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For the last 11 years, BT has rolled out a programme of financial education for its employees to help them plan for retirement. The latest series of retirement planning seminars saw a take-up rate of 73% of registered employees attending the session. before financial education, to 4.1 following it,” says Shiels.
Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. Workplace pensions are one of the most valuable elements of the benefits package.
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.
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.
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.
This is still an option today; for example, most pension providers will be able to provide information or even workshops to help employees understand their retirement savings and the products on offer to them via their employer. This is also the case for other financial benefits, such as saving schemes.
Suez works closely with works councils, and pensions is always on the agenda as there is regular demand for higher employer contributions. So I wanted to find a way to prove that we as a business were getting value for money from that pension scheme and that it in turn provided value to members.”. “So That’s real value for money.”
A fifth (20%) of defined contribution (DC) pension schemes continue to report increases in members opting out or reducing contributions, according to research by Aon. A number of respondents have reported that they provide a range of seminars to support members.
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.
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.
After the seminars, employees have access to a microsite where they can review highlights of the session that they attended, book onto future seminars and keep up-to-date with the latest news articles. Following on from this session, I would like to contribute more to my pension pot.” “The
Employees can also participate in bespoke financial wellbeing workshops, featuring guides, webinars and in-person seminars on topics such as pensions and protection, budgeting , saving and investing. The post Thatcham Research introduces financial wellbeing scheme appeared first on EmployeeBenefits.
In February 2020, the Money and Pension Service (MAPS) rolled out a 10-year strategy for financial wellbeing , which identifies workplaces as a key channel through which the UK can become financially healthier. It allows an employee to exchange part of their salary for extra benefits, usually non-cash benefits from the employer.
Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all. WEALTH at work’s research showed that 13% of employees have reduced or stopped their pensions because of rising costs.
This has included seminars for all employees on World Menopause Day and the launch of a menopause policy, as well as training for senior management. The post Tilbury Douglas gains menopause-friendly accreditation appeared first on EmployeeBenefits.
Events impacting pay, financial wellbeing and pensions. In terms of pensions, employers will be looking at how to position them to staff without a disposable income and how they can use their budget to support staff with retirement benefits if they cannot put it towards pay.”. This is likely to continue into the new year.
Many leading employers work with workplace specialists to deliver financial education and guidance programmes to help their employees achieve better financial outcomes, whether it is support with making investment decisions to build savings or accessing a pension for the first time.”
Finding employee fringe benefits The field of workplace perks has become an industry of its own. Not only have countless services emerged to simplify things like wellness and retirement, but employeebenefits administration software (BA) now exists to help companies simplify the process of delivering a benefits program.
According to a recent study by HBR , 80% of employees say that benefits are a significant factor in deciding whether to accept a job offer, and 60% of employees report that benefits are a major reason for staying with their current employer. What are employeebenefits?
One in six (17%) has made further ‘savings’ by cutting back (or cancelling) their personal insurance cover, such as income protection, life insurance, and medical or dental insurance, and one in seven (14%) has reduced their pension contributions – decisions which may prove to have costly consequences in the future.
Based in Greater Manchester and with 3,000 employees, the university was a runner up in the Best financial wellbeing strategy at this year’s EmployeeBenefits Awards. We have highlighted our death-in-service benefit through in-person sessions as well as including a message about it on pay slips, as everyone will look at these.”
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.
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