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The new year brings a new start for people’s finances, giving you the chance to re-evaluate your situation and make changes based on your priorities. This could begin with making a plan to pay off any outstanding debts that have been causing stress, or just being aware of changes that may impact your finances.
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.
However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.
Colleagues can access information about everything on offer, as well as self-serve additional salary sacrifice options such as additional pension contributions, family private medical insurance, holiday purchase and cycle to work, and instantly see how this will impact their takehomepay.
As an employer, you’re obliged to provide your staff with a workplace pension – a mandate made compulsory by the UK government in 2012. Unfortunately, a considerable number of employees adopt a ‘set and forget’ approach once they’re enrolled in a pension scheme. So, why not ensure it delivers real value?
These employees will need guidance and support to understand the impact on their finances and what options are available for them, as this can negatively impact wellbeing and productivity. Providing a robust financial wellbeing programme can empower employees to take action and build their financial resilience, says Stinton.
WILL MAINTAIN MOMENTUM ON AUTO-ENROLLMENT After the passage of the Pension Protection Act of 2006, some plan sponsors resisted auto-enrollment, concerned that they would be seen as too controlling in their employees’ lives. Employees may opt out of auto-enrollment and auto-escalation. SECURE ACT 2.0
Inflation doesn’t just mean rising costs for workers and their employers; UK organisations could soon be faced with workforces that are unengaged, distracted and unhappy because of the state of their finances. Pay: real living wage, and salary increases. Pensions contributions. Pensions contributions. Salary sacrifice.
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