Analysis – Page 3
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AnalysisHow can employers raise awareness of the pensions freedoms among workforces?
Need to know:The pension freedoms have left many employees aged over 55 bewildered and unprepared.Employers can get their pension providers to do nudge campaigns and offer webinars.They should point all over 50s to the free government guidance service Pension Wise.When it comes to workplace pensions, many employees are floundering, particularly ...
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AnalysisHow can employers encourage women to save more into their pensions?
Need to know:The disparity in pensions between the sexes remains huge, with the median pension wealth of women coming up to retirement standing at just one-third of men’s.A clean way to help remedy this is to extend workplace schemes to all employees, including those earning under the £10,000 mandated by ...
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AnalysisHow can employers create climate-friendly pension schemes?
Need to know:The quickest way to make a difference to a pension scheme is to incorporate climate-friendly investments in the default fund.A Department for Work and Pensions (DWP) consultation could make it easier to find environmental, social and governance (ESG) funds with acceptable charges.There can be risk and conflict as ...
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AnalysisWhat does the Pensions Schemes Act 2021 mean for workplace pensions?
Need to know:The Pension Schemes Act sets out the framework for the dashboard with everyone’s pensions in one place. Employers should start getting their data ready now.It will enable trustees to ‘red flag’ a transfer request and block it. The new scam rules need to be communicated to employees.Large schemes ...
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AnalysisHow can employers link carbon-neutral goals with their reward strategy?
Need to know:Organisations are under pressure to reduce their carbon footprints and employee benefits can help with this.Ensuring pension funds are invested in environmentally-friendly businesses is a good place to start, while executives can be rewarded on similar metrics.The use of green reward schemes and encouraging greener forms of travel ...
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AnalysisTop tips on how to keep employees engaged with their pensions during the pandemic
Need to know:While employees may be experiencing financial pressures, it is important for them to remain engaged with their pensions during the Covid-19 (Coronavirus) crisis.Different approaches and communciation methods can be used to reach different groups of employees.Involving employees in pensions feedback and communication can help to increase engagement.At a ...
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AnalysisHow is the pensions dashboards project progressing?
Need to know:The dashboard project will start voluntary testing next year.Data accuracy and security are key challenges.Third parties such as banks and investment platforms will launch their own version.The pensions dashboard initiative is working to establish a central location for people to view all of their pension pots on one ...
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AnalysisHow has the Covid-19 (Coronavirus) pandemic impacted at-retirement support?
Need to know:Baby boomers have been disproportionately hit by the pandemic and are keen to access retirement support.Holistic financial planning guidance, covering debt as well as savings and pensions, and offering practical help, can make a real difference to outcomes.At-retirement support is most effective when it is part of a ...
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AnalysisWhat makes an effective pensions communications strategy?
Need to know:An effective pensions communications strategy is crucial to ensure that all employees are engaged with their retirement savings.Design, branding and language are all important factors to consider when creating a communications strategy.New technology has given employers the opportunity to offer a personalised experience through tailored messaging.Pensions communication can ...
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AnalysisEmployee Benefits Pensions research 2020
Click to download the Employee Benefits Pensions research 2020.The Employee Benefits Pensions research 2020 was conducted in October 2020 among readers of employeebenefits.co.uk.This report is aimed at helping compensation, reward and benefits professionals understand the key issues driving current pensions strategies, as well as issues shaping future provision.Key topics the ...
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AnalysisHow has the Covid-19 pandemic impacted workplace pension schemes?
Need to know:Few pension scheme members chose to reduce contributions or switch investment funds during the pandemic.Nonetheless there was a marked improvement in engagement with pension schemes.The jobs market fallout will lead to a big rise in dormant pensions.Despite the pandemic’s massive impact on the economy, employers have so far ...
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AnalysisHow can employers address the gender pensions gap during the pandemic?
Need to know:While the gender pay gap is well understood, another income gap is much less publicised: the extremely stark gender pensions gap. On average, women are retiring on a fraction of the amount men accumulate during their working lives.The Covid-19 pandemic may worsen an already-widening gap. In difficult times, ...
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AnalysisWill the Kickstart scheme encourage more young people to start saving into pensions?
Need to know: The government's Kickstart scheme will pay 100% of the wages of employees aged 16 to 24, with those over the age of 22 being automatically enrolled into a workplace pension scheme.This scheme could be the first opportunity for younger employees to contribute into pension savings.Employers have the ...
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AnalysisHow can employers ensure pensions are the right savings vehicle in the current climate?
Need to know:The Covid-19 outbreak has opened up many financial short-term issues for employees.Employees may be unaware that they can change their contribution levels to their workplace pension scheme.Financial education is crucial to ensure that all employees understand where their pension contributions are going, and how to alter levels if ...
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AnalysisHow can employers manage pension risk in the current climate?
Need to know:Some employees have experienced sharp losses which have derailed their retirement plans.Many very low risk default funds have lost money as gilts plummeted.Unfortunate timing of the stock market falls in March will be starkly reflected in annual statements.Covid-19 (Coronavirus) has created a perfect storm for poor decisions ...
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AnalysisHow can employers ensure pension scheme members get a good retirement outcome?
Need to know:Employers have many options that can help to improve employees' retirement outcome, without increasing contribution levels.Member communications should make employees aware of how their investment can vary over the long term.At-retirement support is vital to ensure employees are aware of the options available to them when ...
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AnalysisWhat does the Covid-19 outbreak mean for employees' pensions savings?
Need to know:Diversified default funds have protected most defined contribution (DC) pension scheme members and, for younger employees, market falls can be an opportunity to buy into investments at a lower price.The Covid-19 (Coronavirus) job retention scheme has limitations and members who opt out can destabilise other employee benefit arrangements.As ...
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AnalysisBack to basics on defined benefit to defined contribution pension transfers
Need to know: Defined benefit (DB) to defined contribution (DC) transfers are becoming increasingly popular, and employers should understand the basics to help staff make the right choices.Employees looking for greater flexibility must also understand and be comfortable with the higher level of risk associated with DC schemes.Many individuals would ...
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AnalysisHow to quantify the value of additional pension contributions
Need to know:Part of engaging staff with pension contributions is aligning these with other savings vehicles, and showcasing the beneficial deal that is on offer.Breaking down monthly costs into pounds and pence can help contributions seem more manageable, as can bringing far-off goals forward with shorter-term achievements.Asking employees to give ...
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AnalysisHow to guide employees through a pensions consolidation process
Need to know:As individuals increasingly hold multiple jobs throughout their working lives, they may be at risk of missing out on retirement income if previous pension pots are forgotten.Consolidation can give employees a full overview of their retirement savings in one place, and may offer lower charges and better tools ...