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. Why does auto enrolment for pensions matter?

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Pension Employment Payroll Government 96

Employee Benefits

NOVEMBER 15, 2023

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.

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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 income is taxable. They can choose to do a combination of these.

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Pension Taxes Government Salary 111

Employee Benefits

MARCH 9, 2022

New research has found the gender pension gap between men and women’s contributions is 35% for employees aged between 50 and 54, almost double the gap for 35 to 39 year-olds (18%). There is never a perfect time to increase pension contributions, but a phased approach should help to ease any sudden financial impact on employers and employees.

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Pension Insurance Employment Employee Benefits 111

Employee Benefits

MAY 28, 2024

About 1,000 Unite union members working at two Morrisons warehouses have undertaken strike action for three days over a cut in company contributions to their pensions. She said: “Unite will not stand for such behaviour from any employer, let alone one like Morrisons which is raking in massive profits in the midst of a cost-of-living crisis.

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Pension Take Home Pay Retail Consulting 104

Employee Benefits

DECEMBER 12, 2023

Employee Benefits poll: Just one-third (33%) of organisations think the pension pot for life plans announced in November’s Autumn Statement by Chancellor Jeremy Hunt will help employees to manage their pension, according to a survey of Employee Benefits readers.

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Pension Management Consulting Education 105

Employee Benefits

JANUARY 18, 2023

One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly. In order to minimise jargon surrounding pensions, communication strategies should be easy to understand, inspiring, engaging and informing.

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Pension Finance Technology Consulting 111

Employee Benefits

JANUARY 25, 2022

Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme. This is Cushon’s third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market.

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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

JANUARY 17, 2024

While automatic-enrolment has resulted in more individuals saving for retirement, it has created a separate issue that the Department for Work and Pensions (DWP) describes as ‘the proliferation of small pots’: the creation of multiple deferred pension pots , often low in value, when employees change employer.

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Pension Payroll System Consulting Payroll 119

Employee Benefits

MARCH 7, 2022

New research has revealed that 82% of young employees aged between 18 and 22 believe that individuals in employment should start saving for their pensions and retirement before the current default age of 22. The post 82% of young staff want to save for pensions before turning 22 appeared first on Employee Benefits.

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Pension Government Salary Employee Benefits 121

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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Pension Insurance Consulting Government 105

Employee Benefits

JULY 24, 2024

Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation. Through auto-enrolment, employers must contribute at least 3% and employees pay 5%. The post Newcastle Building Society accredited as living pension employer appeared first on Employee Benefits.

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Pension Employment Salary Employee Benefits 75

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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Pension Education Finance Government 97

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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Pension Electronics Benefits Package Technology 105

Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. An employer should really get to know the audience of employees and meet them where they are. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news.

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Pension Consulting Education Employment 98

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. It decided to become an accredited living pension employer to provide greater financial security for its 5,000 employees.

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Pension Salary Education Employment 98

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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Pension Pension Benefit Taxes Education 105

Money Talk

APRIL 20, 2023

One of my Money Talk clients is my long-time employer, Rutgers Cooperative Extension. Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g., health insurance).

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401(k) Pension Retirement Plan Taxes 246

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

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Taxes Pension Deductions Deductible 278

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

Employee Benefits

SEPTEMBER 6, 2023

BBC v Christina Burns concerns the ability of employers to amend their old-fashioned and prohibitively expensive defined benefit pension schemes to make cost-saving changes. Pension schemes can be amended in the ways that their amendment power says is possible, but not otherwise. The court said the BBC could not do this.

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Pension Employment Employee Benefits IT 105

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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Pension Net Pay Taxes Salary 96

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. When made into a pension contribution it is worth £206.39

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Pension Insurance Salary Taxes 98

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

MARCH 7, 2024

Image credit: photocosmos1 / Shutterstock.com Chancellor of the Exchequer, Jeremy Hunt (pictured), delivered his Spring Budget speech in the House of Commons on Wednesday 6 March. appeared first on Employee Benefits.

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Pension Employee Benefits Government Insurance 105

Employee Benefits

AUGUST 14, 2023

When Ford Motor Company moved to a master trust in April 2022, explaining the changes to people at pensions roadshows was a priority. Oliver Payne, international pensions and data analytics manager at Ford and founder of the Reinventing Pensions event, explains: “The reason for that is you get people’s focused attention.

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Pension Employee Benefits Management Employment 98

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

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.”

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Pension Finance Education Taxes 98

Employee Benefits

NOVEMBER 30, 2022

The Department of Work and Pensions (DWP) has reported a mean gender pay gap for 2022 of 5.9%. Awareness and support of those with caring responsibilities is embedded into all our HR policies and our commitment to this is strengthened by DWP’s membership to the Employers for Carers forum. “We

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Pension Parental Leave Bonuses Government 105

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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401(k) Pension Taxes Deductions 232

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. Requesting your full pension when you retire is not enough. You have probably got to do that for each instalment of underpaid pension.

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Pension Employee Benefits Employment IT 98

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

JULY 31, 2023

billion pension to cut future benefits for plan members but can make other changes without employees’ consent. The case explored the treatment of future service benefits under the BBC pension scheme, which provides retirement benefits on a defined benefit (DB) basis for BBC employees who joined before 1 December 2010.

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Pension Salary Employee Benefits Employment 98

Employee Benefits

JANUARY 22, 2024

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. And when they feel overwhelmed, Gen Z relies on mental health support as a core aspect of their employment offering. H2; Gen Z in the Workplace — What Do They Want?

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Money Talk

MAY 18, 2022

2021) or 90% of current year (2022) tax liability using a W-4 form at work for job-related income tax withholding; withholding for Social Security, a pension, and required minimum distributions through account custodians; and/or quarterly estimated payments using IRS Form 1040-ES. 401(k), 403(b), and traditional IRA).

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Taxes 401(k) Deductions Deductible 263

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit 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”).

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Pension Pension Benefit Employment IT 98