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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.
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.
The benefits on offer at Wave: Pension A master trust pension scheme for all employees. Employees can contribute as much as they wish as long as it does not take their take-homepay below the minimum wage. Two years paid at half salary at time of acceptance. Age limits are 16 to state pension age.
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. This means people can earn £12,500 tax-free, and only start paying tax on income over that amount.
The retailer has additionally increased minimum pay rates , which will rise to £11.50 Over the past three years, Currys has increased its minimum hourly pay by 29%. This increase in take-homepay will mean that the annual earnings of an employee who works 20 hours a week will have risen by nearly £2,700 over the three-year period.
You’ve got a company pension scheme in place, so what would prompt you to change it? However, there’s a strong reason to do so: your business and employees may be at risk if you don’t take action. Additionally, shifting to a modern digital pension provider is surprisingly straightforward.
Colleagues can access information about everything on offer, as well as self-serve additional salary sacrifice options such as additional pension contributions, family private medical insurance, holiday purchase and cycle to work, and instantly see how this will impact their takehomepay.
As an employer, you’re obliged to provide your staff with a workplace pension – a mandate made compulsory by the UK government in 2012. Unfortunately, a considerable number of employees adopt a ‘set and forget’ approach once they’re enrolled in a pension scheme. So, why not ensure it delivers real value?
The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. Meanwhile, discounts and e-vouchers on everyday purchases stretch employees’ salaries further.
contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0 SECURE ACT 2.0 THE SECURE ACT 2.0 THE SECURE ACT 2.0
While raising salaries in line with – or above – inflation is one solution, there are many other ways that organisations can provide their people with support to improve their financial wellbeing. Pay: real living wage, and salary increases. Pensions contributions. Salary sacrifice. Pensions contributions.
Whether its leveraging tax-efficient Salary Sacrifice schemes or taking a more holistic approach such as flexible working, its definitely possible to offer great benefits while boosting your bottom line. These schemes allow employees to exchange part of their salary for non-cash benefits. And the best part?
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