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.,

401(k) 246

401(k) Pension Retirement Plan Taxes 246

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

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

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 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

HR Digest

SEPTEMBER 29, 2020

Salary expectations is a question that will crop up if it has not been specified in the job description. This question is more about finding a salary match, adds Crawford. “Ideally, employers and recruiters would be upfront with [salary] information and volunteer it first, but that’s not often the case,” Fink said.

Salary 98

Salary Pension Healthcare Benefits Healthcare 98

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

APRIL 17, 2024

Pension salary sacrifice schemes are not a new concept, but one that all employers should consider, especially at a time where the tax burden on both employers and employees is high. Salary sacrifice arrangements help employers make their salary budget stretch a bit further. reduction in its national insurance (NIC) bill.

Pension 59

Pension Salary Taxes Insurance 59

Employee Benefits

NOVEMBER 25, 2022

Huddersfield-based children’s Hospice charity Forget Me Not has launched a salary sacrifice pension arrangement in order to look after the financial wellbeing of its 140 employees. This is then paid into their pension account before national insurance and tax is taken from their salary.

Pension 59

Pension Salary Taxes Finance 59

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%.

Pension 75

Pension Employment Salary Employee Benefits 75

Money Talk

JUNE 16, 2022

Workplace Retirement Plans - The four types of tax-deferred, salary-reduction, defined contribution plans available through employers are 401(k) (for-profit corporation employees), 403(b (school and non-profit employees), 457 (state/local government employees), and Thrift Savings Plan (federal government employees and service members).

Taxes 189

Taxes 401(k) Retirement Plan Pension 189

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

Money Talk

FEBRUARY 1, 2024

Many people think you need to earn a high salary (e.g., One reason is that average salaries rise with higher levels of education. 100,000+) to become a millionaire. In reality, many people of ordinary means (i.e., In addition, people tend to marry spouses with similar characteristics.

401(k) 189

401(k) Finance Pension Commissions 189

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

Achievers

DECEMBER 16, 2019

For 41 percent of small business employees, benefits are crucial when accepting a new job, second to salary. A matching 401(k) or pension. Today, unemployment rates are at a historic low, so many workers now have the freedom to choose where they want to work. And in many cases, it’s benefits offerings that seal the deal.

Employee Benefits 287

Employee Benefits 401(k) PTO Benefits Package 287

Employee Benefits

JANUARY 10, 2022

In what may bring a sigh of relief, 2022 is not a year with new legal requirements incumbent on employers regarding pensions. But there are many ongoing requirements to be mindful of, and changes within the pensions environment that could lead to future impacts. There will be a need to be maintaining ongoing AE duties.

Pension 72

Pension Net Pay Government Taxes 72

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

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

JANUARY 18, 2022

There are a number of reasons for this: their salary is often higher than earlier in their career, mortgage payments are probably less onerous and children may be grown up and no longer financially dependent. Then, when they’re ready, they want to understand how to turn their pension savings into an income for life.

Pension 141

Pension Pension Benefit Finance Salary 141

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

OCTOBER 16, 2023

Credit: ClimbWhenReady / Shutterstock In the UK, home improvement firm Kingfisher’s pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.

Pension 105

Pension Salary Insurance Government 105

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

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

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

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

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

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

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

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

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 Deductible Deductions Salary 59

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

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 Deductible Deductions Salary 59

Employee Benefits

NOVEMBER 6, 2023

Employees would receive a flex pay arrangement , worth an additional 9% of salary. This would incorporate an employer pension contribution of 4%, and an extra 5% which could be used to purchase other benefits. The starting point was the pension plan.

Pension 105

Pension Salary Recruitment Technology 105

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

cipHR

NOVEMBER 15, 2021

As head of payroll bureau services at CIPHR’s sister company PBS , a payroll software and service provider, Jon and his team process payroll and BACS salary payments for 94,000 employees, across 500 organisations every month. For example, employees over state pension age shouldn’t pay any NI (unless they are self-employed).

Pension 98

Pension Gross Pay Payroll Deductible 98

Employee Benefits

OCTOBER 24, 2023

Conducted by global talent services firm Morgan McKinley as part of its 2024 Salary guide , the survey found that the top five desired benefits respondents look for in a job are working from home, bonus, pension, health insurance and flexible working hours.

Benefits Package 118

Benefits Package Salary Pension Health Insurance 118

Employee Benefits

JANUARY 25, 2023

The benefits on offer at Wave: Pension A master trust pension scheme for all employees. Two years paid at half salary at time of acceptance. Age limits are 16 to state pension age. Life insurance for all employees with a death-in-service benefit of four-times salary. Age limits are 16 to state pension age.

Pension 105

Pension Bonuses Voluntary Benefits Retail 105