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

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

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

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

Employee Benefit News

JULY 17, 2024

While the revival of traditional pension plans faces significant hurdles, the exploration of hybrid solutions and innovations in retirement planning could provide a path forward.

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Pension Retirement Plan IT Employee Retention 121

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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Pension Government Taxes Deductions 59

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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Pension Employment Consulting Education 115

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

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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Pension Government Consulting Employee Benefits 59

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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Pension Insurance Consulting Government 105

Employee Benefits

OCTOBER 21, 2024

The Wolseley Group moved its pension to a master trust arrangement following a review of its £230 million defined contribution (DC) scheme. The group, which specialises in plumbing, heating, cooling and infrastructure, has more than 13,000 members in its pension.

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Pension Consulting Employee Benefits Management 52

Employee Benefits

OCTOBER 21, 2024

The Wolseley Group moved its pension to a master trust arrangement following a review of its £230 million defined contribution (DC) scheme. The group, which specialises in plumbing, heating, cooling and infrastructure, has more than 13,000 members in its pension.

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Pension Consulting Employee Benefits Management 52

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

OCTOBER 24, 2024

million pension pots are considered to be ‘lost’ among the UK population with 1 in 10 workers believing they could have lost a pension pot worth more than £10,000[ 1 ]. Auto Enrolment was brought in in 2012, 12 years ago, so many people will have a pension from employers since then. find-pension-contact-details).

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Pension Electronics Government Taxes 52

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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Pension Education Retirement Plan Consulting 64

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

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 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 pensions annual allowance has been increased from £40,000 to £60,000.

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Pension Taxes Government Salary 111

Employee Benefits

JULY 12, 2024

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. The new joint role is part of the new government’s recognition that pensions are the responsibilities of both departments.

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Pension Finance Government Employee Benefits 59

Employee Benefits

SEPTEMBER 25, 2024

Almost two-fifths (39%) of British employees regret not saving into a pension , according to research by Shepherds Friendly. The post 39% of British employees regret not saving into a pension appeared first on Employee Benefits.

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Pension Finance Life Insurance Education 69

Employee Benefits

SEPTEMBER 2, 2024

Specialist insurance and inspection business HSB improves employees’ confidence in investment choices through an approach centred around its pension governance committee and providing resources to staff. Employees also have access to a dedicated pension site on our HR intranet, which is regularly updated with relevant information.

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Pension Government Insurance Employee Benefits 59

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

AUGUST 14, 2024

The amount of time women spend out of paid work because of caring responsibilities has been found to be one of the most significant contributing factors to the gender pensions gap, according to analysis by the Trades Union Congress (TUC). months per year without a pension. months per year without a pension.

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Pension Employee Benefits 52

Employee Benefits

OCTOBER 4, 2024

Nearly three in five defined contribution (DC) pension savers will enter retirement with savings below expectations or below an adequate level, according to analysis by Phoenix Insights. Analysing the future impact of DC pension undersaving is based on responses of around 16,500 UK employees aged 25 and over. million people.

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Pension Employee Benefits IT 59

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

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

JULY 18, 2023

Workplace pension provider Smart Pension has acquired workplace pension services Evolve Pensions, owner of master trust the Crystal Trust. Paul Bannister, chief executive officer at Evolve Pensions, added: “At Evolve, we have always put people at the centre of everything we do.

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Pension Technology Employee Benefits Employment 52

Employee Benefits

AUGUST 8, 2024

The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) have launched a consultation on a joint framework for workplace defined contribution (DC) schemes. We’re working with the government and the Pensions Regulator to help them get better returns.

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Pension Consulting Government Employee Benefits 59

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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Pension Government Taxes Consulting 59

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. Independent sources of support Employees may well feel less self-conscious asking an independent person about their pension.

Pension 98

Pension Consulting Education Employment 98

Employee Benefits

MAY 22, 2024

ICI has completed a £900 million pensions buy-in deal. This is the 12th pensions-related transaction for the fund after entering into an umbrella agreement with Legal and General in 2014. We look forward to continuing to work closely with the fund to secure its members’ pension liabilities.”

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Pension Insurance Employee Benefits IT 59

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

DECEMBER 1, 2023

Two-thirds (66%) of full-time UK employees regard contributory pensions and savings as important, according to research by Employee Benefits Isle of Man. The post 66% of full-time UK staff think contributory pensions are important appeared first on Employee Benefits.

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Pension Salary Finance Medical 113

Employee Benefit News

FEBRUARY 5, 2024

Major employers like IBM and Ikea are touting the benefits of pensions on their employees' financial well-being. Is the industry ready for a comeback?

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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

SEPTEMBER 11, 2024

Only a quarter of UK employers think their defined contribution (DC) pension provision will leave their workers with a comfortable retirement, according to research by Willis Towers Watson (WTW). The post A quarter of UK employers think DC pension will provide comfortable retirement appeared first on Employee Benefits.

Pension 64

Pension Employment Consulting Insurance 64

Employee Benefits

MAY 20, 2024

Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation. Luke Streeting, chief executive of Novus Health, said: “Our commitment to provide the living pension to our employees is a very important step to ensure all our staff can look forward to a decent standard of living in retirement.

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Pension Health and Welfare Employment Salary 59