Money Talk

DECEMBER 22, 2021

Pension COLAs - Pension benefits for some retirees are also indexed for inflation. An example is pensions for federal government workers and military retirees and disabled veterans. Other pensions have frozen or suspended COLAs for their retirees (e.g., the New Jersey state pension plan).

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Employee Benefits

OCTOBER 23, 2023

lost pension pots in the UK, worth around £26.6 billion WEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidate The total value of lost pension pots has grown from £19.4 million lost pension pots sitting unclaimed because they’ve been simply lost or forgotten about.

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Pension Electronics Finance Government 105

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. The parties involved include a sponsoring employer, a scheme trustee, advisers to the trustees and the insurer. With this in mind, what is a pensions buy-in and how is it conducted?

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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. In its March 2024 report, the Pensions and Lifetime Savings Association (PSLA) revealed that while 82% of savers understand their pension is invested, only 26% know what it is invested in.

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Money Talk

JUNE 16, 2022

Does your employer offer matching retirement contributions?, Through Retirement” Planning ¨ Taxable Income Sources- Common types of taxable income in later life include pensions, distributions from workplace retirement accounts, and Social Security. What tax bracket are you in now? How many years do you have before retirement?

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Taxes 401(k) Retirement Plan Pension 188

Employee Benefits

MARCH 7, 2024

appeared first on Employee Benefits.

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Pension Employee Benefits Government Insurance 105

Employee Benefits

NOVEMBER 15, 2022

In its blog published 4 November, AE has come a long way, but we all have further to go, the Pensions Regulator (TPR) recognises the successes of automatic-enrolment in encouraging retirement saving. It also acknowledges that it could do more to enforce employer compliance with AE obligations. Eligibility. Engagement.

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Pension Government Employment Employee Benefits 98

Employee Benefits

APRIL 11, 2024

The Department for Work and Pensions has published new guidance to help employers better support disabled people. It covers areas such as employers’ legal responsibilities, the language they should use, reasonable adjustment and how to discuss performance and progression. The DWP said it forms part of its £2.5 million staff.

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Government Pension Recruitment Employment 96

Employee Benefits

JANUARY 17, 2024

Credt: P Maxwell Photography/Shutterstock The pension pots-for-life plan take the onus off of employees to keep track of their pensions as they move jobs. Clarification is needed on how employers would manage the process of putting employees’ contributions into many different pension pots. Opinions differ. “I

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Employee Benefits

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. The government department’s mean gender pay gap , increased by a 1.7 The post Department of Work and Pensions reports 5.9% percentage point from 2021, while its median gender pay gap for 2022 is 0.

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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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Money Talk

SEPTEMBER 30, 2022

Many events can affect IRMA including marriage, divorce, death of a spouse, taxable pensions, leaving the workforce, capital gains on the sale of assets, and the start of RMDs. When taxpayers get caught off-guard by IRMAA , as many do, it is easy to get angry at the government. 2020) to the year that they are paying IRMAA (e.g.,

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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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Pension Pension Benefit Employment Executive Compensation 98

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

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 use this additional time to make sure they have their data up-to-date, in order and correct. What do employers need to do? Who will oversee the dashboards?

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Pension Food Government Employment 90

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.

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Employee Benefits

DECEMBER 13, 2021

Need to know: Workplace pension regulators are looking at how value for money can be clarified in defined contribution (DC) pension schemes. Ultimately the employer is one of the greatest contributors to delivering value for money from a DC workplace pension. A qualified success. A complex conundrum.

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Money Talk

JANUARY 4, 2024

Common sources are businesses, individuals, and the government. Employer Match- This is money contributed to employees’ retirement savings accounts to match what they save. Inheritances are not considered taxable income by the federal government but earnings on inherited assets (e.g., stock or mutual fund shares) are taxable.

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Employee Benefits

JULY 10, 2024

Employer-funded healthcare trusts are an established, tax-efficient way to deliver the benefit of medical treatment to employees without having to buy employer-paid health insurance. There are some legal and practical steps to take, and conditions to meet, if an employer-funded trust is to be used.

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Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. Then there is the issue of tax relief for low earners.

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Employee Benefits

MARCH 7, 2023

The UK government has appointed Helen Tomlinson to be its first menopause employment champion , as part of a call for more employers to develop dedicated menopause policies. The post Government names first menopause employment champion appeared first on Employee Benefits.

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LACE Partners

JANUARY 9, 2023

In one of our latest pieces, Tim Ringo from our team takes a look at a recent article in The Times that focused on a government campaign to bring over-50’s out of retirement, assessing the impact for businesses. Very few people have a fully (or even partial) salary pension awaiting them at 55 years old.

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Government Family and Medical Leave Act Pension Healthcare 87

Employee Benefits

SEPTEMBER 11, 2024

Credit: elina.nova/Shutterstock What are master trust pension schemes? Master trusts are defined contribution pension schemes , set up under trust law, which allow multiple employers that are unconnected with one other to participate. Master trusts have grown dramatically since auto-enrolment legislation was introduced.

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Employee Benefits

FEBRUARY 16, 2022

Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact. Here are some practical tips for employers on how they can reduce the gender pensions gap. Find the root causes of the gap. Address contribution levels.

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Employee Benefits

APRIL 13, 2023

The Department for Work and Pensions (DWP) has launched a government review designed to investigate boosting employment prospects for autistic people. The Buckland Review of Autism Employment was created with support from charity organisation Autistica, and aims to address low employment among autistic people.

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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. Employers do not have to have much say in how employees’ pension savings are invested. So, should pensions education be one of them?

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Employee Benefits

MARCH 4, 2024

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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Pension Pension Benefit Employment Taxes 59

Employee Benefits

AUGUST 19, 2024

The government’s pensions reform agenda could reshape the rewards and benefits landscape, presenting both opportunities and challenges for employers. The newly announced pensions review presents an opportunity to improve pension adequacy. It remains uncertain whether the government will adopt this view.

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Employee Benefits

JULY 8, 2024

Credit: UK government, under Attribution 3.0 Unported Deed, resized Liz Kendall, the re-elected MP for Leicester West, has been appointed as the secretary of state for work and pensions as part of the new Labour government established last week. Before this, she was shadow health minister.

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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

OCTOBER 16, 2023

Credit: ClimbWhenReady / Shutterstock In the UK, home improvement firm Kingfisher’s pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.

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Employee Benefits

FEBRUARY 1, 2023

The Department of Work and Pensions (DWP) has launched a public consultation on a policy framework for broadening collective defined contribution (CDC) provision in pension schemes. The post Department of Work and Pensions launches collective defined contribution consultation appeared first on Employee Benefits.

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Employee Benefits

AUGUST 22, 2023

UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?

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Employee Benefits

SEPTEMBER 13, 2023

Need to know: A raft of proposals have been launched to improve value for money in pension schemes. The government’s big theme is to get more invested in private equity, which should boost the economy. Poorly performing schemes could be forced to merge with better performing schemes.

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Employee Benefits

AUGUST 29, 2023

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. The auto enrolment staging date refers to the deadline by which UK companies must launch their auto enrolment pension plans.

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Employee Benefits

FEBRUARY 21, 2024

The government’s ambition is to drive better outcomes for members of defined contribution (DC) pension schemes to help ensure all savers achieve the best possible retirement. The principles of smart design and smart governance are vital to deliver good pension outcomes for members of DC plans.

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