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. With this in mind, what is a pensions buy-in and how is it conducted? If an investment strategy underperforms, it may not generate sufficient returns to pay pensions in the future.

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Employee Benefits

FEBRUARY 12, 2024

More employers could introduce gender inclusive paid parental leave to prevent and try to close gender pension gaps. The Pensions (Extension of Automatic-Enrolment) (No. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. The Pensions (Extension of Automatic-Enrolment) (No.

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Employee Benefits

MARCH 3, 2022

Nearly half (46%) of UK employers with defined contribution (DC) pension schemes say that delivering positive outcomes for members in this scheme is now their top priority, according to research by global professional services firm Aon. Back in 2020, employers’ main priority was to offer a pension that was broadly in line with competitors.

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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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Employee Benefits

JUNE 8, 2023

The UK government has issued an update on its planned pensions dashboards programme , stating that it needs additional delivery time and its connection deadline will be 31 October 2026. It stated that this will give the programme the flexibility to be completed effectively.

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Employee Benefits

MARCH 16, 2023

It included a number of key announcements that could impact employees’ pay , pensions and benefits. appeared first on Employee Benefits.

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Employee Benefits

MARCH 7, 2024

appeared first on Employee Benefits.

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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. While guidance from MoneyHelper is useful, the process of reconnecting lost pensions remains administratively cumbersome for individuals.

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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. Hasn’t pension auto enrolment been an obligation for quite some time?

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Workplace Insight

DECEMBER 12, 2023

The UK Government is bringing forward its target to relocate 22,000 civil service roles out of London. We have already gone above and beyond our targets, bringing the best talent from every corner of the UK into government roles, to make our civil service more efficient and representative of the wider public.”

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Employee Benefits

APRIL 11, 2024

The Department for Work and Pensions has published new guidance to help employers better support disabled people. The post Government launches new disability guide with CIPD appeared first on Employee Benefits. The DWP said it forms part of its £2.5

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Money Talk

JUNE 16, 2022

¨ Workplace Retirement Plans - The four types of tax-deferred, salary-reduction, defined contribution plans available through employers are 401(k) (for-profit corporation employees), 403(b (school and non-profit employees), 457 (state/local government employees), and Thrift Savings Plan (federal government employees and service members).

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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. Organisations should engage employees in their future finances by introducing schemes to improve financial literacy and provide better pensions information.

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Pension Finance Salary Government 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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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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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

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. Pensions dashboards are coming, and will allow individuals to access all their information online and in one place. Who will oversee the dashboards? What do employers need to do?

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Money Talk

MAY 31, 2023

When the government lowers tax rates. Someone’s effective tax rate is useful to determine tax withholding or estimated taxes for investments, pensions, and Social Security. Nobody has a crystal ball, but we know that tax rates will rise starting in 2026 when the Tax Cuts and Jobs Act expires. There are only two ways to reduce taxes: 1.

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Money Talk

APRIL 12, 2023

Acronyms associated with impact investing include SRI (socially responsible investments) and ESG (environmental, social, and governance). The stated intention is to have investments create change and generate a positive impact on the world- as well as a high return.

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Money Talk

MAY 4, 2023

Cryptocurrencies - About 16% of Americans say that they have ever invested in or traded cryptocurrencies This has led to greater income tax scrutiny and calls for more government oversight by the SEC and/or CFTC after 2022 collapses of crypto lenders and exchanges.

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Employee Benefits

FEBRUARY 1, 2022

The government has published a key document in the creation of a single portal for people to manage their retirement income. The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022.

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Money Talk

MARCH 15, 2023

No Federal Insurance - There is no federal government insurance for annuities as there is for bank products (FDIC) and investment products (SIPC). They are often bought with money from settlements, investment accounts, and pension plan lump sum distributions. Therefore, credit quality of issuing insurance companies is very important.

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Money Talk

JULY 29, 2022

Widespread data hackings are increasingly common, whether it is a credit bureau (Equifax in 2017), a hotel (Marriott in 2018), an online game producer (Zynga in 2019) a federal government agency (OPM in 2015), or an Internet media company (Yahoo! bank and investment accounts, pension, Social Security) should have a two-factor (a.k.a.,

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Banking Pension Media Finance 275

Money Talk

JANUARY 4, 2024

Common sources are businesses, individuals, and the government. Inheritances are not considered taxable income by the federal government but earnings on inherited assets (e.g., Public Benefits- This is cash or services provided by government or non-profit agencies. stock or mutual fund shares) are taxable.

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Life Insurance Retail Pension Benefit Taxes 176

Employee Benefits

JANUARY 28, 2022

Addressing climate change and rolling out the pensions dashboard are the biggest priorities for workplace pension scheme advisers this year, research has revealed. Meanwhile, a host of other industry-defining issues, from auto-enrolment to pensions tax reform, remain high on the industry’s to-do list,” he said.

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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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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. The necessary legislation has now been passed to permit CDC schemes.

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Employee Benefits

JULY 12, 2024

Credit: UK government, under Attribution 3.0 Unported Deed, resized Emma Reynolds, the elected Labour MP for Wycombe, has been appointed parliamentary secretary for both the Department of Work and Pensions (DWP) and HM Treasury. Kate Smith, head of pensions at Aegon, said: “We welcome Emma Reynolds as the new pensions minister.

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Employee Benefits

JULY 11, 2023

Nine of the UK’s largest defined contribution (DC) pension providers have come to an agreement with the government to improve pension schemes. This could unlock up to £75 billion of additional investment from DC and local government pensions.

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Employee Benefits

AUGUST 19, 2024

Chancellor of the exchequer Rachel Reeves has launched a review to boost investment, increase saver returns and tackle waste in the pensions system. The review will be led by minister for pensions Emma Reynolds and will focus on defined contribution workplace schemes and the Local Government Pension Scheme (LGPS).

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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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Employee Benefits

JULY 17, 2024

The new Labour government will introduce a Pension Schemes Bill to improve outcomes for savers in private sector pension schemes. In the State Opening of Parliament, His Majesty King Charles introduced plans for the Pension Schemes Bill to strengthen pension investment.

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Employee Benefits

MARCH 2, 2023

The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation. DWP and the Money and Pensions Service [MAPS] remain committed to dashboards.

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Money Talk

JANUARY 26, 2023

Personal Inflation Rate - The official government CPI rate announced each month is not the same as people’s personal inflation rate which varies according to age, income, health status, and other variables. pensions, Social Security, annuities) can “ride it out.” Middle-income earners lost the most purchasing power.

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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. billion in assets, data from the Pensions Regulator shows. Are there any tax or legal issues?

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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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