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In our newest report, ‘Zooming in on Gen Z’, we compiled our findings from ‘ The Benefits Factor ’ to discover what Gen Z expects from employers. Here, we’re sharing the five benefits your organisation must provide to become a Gen Z magnet. However, this doesn’t mean that Gen Z craves solely remote work.
Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. Many employers realise how important it is to prepare employees for life after work. And when they come to retire, it would help them understand the options they have to convert their pension and other savings into income.
The Bank of England has given its more than 5,000 employees a 4% pay rise along with a 1% salary top-up deal for 2024/25 as part of its aim to retain staff in a competitive jobs market. The deal, which was intended to match inflation , was accepted by the trade union that represents the bank’s employees.
The government has confirmed that it will ensure European Union (EU) derived protection under equal pay laws will remain in place for employees and workers. Audrey Williams is an employment partner at Keystone Law The post Audrey Williams: How can EU equal pay regulation benefit UK workers? appeared first on EmployeeBenefits.
As previously discussed , the PensionBenefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”). Although the regulations were “final,” the PBGC invited comments on the phase-in rule in particular.
As part of the solution, HIVE360 supports its clients in kickstarting their employee engagement strategies and activities, by empowering them to deliver essential communication, wellbeing support and lifestyle benefits to their most valuable asset – their people. It champions a new model of employment administration for the UK market.
This episode of The Proskauer Benefits Brief is the second of our three-part series analyzing the PensionBenefit 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). Listen to the podcast. .
Many multiemployer plans and their participants, contributing employers and unions certainly hope so, as they eagerly anticipate the issuance of a PensionBenefit Guaranty Corporation (“PBGC”) final rule that may answer the question for them. Fast forwarding to the year 2022, will it be a happy new year?
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. The post 5 steps to help employees engage with their pensions appeared first on EmployeeBenefits.
A hotly debated (and litigated) issue for multiemployer pension plans in recent years has been the appropriate interest rate to determine a multiemployer pension plan’s liabilities when calculating the plan’s underfunding for withdrawal liability purposes.
Therefore, people’s pension savings will likely start catching up with the frozen Allowance. WEALTH at work has therefore identified those employees it thinks may be affected the most. Further to this, any tax free cash received from the pension will also need to be added to this figure and tested against the member’s available LTA.
The pension pots-for-life plan, announced in 2023’s Autumn Statement by Chancellor of the Exchequer Jeremy Hunt, would turn the current pensions system on its head. Instead of an employee building up a new pension pot every time they change employer, their pot would follow them through their working life.
Headquartered in Sweden, Essity employs 1,600 UK employees across six manufacturing sites and three commercial offices. The transaction, which was carried out with Legal and General, secures the benefits of 5,900 retirees and 3,600 deferred members. The post SCA UK Pension Plan completes £1.1
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.
The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pensionbenefits for past or future service benefits.
million bonus among some of its employees after posting a record annual profit. A total of 25,000 employees out of 32,000 across the UK will receive a bonus in their pay packets at the end of March as a result of a 27% increase in profit to £188 million. million bonus among staff appeared first on EmployeeBenefits.
Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis , according to new research by the Pensions Management Institute. The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions.
Trade union Unite said an initial ballot over potential industrial action had been held in response to proposals to switch staff currently on the business’ defined benefit scheme to a defined contribution pension from the end of January 2022.
The lifetime allowance (LTA) is one of those subjects referenced in lots of pension literature , and yet, it only affects a minority of people. On the face of it, its removal has many benefits, including helping certain cohorts of people to fall back in love with pensions (and work). appeared first on EmployeeBenefits.
Retirement plans for a person are valuable benefits that impact both the present as well as future lives of the employees. However, offering retirement benefits to an employee can be a complicated process. As such, it is essential to understand the pros and cons of the process of providing retirement benefits.
Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme. Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019.
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. Trott has taken over responsibility for pensionerbenefits including state, private and occupational provisions, as well as oversight of bodies such as The Pensions Regulator (TPR).
Credit: Gerard Uferas/ La Company BNP PARIBAS London BNP Paribas UK tries to promote true flexibility through its flexible benefits scheme and regularly tweaks its provision to operate at its best for its workforce. Its flexible benefits scheme was introduced in 2010 with wide range of options.
This episode of The Proskauer Benefits Brief is the first of our three-part series analyzing the PensionBenefit 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). Listen to the podcast. .
Their identification of “pay misalignment” (and corresponding “no vote” recommendations) is now a part of the executive compensation landscape. [1] 1] The SEC acknowledged this in its adopting release, and also acknowledged that proxy statements already disclose information for the public to assess executive compensation against performance.
Finn Brennan, Aslef’s Underground organiser, said: “After a week of intense negotiations, we have made real progress in making sure our members’ working conditions and pensions are protected from the impact of the Tory government cuts to TFL funding. There will be no changes to pensionbenefits before the next general election.
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. This means ensuring they are not only relevant but that employees are engaged with what is available to them.
Employees often take strike action over issues such as pay , health and safety, pensions, benefits, changes to terms and conditions, and union recognition. Employers should consider employees’ financial wellbeing while on strike, because they are not entitled to pay and may face difficulties.
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. The post Early and multiple interventions will improve pensions engagement! appeared first on EmployeeBenefits.
This episode is the final installment of our three-part series on a new special financial assistance program created by the American Rescue Plan Act of 2021 for troubled multiemployer plans and the interim guidance issued by the PensionBenefit Guaranty Corporation regarding the program. Listen to the podcast. .
On July 8, 2022, the PensionBenefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”). Contribution Rate Increases after July 9, 2021.
million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. However despite this, many employees don’t even realise that they are at risk. However despite this, many employees don’t even realise that they are at risk. This includes: 1. Those who are blissfully unaware .
A defined- contribution plan does not promise a benefit amount at retirement, but rather allows employees and employers (if they choose) to contribute to an individual account and invest funds over time to save for retirement. In general, defined benefit (DB) plans come in two varieties: traditional pensions and cash-balance plans.
1301(b)(1), all trades or businesses under common control with an employer that has withdrawn from a multiemployer pension plan are jointly and severally liable for the employers withdrawal liability. Under 29 U.S.C. In the absence of a statutory or regulatory definition, many courts have looked to the Supreme Courts decision in Commr v.
Age discrimination occurs when job applicants or employees are treated unfavorably on the basis of age. In 1986 an amendment was added to the ADEA banning mandatory retirement at any age, regardless of any early retirement provisions in applicable employeebenefit plans or seniority systems. Age discrimination under the ADEA.
The research also revealed that up to 77% of workers with access to employer-sponsored benefits, chose to participate in the program, increasing the take-up rate. However, 71% of those working professionals under 40 do not know what happens to their benefits once they change jobs or leave before retirement.
But, you can't control intrinsic motivation when it comes to inspiring your employees. It serves as a source of external inspiration to keep your employees motivated and efficient. It has not just impacted productivity but also the mental health of employees. Employees are left feeling more alienated, stressed, and lonely.
For example, if legislation such as the current Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000 were to be amended or removed, this could result in part-time workers receiving less favourable treatment than their full-time peers when it comes to areas such as pensions , benefits, pay and leave, to name but a few.
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