Employee Benefits

MARCH 27, 2023

What is a group personal pension (GPP)? A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. The pensions annual allowance has been increased from £40,000 to £60,000.

Pension 111

Pension Taxes Government Salary 111

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.

Pension 104

Pension Parental Leave Employment Education 104

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. Investment fund choices for employees with specific needs or beliefs ensure wider needs are met.

Pension 97

Pension Education Finance Government 97

Employee Benefits

NOVEMBER 9, 2022

Sight loss charity Royal National Institute of Blind People (RNIB) has provided access to financial education to its employees and others with sight loss. The charity partnered with global financial education benefit provider Nudge, which has made sure that its technology now complies with the web content accessibility guidelines.

Education 111

Education Pension Benefit Providers Technology 111

Employee Benefits

SEPTEMBER 6, 2023

Given cost of living worries and the notion this may be impacting pension savings, WEALTH at work conducted research* with employees to find out their thoughts into what’s happening in reality. It’s therefore more important than ever to ensure employees are engaged with their pensions.

Pension 105

Pension Pension Benefit Taxes Education 105

Empuls

AUGUST 28, 2024

This not only highlights the importance of employee benefits in fostering loyalty and satisfaction but also underscores the potential risks for companies that fail to prioritize this aspect of their compensation strategy. What are employee benefits providers? This reduces the administrative burden on HR departments.

Benefit Providers 40

Benefit Providers Employee Benefits 401(k) Retirement Plan 40

Money Talk

MAY 31, 2023

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. Someone’s effective tax rate is useful to determine tax withholding or estimated taxes for investments, pensions, and Social Security. Financial knowledge is power.

Finance 246

Finance Taxes Pension Education 246

Employee Benefits

JULY 17, 2023

When law firm Herbert Smith Freehills was approached about taking part in the living pension pilot, it was keen to support what it saw as a vital initiative not just for its own employees, but for society in general. The living pension voluntary savings target is 12% of a worker’s annual salary.

Pension 98

Pension Salary Education Employment 98

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

MARCH 6, 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. Saving 1% more could boost pension by 25%.

Pension 98

Pension Insurance Salary Taxes 98

International Foundation of Employee Benefit Plans

AUGUST 4, 2022

As the global impact of climate change grows, environmental, social and governance (ESG) factors have become a core consideration for pension funds. Read more > The post Protecting Pensions and ESG Risks appeared first on Word on Benefits. ESG issues and concerns can no longer be.

Pension 104

Pension Government Education Employee Benefits 104

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.

Pension 69

Pension Education Finance Government 69

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. Employees will appreciate honesty, he adds. Whatever the change, some universal principles remain true.

Pension 98

Pension Consulting Education Employment 98

Employee Benefits

AUGUST 29, 2023

Auto Enrolment Pension Staging Date: A Guide for Employers Whether you’re exploring the possibility of establishing a new auto enrolment pension for your company, or if you’ve already got one in operation pension auto enrolment staging dates might puzzle you. Hasn’t pension auto enrolment been an obligation for quite some time?

Pension 96

Pension Employment Payroll Government 96

Employee Benefits

AUGUST 31, 2023

Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023. Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.

Pension 69

Pension Employee Benefits Finance Education 69

HR Lineup

MARCH 13, 2022

However, the tax deduction is limited to a maximum of 25% of the total salary of the employees in this qualified employee benefit plan. Also, an employer can use a combo-plan where they adopt both the traditional or cash balance and the profit-sharing systems to provide additional retirement benefits for a few employees.

Retirement Plan 246

Retirement Plan 401(k) Gross Pay Profit Sharing Plan 246

HR Digest

MAY 21, 2023

A strong employee benefit package can go a long way. Employer benefits package is key to attracting and retaining top talent. Employee benefits have become an essential part of any competitive compensation package. What do you want to achieve with the employee benefit package 2. Payroll taxes 2.

Benefits Package 105

Benefits Package 401(k) Employee Benefits Disability Insurance 105

Employee Benefits

JUNE 3, 2024

While employees starting work today will have a defined contribution (DC) pension , many in their 40s and 50s, who missed out on defined benefit pensions and were working before auto-enrolment was introduced, will face a pension shortfall.” A one-size-fits all approach risks confusing and alienating everyone.”

Education 69

Education Pension Retirement Plan Government 69

Employee Benefits

MARCH 23, 2023

Giving people too many benefit options doesn’t work and neither does one-size fits all. But how can you find out your employee benefit needs? Well, data, insights and testing are the key ingredients to enable employees to successfully self-select some of their benefits.

Employee Benefits 98

Employee Benefits Salary Healthcare Education 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.

Pension 81

Pension Employment Salary Finance 81

Employee Benefits

MAY 29, 2023

Employee benefits are an important aspect of any job, but can be overlooked when thinking about changing roles. Depending on those on offer, benefits can be just as valuable as a pay rise , and in some cases, even more valuable. So what constitutes a good employee benefits package?

Salary 98

Salary Employee Benefits Disability Insurance Pension 98

Empuls

AUGUST 27, 2024

Now more than ever, employee benefit packages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits 401(k) Benefits Package 40

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 Professional Services Education 72

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.

Pension 64

Pension Retirement Plan Education Consulting 64

Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

Employee Benefits

JULY 24, 2024

Working with Nudge, the employer’s approach encompasses offering a range of financial education and planning tools around retirement, budgeting, and investment, and tools such as mortgage calculators, all designed to help improve people’s financial confidence and outcomes. When they join, employees have a formal 1.5-day

Pension 64

Pension Recruitment Education Employee Benefits Management 64

International Foundation of Employee Benefit Plans

APRIL 16, 2024

My companions were not up for the hike, so I […] The post Educating DC Plan Participants for the Long Hike to Retirement appeared first on Word on Benefits. Many years ago, I visited Grand Canyon National Park with my mom and aunt. It was unseasonably hot, but I wanted to walk down into the canyon on the Bright Angel Trail.

Education 97

Education 401(k) Pension Employee Benefits 97

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

MARCH 13, 2023

Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future. In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable. One thing that might feel set in stone is pension contributions.

Pension 64

Pension Benefits Package Deductible Deductions 64

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.

Pension 59

Pension Entertainment Engineering Education 59

Employee Benefits

MAY 22, 2024

It is generally acknowledged that, despite the success of pensions auto-enrolment , saving the minimum contribution levels will not lead to a comfortable standard of living in retirement. Pensions can also seem too abstract to think about. The complexity of pensions and lack of financial education is another factor, Blake adds.

Pension 59

Pension Employment Salary Retirement Plan 59

Employee Benefits

AUGUST 21, 2023

Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions. Philip Smith, DC director at TPT Retirement Solutions, said: “DC pensions put responsibility for a member’s financial future firmly in their own hands.

Pension 97

Pension Retirement Plan Government Taxes 97

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

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.

Pension 59

Pension Construction Education Employment 59

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.

Pension 64

Pension Government Retirement Plan Consulting 64

Employee Benefits

FEBRUARY 14, 2022

Teachers at all 23 schools that are part of the Girls’ Day School Trust (GDST) have gone on strike in a dispute over proposed changes to their pensions. NASUWT’s Mark Burns said: “They do not know how long that money may last for , it’s entirely up to the stock market instead of the old teacher’s pension.

Pension 59

Pension Education Employee Benefits Employment 59

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.

Pension 59

Pension Finance Professional Services Government 59