Employee Benefits

JUNE 26, 2023

With interest rates on the rise, we often get asked at our financial education sessions, is it best to pay off your mortgage or pay into your pension? He concludes, “Many employers offer financial education in the workplace, to help their staff to understand their finances so they are better prepared to make decisions like these.”

Pension 98

Pension Finance Education Taxes 98

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.

Pension 59

Pension Taxes Finance Education 59

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.

Pension 72

Pension Finance Education Professional Services 72

Employee Benefits

JANUARY 17, 2023

With increasing costs continually putting pressure on household finances, 2023 is set to be a financially challenging year for many. It’s therefore now more important than ever to support employees to take control of their finances to successfully navigate the cost-of-living crisis. Track your finances. Create a budget.

Finance 98

Finance Pension Banking Retail 98

Employee Benefits

MAY 4, 2023

A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis , according to research by Cushon. The majority (84%) of those with a workplace pension agreed that increased financial education around pensions would be helpful.

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Pension Employment Salary Finance 81

Money Talk

MAY 31, 2023

The dominant voices in personal finance advocacy are white, male, and middle class with privilege. Financial Education - Personal finances classes can be a “great equalizer” for income and asset disparities and should be available everywhere and not by ZIP code. It can completely change a student’s life.

Finance 246

Finance Taxes Pension Education 246

Employee Benefits

FEBRUARY 2, 2024

WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National Insurance if they can, to increase their monthly pension contributions. A person earning £20,000pa will save £148.60

Pension 52

Pension Insurance Salary Taxes 52

Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

Pension 64

Pension Take Home Pay Salary Taxes 64

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.

Pension 59

Pension Pension Benefit Government Taxes 59

Employee Benefits

JULY 6, 2023

But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. Workplace pension contributions are fantastic as a concept, offering long-term financial stability and nurturing a productive and motivated workforce. Remember, your workplace pension is your priciest benefit.

Pension 52

Pension IT Finance Taxes 52

Employee Benefits

FEBRUARY 20, 2023

When it comes to communicating to employees about pension scheme investing , Gary Douglas, finance director of new business agency Ingenuity, is of the firm belief that you must get the basics right first. Accordingly, pensions were not always at the forefront of people’s minds.

Pension 52

Pension Finance Payroll Education 52

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Retain top talent and save substantially Very few employees stay with the same organisation for their entire careers. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

Pension 59

Pension Salary Taxes Employee Loyalty 59

Employee Benefits

JULY 31, 2023

But your organisation might be doing just that because the set-up of your workplace pension scheme has kept you blissfully unaware. Pension contributions by employers are great in principle, fostering stability and long-term economic wellbeing for employees. After all, your workplace pension is your most costly perk.

Pension 52

Pension Taxes Finance Retirement Plan 52

Employee Benefits

FEBRUARY 16, 2022

At Ashurst, we closely consider the pension and benefits we offer and focus particularly on how we engage our people in these offerings to ensure they are of maximum benefit. Because pension forms part of an employee’s finances, tackling the broader topic of finances also increases engagement with pensions.

Pension 52

Pension Pension Benefit Finance Retirement Plan 52

Employee Benefits

JULY 7, 2023

A financial dilemma that many people consider is whether to prioritise reducing their mortgage debt or whether to increase the amount they pay into their workplace pension. Generally, if the investment growth you are likely to get is more than the interest rate on your mortgage, then it might be a better idea to pay into your pension.

Pension 52

Pension Taxes Finance Education 52

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.

Pension 52

Pension Taxes Banking Retirement Plan 52

Employee Benefits

JANUARY 31, 2024

To support employees with their financial wellbeing, employers should review the benefits they already offer and check whether staff know how they can help. Implementing financial wellbeing services that include education and coaching is cost-effective.

Pension 64

Pension Finance Education Taxes 64

Employee Benefits

JANUARY 26, 2022

The Work and Pensions Committee is calling for trials of automatic appointments with the Pension Wise service as part of its new ‘Stronger Nudge’ interventions. For example, we find that about 80% of attendees request a call-back for further guidance or advice following a retirement financial education session.”.

Pension 52

Pension Pension Benefit Retirement Plan Taxes 52

Employee Benefits

MARCH 13, 2022

Getting employees to think about their retirement savings can be tricky, and employers may struggle to make pensions exciting but there are ways to get employee’s attention. After all, people do care about their finances and their future. Firstly, educate to engage. Secondly, keep it simple.

Pension 52

Pension Education Finance Government 52

Employee Benefits

FEBRUARY 9, 2022

Need to know: Environmental, social and governance (ESG) issues are influencing employee benefit design through the emergence of new benefits and the repositioning of existing ones to highlight their ESG-related characteristics. It’s no surprise, therefore, that ESG is also making an impact on the employee benefits offering.

Employee Benefits 59

Employee Benefits Pension Transportation Commissions 59

Employee Benefits

FEBRUARY 9, 2024

The FCA and Government are seeking views as part of the joint Advice Guidance Boundary Review which focuses on proposals for closing the advice gap – the difficulty individuals face in recognising the need for accessing support in managing their finances. In doing so, they may then realise that they need specialist advice.

Pension 52

Pension Finance Government Education 52

Employee Benefits

JANUARY 15, 2024

Employers could offer support through a midlife MOT, which provides a health and financial career check to help employees plan for retirement. Pre-retirement coaching can help to educate older employees on how to prepare for life away from work. This will also help to boost employee attraction and retention.

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Pension Retirement Plan Benefits Package Benefit Providers 111

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.

Pension 98

Pension Finance Taxes Education 98

Employee Benefits

APRIL 26, 2023

This could include an Employee Assistance Programme (EAP) offering debt advice, access to discount schemes, and the option to attend financial education sessions, all of which combined can help employees take control of their day-to-day finances.

Employment 95

Employment Pension Education Finance 95

Employee Benefits

FEBRUARY 6, 2023

Employers are experiencing increasing demand from employees for salary rises because of the pressures on everyday financial wellbeing, such as the ever-rising cost of living , inflation and interest rates. Financial education can be key to helping employees build future financial resilience.

Finance 118

Finance Pension Salary Education 118

Employee Benefits

FEBRUARY 28, 2024

Over the past few years, financial coaching has emerged as a powerful service which helps improve employee financial wellbeing. It is designed to offer bespoke financial education and guidance to help people feel more confident with their money and make smarter financial decisions.

Pension 52

Pension Finance Education Taxes 52

Employee Benefits

SEPTEMBER 27, 2023

The Reward & Employee Benefits Association (REBA) in association with WEALTH at work has launched the second in its series of workplace research – Financial Wellbeing Research 2023*, with responses from almost 200 companies representing over 1.5 million employees.

Pension 52

Pension Finance Education Retirement Plan 52

Employee Benefits

JUNE 14, 2023

The cost-of-living crisis is putting employees’ financial wellbeing under significant pressure, with the Money and Pension Service’s Debt need survey , published in January 2023, finding that 40% of UK adults would benefit from some financial guidance or debt advice. Financial education can be really useful.”

Health and Welfare 52

Health and Welfare Pension Employment Finance 52

Employee Benefits

JANUARY 17, 2024

million lost working hours (Money & Pensions Service). Financially resilient employees = less anxiety and absenteeism – saving your business money! Prioritising employee financial wellbeing at work doesn’t just help your people but your business, too. Financial resilience matters! The business perks…?

Education 105

Education Deductions Deductible Salary 105

Employee Benefits

APRIL 22, 2024

Over time, we may see employees dragged into this threshold reducing their hours to keep their earnings below £100,000, to keep hold of valuable benefits.” Employers can create a safe space for employees to discuss their concerns with HR or designated support staff,” he says. Open communication is key, adds James.

Employment 59

Employment Taxes Finance Net Pay 59

Employee Benefits

JANUARY 25, 2023

Employee Benefits · Employee Benefits/Wave podcast Listen: A fairly young organisation, national water supplier Wave, has always ensured that employee wellbeing is weaved into the fabric of the business. Some of its typical job roles include customer service staff, sales, finance, and HR positions.

Retail 98

Retail Pension Finance Education 98

Employee Benefits

JANUARY 12, 2024

In order to be eligible, employees must be graded as at least “performing as expected” by their line manager. They will still be able to access their employee benefits while they are away. The post EY to allow consultants to take time away from roles appeared first on Employee Benefits.

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Consulting Parental Leave Pension Finance 59

Employee Benefits

JANUARY 26, 2024

These include a SupportLinc employee assistance programme, supplied by by CuraLinc Healthcare, which includes six free sessions with a licensed counsellor or mental health coach, as well as access to tools, resources and community support for legal, financial and family matters.

Family and Medical Leave Act 59

Family and Medical Leave Act 401(k) Pension Human Resources 59

Employee Benefits

MARCH 15, 2023

Please see our summary below: Pension allowances The Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023. The post Spring Budget 2023 appeared first on Employee Benefits.

Pension 52

Pension Finance Government Taxes 52

Employee Benefits

MAY 3, 2023

With rising cost of living, impending energy crises and other threats to our pockets, paying into our retirement feels like a priority far from the top of our personal finances list. You may or may not be surprised that many people don’t put much thought into their pensions. Get in touch today.

Pension 52

Pension Salary Finance Education 52

Employee Benefits

FEBRUARY 12, 2024

With insight from its latest Financial Wellbeing Research 2023 [1] in association with Reward & Employee Benefits Association, WEALTH at work reveals some of the key topics set to shape future financial wellbeing strategies. Also, over a third (34%) plan to address pension gaps around gender and ethnicity in the next two years.

Pension 105

Pension Finance Recruitment Salary 105

Employee Benefits

FEBRUARY 15, 2023

The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term. Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.

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Benefits Package Pension Education Finance 105