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.

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Pension Taxes Government Salary 111

Employee Benefits

JANUARY 18, 2023

Global technology organisation Siemens, which employs approximately 7,000 employes in the UK, believes it is important for its younger employees to understand that pension saving is most effective when they start early on. “We also use our internal social platform Yammer to promote pension messages within Siemens.”

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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. With this in mind, what is a pensions buy-in and how is it conducted? If an investment strategy underperforms, it may not generate sufficient returns to pay pensions in the future.

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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. Internal surveys can provide an insight into what they know and would like to learn.

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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

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.

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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. Employees will appreciate honesty, he adds. ’ With details of where to look for more information.

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Employee Benefits

JUNE 3, 2024

A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information. This caused a degree of distress to the people affected, as the money they thought was going into their pensions didn’t. It caused them real concern.”

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Pension Deductions Deductible Salary 59

Employee Benefits

JULY 17, 2023

As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement. Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford. Enter the living pension initiative.

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Pension Finance Salary Government 98

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.

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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.

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Pension Employee Benefits Finance Education 69

Employee Benefits

JULY 11, 2023

Implementing flexible work practices offers several benefits, from boosting productivity to giving you a competitive edge in hiring. Workplace Pension A substantial pension plan with generous employer contributions represents one of the most valuable employee perks, ensuring a secure future in an employee’s retirement years.

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Employee Benefits

APRIL 26, 2023

Need to know: The Department for Work and Pensions announced a delay to the delivery of the pensions dashboard programme in March 2023. Employers should also consider their communications and resources; once the dashboard project is live, they should expect questions and queries from employees. Who will oversee the dashboards?

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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?

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Employee Benefits

JULY 25, 2023

Transitioning to a superior provider is no longer a hassle: If you’re contemplating changing your current workplace pension scheme, the process isn’t as challenging as you might think. Many pension companies (we’re one of them!) What is a workplace pension? are prepared to assist you with the heavy lifting.

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Employee Benefits

OCTOBER 11, 2023

Tech platforms and channels enable employees to share their thoughts about their employee experience, including benefits, at any time, providing a continual source of valuable feedback. When it comes to employee engagement , retention and performance, the employee benefits package plays a crucial role.

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Employee Benefits

NOVEMBER 30, 2022

Pension scheme members may get a similar feeling if their scheme has a mandatory forfeiture rule and the trustees inform them their pension is less than it should have been. It is clear from recent cases that these rules will be effective to deprive members of benefits. 20 years later, 30 years later, it does not matter.

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Employee Benefits

FEBRUARY 1, 2022

The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022. The draft regulations make provision for mandatory standards associated with pensions dashboards, delegating authority to the PDP to set them.

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Employee Benefits

JANUARY 18, 2022

Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. Companies might feel that providing a generous pension scheme is the most effective way to discharge their obligation to look after employees in later life. In one sense, they’re right.

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Employee Benefits

AUGUST 7, 2023

Helen Tomlinson, head of talent UK and Ireland at The Adecco Group and government menopause employment champion, will delievr a session on women’s health at Employee Benefits Live 2023. Employee Benefits Live 2023 will take place on Tuesday 3 and Wednesday 4 October 2023 at ExCeL London.

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Proskauer's Employee Benefits & Executive Compensa

AUGUST 20, 2021

This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the Pension Benefit Guaranty Corporation (PBGC) guidance on the new special financial assistance program for troubled multiemployer pension plans that was created by the American Rescue Plan Act (ARPA).

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Employee Benefits

JANUARY 28, 2022

Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed. Meanwhile, a host of other industry-defining issues, from auto-enrolment to pensions tax reform, remain high on the industry’s to-do list,” he said.

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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.

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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

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.

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Employee Benefits

JULY 24, 2024

Alongside this, over the past two years the organisation has embedded a specific focus on encouraging pensions’ awareness , and saving, among new hires. Before a person even joins AWE, they can see the details of the pension scheme and its benefits on its website. “We When they join, employees have a formal 1.5-day

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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.

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Employee Benefits

SEPTEMBER 2, 2024

Specialist insurance and inspection business HSB improves employees’ confidence in investment choices through an approach centred around its pension governance committee and providing resources to staff. The organisation has a workforce of 550 UK and Ireland employees.

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Employee Benefits

MAY 22, 2024

Scottish energy multinational SSE was one of the first employers to become accredited by the living pension scheme in 2023. The Living Pension savings target is 12% of a full-time living Wage worker’s salary, of which the employer pays at least 7%. One reason behind high contribution levels is SSE’s communications strategy.

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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.

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Employee Benefits

MARCH 2, 2023

The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation. DWP and the Money and Pensions Service [MAPS] remain committed to dashboards.

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Employee Benefits

JUNE 6, 2024

Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings , according to research by workplace pensions provider TPT Retirement Solutions. However, 30% of respondents overall do not know how to make retirement decisions and worry about how to access their pension savings.

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Pension Retirement Plan Government Employee Benefits 59

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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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.

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Employee Benefits

FEBRUARY 7, 2023

The financial wellbeing provider’s whitepaper ‘Unlocking the pay cycle’ was authored by its head of impact and inclusion Emily Trant, with advisory input from Resolution Foundation, Money and Pensions Service, Nest Insight, RideTandem and the University of California, Berkeley.

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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

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.

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