Analysis – Page 2
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AnalysisWhat are the benefits of educating employees around pensions investments?
Need to know:There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage.Investments can be made meaningful by using layman's terms to explain the funds, and what they mean for employees.Bringing environmental, social, and corporate ...
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AnalysisHow is the cost-of-living crisis affecting what employees want from their benefits packages?
The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term.Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.Employers should focus on practices that are sustainable and work for ...
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AnalysisHow to design pension communications to engage younger workers
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.Different age groups will ultimately respond to information in different ways, so employers should consider using different methods of communication according to employees' ...
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AnalysisHow does the enhanced climate change reporting affect workplace pension schemes?
Need to know:Trustees of large pension schemes and master trusts now have an additional obligation to publish a forward-looking measure of their scheme’s alignment with the Paris Agreement.There is effectively a choice of three methodologies to accomplish this.Trustees and employers should ensure the pension investment strategy aligns with the business’s ...
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AnalysisWhat does the collective defined contribution (CDC) code of practice include?
Need to know: The Pensions Regulator has published a new code of practice for employers that would like to introduce collective defined contribution (CDC) pension schemes. The code lays out the detailed and extensive process employers will need to go through to receive authorisation. It is ...
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AnalysisHow to engage lower-paid staff with pensions during the cost-of-living crisis
Need to know:Illustrating the future pension payback to staff can incentivise saving and lessen the sense of giving up money today.Employees should be fully informed of the risks of reducing pension contributions through simple projections and calculations that show the impact on their long-term financial security.Face-to-face and email communication channels ...
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AnalysisPensions communications to cut through the noise
Need to know:Employers need tailored, practical messaging to reach employees struggling with pressing financial concerns.A multi-avenue approach will help catch a wider range of employees' attention, but video content and digital strategies are good starting points.In order to cut through the noise, people need to see their pensions as real, ...
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AnalysisHow can employers communicate the pros and cons of annuities to staff?
Need to know:Although employers have no legal communication duties around annuities, they are often best placed to provide the most relevant information for their workforces.Employers must avoid being risk averse and fail to give guidance. This is not regulated advice.Pensions technology, along with advice from financial advisers, are valuable ...
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AnalysisCan employees remain engaged with retirement saving while costs of living rise?
Need to know:The cost-of-living crisis may result in employees disengaging with pension saving.But the chances are employer pension communications may not be up to scratch.Delivering clear messages at the appropriate time will pay dividends in securing financial wellbeing and HR operational efficiency.Retirement savings is a bit like cleaning out gutters ...
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AnalysisHow can employers engage staff in responsible pensions investment?
Need to know: While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low.Embedding environmental, social and governance (ESG) factors into default funds can be complicated, as it introduces additional risks and can distract from focusing on ...
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AnalysisWhat impact is the war in Ukraine having on benefits strategies?
Employee support during the war in Ukraine might include evacuating staff and providing flexible, practical support for those directly affected.Organisations should also remember the importance of mental health support for all employees, including senior managers.In addition to day-to-day considerations, businesses should understand the wider ramifications of world events on other ...
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AnalysisAre master trusts the future of pensions?
Need to know:Master trusts offer a cost-effective solution that harnesses economies of scale and relieves employers of a growing regulatory burden around pensions.Many are using technology to forge ahead with developments such as open banking, and flexible drawdown.Value-added services can help employees build financial resilience in the short-term, as well ...
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AnalysisTop tips for supporting staff around early retirement
Four factors now typically determine when someone chooses to retire: their ability to fund their lifestyle without work; their appetite for a life without work; their inability to secure employment, and their health, with the latter two sometimes forcing their retirement.If employees choose to take a tax-free lump sum as ...
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AnalysisTop tips on how employers can reduce the gender pensions gap
Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact.Online ‘Mind the gap’ calculators, using video, animation and social media can help to promote relevant messages.Providing education on how pensions work and what ...
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AnalysisA changing pension landscape: what can employers expect in 2022?
Need to know: Pension teams are likely to be flooded with queries around the new simplified annual statements, changes to retirement ages and the Pensions Dashboard.Salary sacrifice plans will get a fillip from the new Health and Social Care Levy.Employers who are not cognisant of their employees’ attitudes to environmental, ...
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AnalysisHow can employers assess value for money in a DC pension?
Need to know:Workplace pension regulators are looking at how value for money can be clarified in defined contribution (DC) pension schemes.Value for money is a difficult thing to pin down, as there are so many interactive components.Ultimately the employer is one of the greatest contributors to delivering value for money ...
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AnalysisTop tips for implementing a pensions education exercise
Need to know:Employers need to set goals and measure outcomes of all financial education exercises.They can segment employees and use all available communication channels.Employers should rely on what resonates with their employees rather simply spend big bucks.Pensions can be a bit dry and grey and retirement, particularly to the ...
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AnalysisTop tips for introducing salary sacrifice pension schemes
A salary sacrifice pension arrangement should not be agreed if the effect of this, such as a reduction in the employee’s pay, would lead to a breach of the national minimum wage legislation. A simple step, such as giving employees full transparency on which businesses the ...
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AnalysisWhat role do employers play in protecting staff from pension scams?
Need to know:Pension scheme trustees will soon have a new obligation to assess transfers for fraud.If a red flag has been identified, the transfer can be stopped.Every transferring member must receive Pension Wise guidance, or actively opt out.Employers can do much to educate employees using websites such as ScamSmart.Pension schemes ...
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AnalysisWhat trends are currently impacting on workplace pensions?
Need to know:Workplace pension schemes are facing huge amounts of change in the coming months.Employers, trustees and administrators have to be aware of the new reporting requirements on climate change.Preparing for the pensions dashboards will see schemes having to supply data in line with a 2023 deadline.Pension managers, trustees and ...