for pensions, after predecessor Alex Burghart officially held the role for less than one month. Trott was appointed on 27 October, and the Department for Work and Pensions (DWP) made the announcement on 7 November via its official Twitter account.

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Employee Benefits

JUNE 19, 2023

Pension provider Aviva worked with UK economics consultancy WPI Economics on its new report Planning for retirement in the 2050s. Furthermore, a typical middle-income earner paying an extra 2% into a pension each year could increase their total pot by £56,000 by the time they retire.

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Employee Benefits

JUNE 8, 2023

The UK government has issued an update on its planned pensions dashboards programme , stating that it needs additional delivery time and its connection deadline will be 31 October 2026. It stated that this will give the programme the flexibility to be completed effectively.

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Employee Benefits

AUGUST 19, 2024

million bulk annuity deal for its pension scheme. Aon was appointed as risk transfer consultant by the trustees and Macmillan, and provided advice around insurers’ environmental, social, and governance credentials and administration capabilities. million pension bulk annuity deal appeared first on Employee Benefits.

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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

APRIL 9, 2024

Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme. The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members.

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Pension Electronics Manufacturing Consulting 59

Employee Benefits

APRIL 3, 2024

Credit: MAHATHIR MOHD YASIN / Shutterstock.com Global battery and lighting brand Energizer Group has completed a £44 million pensions buy-in for its Energizer UK Pension Plan. Buck acted as the employee benefit consultant, legal advice for the trustee was provided by Hogan Lovells, and Just Group used in-house legal support.

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Employee Benefits

APRIL 24, 2024

Credit: JHVEPhoto / Shutterstock.com Printer and image product manufacturer Lexmark has completed a £46 million pension buy-in for its UK division’s pension scheme. Broadstone provided annuity broking as well as scheme actuary, investment consultancy, secretarial and administration services.

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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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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

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

Industry bodies are calling for a consultative approach to any new legislation but employers can prepare for change by reviewing policies and procedures, and dusting off the business case for benefits. Jeff Fox, strategic consulting lead at Lockton People Solutions, says: “To-do lists are definitely going to get bigger and more complicated.

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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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