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. They could invest in financial coaching for a more personal approach to pensions education.

Pension 111

Pension Retirement Plan Education Finance 111

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 rest will be taxed. The income is taxable. What are the origins of GPPs?

Pension 111

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. Morrisons said the loss in pension contributions per worker would be more than offset by the offered pay rise.

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Pension Take Home Pay Retail Consulting 104

HR Lineup

OCTOBER 13, 2024

Founded in 1960, Randstad has evolved to become one of the largest HR service providers globally, serving clients across multiple industries in over 38 countries. Their use of advanced AI and machine learning for talent sourcing sets them apart in the HR space, enabling businesses to access high-quality talent quickly.

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Consulting Payroll Payroll Service Recruitment 246

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.

Pension 105

Pension Electronics Finance Government 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.

Pension 111

Pension Finance Technology Consulting 111

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

NOVEMBER 15, 2023

So far, it has been delivered to approximately 80,000 of its UK employees. Kerry Shiels, pension and benefits director at BT, says: “It is very important that employees understand their BT pension and the retirement decisions they will need to make in the lead up to, and at, retirement. before financial education, to 4.1

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Pension Education Retirement Plan Finance 116

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

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

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

APRIL 24, 2024

Increasing minimum pension contributions under auto-enrolment from 8% to 12% could result in additional contributions of £10 billion a year in the UK, according to research by Phoenix Group and WPI Economics. The post Increasing minimum pension contributions to 12% could boost savings by £95,530 appeared first on Employee Benefits.

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Pension Employee Benefits IT 108

Employee Benefits

APRIL 25, 2024

Just over one-third of pension savers (35%) feel confident to make decisions such as choosing how to access their pension when they reach retirement age, according to research by workplace pension scheme provider TPT Retirement Solutions.

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Pension Government Employee Benefits Management 111

Employee Benefits

SEPTEMBER 16, 2024

The majority of UK adults admitted they only have moderate expectations for their pension returns, and prioritise stability in their retirement savings over higher-risk investments, a new survey by PensionBee has revealed. The post Majority of UK adults have moderate expectations for pension returns appeared first on Employee Benefits.

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Pension Employee Benefits IT 94

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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Pension Parental Leave Employment Education 104

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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Pension Employment Professional Services Government 105

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 Benefit News

DECEMBER 19, 2023

Gen X workers have the biggest gap between their savings and what they think they need to save for retirement than any other generation in the workforce.

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IT 401(k) Pension 299

Employee Benefits

AUGUST 14, 2023

Need to know: Change will happen when it comes to employers’ pensions plans. But when change happens in areas that are not well understood, like pensions , people can sometimes assume that any news is bad news. Whatever the change, some universal principles remain true. Avoid legalese; be honest, clear and concise.

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Pension Consulting 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

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

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

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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Pension Employment Payroll Government 96

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 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

International Foundation of Employee Benefit Plans

APRIL 8, 2025

At the Healthcare of Ontario Pension Plan (HOOPP), data about their employee population has driven the evolution of its mental health program over the last five years.

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Pension Healthcare IT Employee Benefits 83

Employee Benefits

MARCH 16, 2023

It included a number of key announcements that could impact employees’ pay , pensions and benefits. Spring Budget 2023: Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget speech in the House of Commons on Wednesday 15 March. appeared first on Employee Benefits.

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Pension Taxes Government Payroll 103

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

Pension 98

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

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Pension Government Employment Employee Benefits 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%. The post Department of Work and Pensions reports 5.9% The government department’s mean gender pay gap , increased by a 1.7 percentage point from 2021, while its median gender pay gap for 2022 is 0. percentage point to 14.6%

Pension 105

Pension Parental Leave Bonuses Government 105

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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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? The post Paying off a mortgage or paying into a pension? However, there are often limits on the amount you can overpay without paying a penalty, so make sure you check this first.

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Pension Finance Education Taxes 98

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

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

JULY 24, 2024

Newcastle Building Society has received living pension employer accreditation from the Living Wage Foundation. The society’s commitment will see its new employees, who join the organisation after 1 April 2024, receive a higher default level of pension than current auto-enrolment contributions, with workers paying 5% and employers paying 7%.

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Pension Employment Salary Employee Benefits 75

Money Talk

APRIL 20, 2023

Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., Simplified Employee Pension (SEP)- This is a retirement savings plan for self-employed workers and small business owners. 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g.,

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401(k) Pension Retirement Plan Taxes 246