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

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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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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Employee Benefits

JULY 22, 2024

Rachel Reeves, chancellor of the exchequer, has announced a pensions review as part of the government’s aim to boost growth and productive investment into the UK economy. How pension pots for savers in DC schemes could be boosted by more than £11,000, will also be explored. There is no time to waste.

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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.

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Pension Education Retirement Plan Finance 116

Employee Benefits

FEBRUARY 20, 2024

Employee Benefits poll: Approximately half (49%) of organisations think the pots-for-life plan will increase employees’ engagement with their pensions, according to a survey of Employee Benefits readers. Employees would also be able to choose their own pension scheme for automatic-enrolment.

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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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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 Benefit News

OCTOBER 11, 2022

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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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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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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

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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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

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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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

JANUARY 22, 2024

Pensions and Future Planning Contrary to stereotypes, Gen Z actually places significant importance on pension benefits for future planning. In our report, pension needs ranked closely behind work-life balance in terms of importance, with an average score of 7.52. out of 10 in the findings from our exclusive report.

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Employee Benefits

AUGUST 2, 2024

The SCA UK Pension Plan, which is sponsored by global hygiene and health firm Essity Group, has completed a £1.1 billion pensions buy-in. This included its asset management pooled fund holdings. It is good news for our members and increases the level of security that their pension benefits will be paid in full.

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Money Talk

NOVEMBER 9, 2023

Pension Payment Sequencing - Taxpayers fortunate to have a pension may want to delay their work exit date/pension start date to do Roth conversions or realize capital gains on taxable accounts before RMDs begin. Individuals must “do the math” to see if this strategy will work.

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Money Talk

MAY 31, 2023

Budget Culture- This term was used on a webinar to describe “rules” that there is one right way to manage money and a strong belief in discipline and will power. Wealth accumulation and money management strategies that “worked for them” often do not work for others. Financial knowledge is power.

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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

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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Employee Benefits

NOVEMBER 27, 2023

Last week, Employee Benefits reported that Chancellor of the Exchequer Jeremy Hunt announced plans to offer a pension pot for life in the Autumn Statement 2023. In light of this, do you think the pension pot-for-life plan will help employees to manage their pension? appeared first on Employee Benefits.

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Employee Benefits

JANUARY 18, 2022

The financial difficulties caused by these lifestyle events are similar and can be managed within a general financial wellness programme. Then, when they’re ready, they want to understand how to turn their pension savings into an income for life. Financial wellness programmes often focus primarily on managing money day-to-day.

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Employee Benefits

DECEMBER 14, 2023

The BP Pensioner Group has begun legal action against senior members of BP management and directors of the BP pension fund trustee due to concerns around the value of 2,500 members’ pensions. According to the BP Pensioner Group, the dispute is about decisions made by BP and the pension fund trustee in 2022 and 2023.

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Employee Benefits

JULY 2, 2024

Aviation services firm Menzies has completed a £260 million pensions buy-in for its Menzies Pension Fund. The transaction secures the benefits of more than 3,000 members, including almost 1,400 pensioners and 1,650 deferred members. Law firm LCP was the lead pension risk transfer adviser.

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Pension Insurance Employee Benefits Management 59

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

JULY 24, 2024

Alongside this, over the past two years the organisation has embedded a specific focus on encouraging pensions’ awareness , and saving, among new hires. Before a person even joins AWE, they can see the details of the pension scheme and its benefits on its website. “We When they join, employees have a formal 1.5-day

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Money Talk

MARCH 15, 2023

Examples include surrender charges, sales commissions (loads), management fees, and mortality charges. They are often bought with money from settlements, investment accounts, and pension plan lump sum distributions. Annuity salespeople sometimes convince people there are no fees but, of course, there are.

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Employee Benefits

AUGUST 1, 2024

Moog, a motion control solutions supplier, has completed a £25 million pensions buy-in for its retirement benefits plan. The buy-in transaction, which was completed in partnership with Just Group and Gallagher, secures the benefits of 28 deferred members and 139 current pensioner members.

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Pension Insurance Employee Benefits Management 59

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

AUGUST 12, 2024

She was employed by Maximus UK Services, which performs medical assessments on people claiming state benefits for the Department for Work and Pensions, and managed an administrative team of nine. The post Manager on sick leave for four years not unfairly dismissed appeared first on Employee Benefits.

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Money Talk

JULY 29, 2022

bank and investment accounts, pension, Social Security) should have a two-factor (a.k.a., Some experts also advise using a password manager program with two-factor authentication as well as strict privacy settings for social media. Another hygiene practice is using strong passwords with a variety of types of characters.

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Business Management Daily

AUGUST 13, 2024

According to the Society for Human Resource Management, the skills gap is so large that nearly half of all employees will need retraining in this decade. It’s crucial for managers to gauge how their employees are doing physically and mentally to avoid this from happening. appeared first on Business Management Daily.

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Employee Benefits

APRIL 9, 2024

Electronics business Epson UK has completed a £60 million pension buy-in for its Epson UK Pension Scheme. The deal, which was carried out with financial services firm Just Group and scheme trustee Dalriada, secures the benefits of 113 pensioners and 289 deferred members.

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Pension Electronics Manufacturing Consulting 59

Employee Benefits

SEPTEMBER 15, 2023

Two-fifths of older employees are unaware of how much they have saved for retirement, according to research by workplace savings and pensions fintech Cushon. However, 86% of this age group have never transferred one pension pot into another. However, 86% of this age group have never transferred one pension pot into another.

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