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

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

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

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.

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Pension Finance Technology Consulting 111

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

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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Pension Government Employee Benefits Management 105

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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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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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 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 115

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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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

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

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 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

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

MARCH 7, 2024

Image credit: photocosmos1 / Shutterstock.com Chancellor of the Exchequer, Jeremy Hunt (pictured), delivered his Spring Budget speech in the House of Commons on Wednesday 6 March. appeared first on Employee Benefits.

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Pension Employee Benefits Government Insurance 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 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

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.

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Pension Consulting Education Employment 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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Pension Net Pay Taxes Salary 96

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 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

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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Pension Taxes Government Payroll 103

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

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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Pension Benefit Pension Paid Leave Transportation 115

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

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.

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Pension Parental Leave Bonuses Government 105

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

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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401(k) Pension Taxes Deductions 233

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

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 13, 2023

As previously discussed , the Pension Benefit Guaranty Corporation (the “PBGC”) issued final regulations in July 2022 for plans that receive special financial assistance (“SFA”) under the American Rescue Plan Act of 2021 (“ARPA”).

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Pension Pension Benefit Employment IT 98

Money Talk

SEPTEMBER 28, 2023

It should include essential living expenses, discretionary living expenses, and guaranteed sources of income such as Social Security, an annuity, or a pension. For example, instead of two Social Security checks, there will be one, along with a reduced (survivor) pension benefit.

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Pension Pension Benefit Insurance Taxes 195

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

Money Talk

JUNE 8, 2022

Many older adults also have multiple income sources including Social Security, a pension, full-or part-time work or self-employment, withdrawals from retirement savings (including taxable required minimum distributions or RMDs), and interest, dividends, and capital gains on investments. In other instances (e.g.,

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Taxes Pension Deductions Deductible 278

Employee Benefit News

SEPTEMBER 27, 2023

United Auto Workers members who were hired prior to the 2008 financial crisis have pensions, those brought on since have received 401(k) plans instead.

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401(k) Pension 93