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.

Pension 111

Pension Taxes Government Salary 111

Employee Benefits

MAY 15, 2023

We ask Jonathan Watts-Lay, Director, WEALTH at work, what he thinks are the main benefits of salary sacrifice schemes. Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and National Insurance.

Salary 98

Salary Pension Taxes Transportation 98

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.

Pension 98

Pension Salary Education Employment 98

Employee Benefits

MAY 20, 2024

Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation. Employers commit to either a percentage or cash target, equivalent to 12% of salary for a full-time employee earning a living wage salary or £2,800. The employer pays in at least 7%, or £1,630.

Pension 59

Pension Health and Welfare Employment Salary 59

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).

Pension 52

Pension Electronics Government Taxes 52

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.

Pension 96

Pension Net Pay Taxes Salary 96

Workers' Compensation

AUGUST 25, 2024

Salary Increases : The Presiding Judges of the Superior Court, Appellate Division, will now earn $218,545.82 County prosecutors' salaries will increase to $204,166.50. Post-Retirement Work : Retired members of the Judicial Retirement System (JRS) can now collect pensions while serving as county prosecutors. ORDER NOW. *

Salary 52

Salary Workers’ Compensation Pension IT 52

Employee Benefits

JANUARY 31, 2024

Pensions law firm Sacker and Partners has become a living pension employer. Employers commit to either a percentage or cash target, equivalent to 12% of salary for a full-time employee earning a living wage salary or £2,800. The employer pays in at least 7%, or £1,630.

Pension 59

Pension Employment Salary Medical 59

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.

Pension 98

Pension Salary Employee Benefits Employment 98

Employee Benefits

JULY 29, 2024

The Court of Appeal has upheld the High Court’s ruling that a written actuarial confirmation was required where an alteration to the Virgin Media scheme’s rules affected pension benefits for past or future service benefits. What evidence might be sufficient to demonstrate that a compliant actuarial confirmation was, in fact, provided?

Pension 59

Pension Media Pension Benefit Salary 59

Employee Benefits

MAY 22, 2024

Scottish energy multinational SSE was one of the first employers to become accredited by the living pension scheme in 2023. The Living Pension savings target is 12% of a full-time living Wage worker’s salary, of which the employer pays at least 7%. One reason behind high contribution levels is SSE’s communications strategy.

Pension 59

Pension Salary Employment Employee Benefits 59

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.

Pension 98

Pension Finance Salary Government 98

Employee Benefits

MAY 22, 2024

It is generally acknowledged that, despite the success of pensions auto-enrolment , saving the minimum contribution levels will not lead to a comfortable standard of living in retirement. Pensions can also seem too abstract to think about. The complexity of pensions and lack of financial education is another factor, Blake adds.

Pension 59

Pension Employment Salary Retirement Plan 59

Employee Benefits

NOVEMBER 10, 2023

Credit: Alasdair Jones / Shutterstock.com Scottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security. The living pension savings target is 12% of a full-time employee earning a living wage salary , of which the employer pays in at least 7%.

Pension 59

Pension Employment Healthcare Salary 59

Employee Benefits

MAY 4, 2023

A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis , according to research by Cushon. The majority (84%) of those with a workplace pension agreed that increased financial education around pensions would be helpful.

Pension 81

Pension Employment Salary Finance 81

Employee Benefits

FEBRUARY 2, 2022

Higher pay rises for men than women could result in a gender pensions gap of £142,603, according to new findings. Research commissioned by investment solutions firm Fidelity International revealed that men typically receive £733 more than women when their salary is increased.

Pension 97

Pension Salary Commissions Employee Benefits 97

Employee Benefits

APRIL 28, 2023

Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation. Launched last month , the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement.

Pension 69

Pension Benefits Package Finance Salary 69

Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.

Pension 64

Pension Take Home Pay Salary Taxes 64

Employee Benefits

JUNE 3, 2024

A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information. This caused a degree of distress to the people affected, as the money they thought was going into their pensions didn’t. It caused them real concern.”

Pension 59

Pension Deductions Deductible Salary 59

Employee Benefits

MAY 29, 2023

It is quite natural for us to focus on salary. For example, deductions for childcare vouchers or for a salary sacrifice car arrangement are made from pre-tax salary, which means that the money is not subject to income tax and national insurance. After all, we all need to make a living. appeared first on Employee Benefits.

Salary 98

Salary Employee Benefits Disability Insurance Pension 98

Employee Benefits

FEBRUARY 2, 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 £212.29

Pension 52

Pension Insurance Salary Taxes 52

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.

Pension 121

Pension Government Salary Employee Benefits 121

Employee Benefits

FEBRUARY 28, 2024

Organisations are more likely to publish information on salary ranges than specific salaries, according to research by professional body the Chartered Institute of Personnel and Development (CIPD). The post Employers more likely to publish salary ranges than specific amounts appeared first on Employee Benefits.

Salary 59

Salary Pension Employment Recruitment 59

Employee Benefits

MARCH 15, 2024

Credit: Ritu Manoj Jethani/Shutterstock Footwear brand FitFlop has introduced a salary sacrifice nursery scheme for its 165 UK employees in order to help them save money on childcare fees. The post FitFlop introduces salary sacrifice nursery scheme appeared first on Employee Benefits.

Salary 59

Salary Gross Pay Global Payroll Pension 59

Employee Benefits

SEPTEMBER 6, 2023

For employers, determining the contributions to a workplace pension scheme depends on the pensionable earnings of their employees. This article will explain the different methods for calculating pensionable earnings and how these methods affect pension contributions and tax efficiency. Employee contribution (inc.

Pension 52

Pension Employment Bonuses Net Pay 52

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Therefore a business with a team of 100 could pocket savings of up to £65,000 annually with a strategic pension plan. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

Pension 59

Pension Salary Taxes Employee Loyalty 59

Employee Benefits

AUGUST 24, 2023

For employers, setting up an auto-enrolment pension plan for your staff is a must. This guide will delve into the intricacies of auto-enrolment pensions and how to effectively manage them. Understanding Auto Enrolment At its core, auto enrolment means establishing a pension system by the employer for the benefit of their employees.

Pension 52

Pension Employment Net Pay Salary 52

Employee Benefits

NOVEMBER 28, 2023

Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers.

Pension 59

Pension Employment Salary Employee Benefits 59

Employee Benefits

APRIL 10, 2023

Need to know: Increasing education about pensions is key to helping employees make the right decisions about accessing their pension savings early. The ability to access pension funds early could prompt changes to the way that pension providers invest for their members.

Retirement Plan 64

Retirement Plan Pension Taxes Education 64

Employee Benefits

JULY 26, 2023

Considering a shift in your workplace pension provider? The pension plan you offer should mirror your company’s brand. The heartening truth is that transitioning your pension provider is far less complicated than it appears. This article will guide you on how to switch workplace pension providers, one step at a time.

Pension 52

Pension Finance Salary Employee Benefits 52

Employee Benefits

JULY 24, 2023

Several strike dates due to take place on the London Underground have been suspended following negotiations about potential reforms of Transport for London’s (TFL) pension scheme. A central government-demanded review of TFL’s pension arrangements, which is a condition of the 1 June 2021 £1.1

Pension 52

Pension Pension Benefit Transportation Government 52

Employee Benefits

MARCH 24, 2023

Herbert Smith Freehills, Citizens UK, Aviva, and Phoenix Group this week became among the first employers to sign up to the new Living Pension Employer standard , launched by the Living Wage Foundation. The living pension is a voluntary savings target of 12% of an employee’s salary, whereby the employer contributes 7%.

Pension 59

Pension Deductions Deductible Salary 59

Employee Benefits

JULY 6, 2023

How would you feel if you discovered your company was unintentionally wasting a significant portion of your salary? But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. You might expect pension providers to help you traverse this complex maze.

Pension 52

Pension IT Finance Taxes 52

Employee Benefits

APRIL 15, 2024

Two in five (40%) UK employees admitted they would choose a job with a lower salary but generous employee benefits , according to research from MetLife UK. Competitive salaries are important, but businesses need to realise that it’s not the only thing candidates think about when assessing job opportunities.

Salary 72

Salary Pension Benefit Providers Bonuses 72

Employee Benefits

AUGUST 22, 2023

UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?

Pension 52

Pension Employment Taxes Government 52

Employee Benefits

JUNE 28, 2023

Insurance firm Allianz has introduced an electric car salary sacrifice scheme for its more than 8,000 UK employees. They can choose between electric and plug-in hybrid cars, while the cost of the lease is calculated monthly and deducted from their gross salary through payroll.

Salary 59

Salary Pension Deductions Deductible 59

Employee Benefits

MARCH 21, 2023

Insurers Phoenix Group and Aviva, and law firm Herbert Smith Freehills are among those that have signed up to become living pension employers , a scheme launched today (21 March) by the Living Wage Foundation. The standard was introduced following research among 3,000 people who saved into a pension in the past year.

Pension 52

Pension Employment Salary Insurance 52