Analysis – Page 4
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AnalysisPensions investment: Ensuring default strategy is fit for purpose
Need to know:Trust-based pension funds are obliged to re-examine their default funds at least every three years.Default funds are typically mixed-asset funds, because they must suit all of the three options members can take at retirement: annuity purchase, cash and income drawdown.If the scheme’s default fund is deemed no longer ...
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AnalysisEnhanced engagement: Positioning pensions within an employee value proposition
Need to know:Pension scheme positioning does not just enhance the employee value proposition (EVP) at the point of recruitment, but should be a factor in the entire employment life cycle.For a pension scheme to attract and retain talent, its contributions need to be more generous than the minimum set by ...
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AnalysisRetirement income: Pensions in numbers
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AnalysisInfographic: Key dates surrounding GMP equalisation
!function(e,i,n,s){var t="InfogramEmbeds",d=e.getElementsByTagName("script")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement("script");o.async=1,o.id=n,o.src="https://e.infogram.com/js/dist/embed-loader-min.js",d.parentNode.insertBefore(o,d)}}(document,0,"infogram-async");Read more...What do employers need to know about the GMP equalisation process?
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AnalysisWhat do employers need to know about the GMP equalisation process?
Need to know:Following the Lloyds Banking Group case, organisations must explore how to equalise historical guaranteed minimum pensions (GMP) between men and women.Employers can opt to convert into a non-GMP pension scheme, or they can use dual records to calculate the correct amount of pension benefit on a year-by-year basis.Although ...
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AnalysisHow to help employees overcome auto-enrolment apathy
Need to know:Group presentations alongside online calculators and pension modellers can help employees see whether their retirement savings are on track.Consolidating pension pots can make retirement savings easier to understand and manage, making it more likely that employees will engage with saving for retirement.Financial incentives, such as matching contributions and ...
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AnalysisHow to align pensions provisions with a wider benefits strategy
Need to know:Pensions should be positioned as a vital part of an overarching benefits package, rather than a separate and often distant concern.Employers should package pensions within a wider financial planning provision, promoting it alongside a range of other benefits that can help employees with short- and long-term stability.Focusing on ...
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AnalysisHow to undertake a pensions buy-in transaction
Need to know:Pension buy-ins are on the rise, but insurers can afford to be selective and a lot will depend on the preparatory work conducted by the scheme.Sponsor and trustees should form a joint working committee early in the process, and member data must be as clean as possible to ...
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AnalysisHow should retirement information change for employees at different life stages?
Need to know:Employees of all ages need help saving for a financially stable later life, but the format and delivery will need to vary across different demographics.To engage younger staff, employers could consider repackaging concepts such as pension payments and retirement planning to feel more relevant.Throughout the 15 years leading ...
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AnalysisHow financial education can help employees make sense of their benefits
Need to knowFinancial education that helps employees understand topics like money management, debt consolidation and savings will be most effective when accompanied by relevant products for them to subsequently use.Pensions are a primary subject for many employers, but more immediate concerns should be taken into account to get staff to ...
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AnalysisTop tips on using workplace interventions to boost pensions engagement
Need to know: Workplace interventions can make pensions engaging, interesting and even fun for employees who might not have thought about them previously.Combining group and one-to-one sessions, as well as open dialogue with the audience, can ensure a wide range of employees are catered for.Marketing techniques, such as attention-grabbing events, ...
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AnalysisWhat can employers do to rebalance pension gaps in organisations?
Need to know:The UK corporate governance code was strengthened in July 2018 to oblige organisations to align new executive directors’ pensions with those available to the wider workforce.Despite political and shareholder impetus, so far executive pension rates are drifting down quite slowly, with 25% of pay viewed as acceptable. This ...
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AnalysisHow are ESG factors impacting pension engagement strategies?
Need to know:Awareness of environmental, social and corporate governance (ESG) factors in pensions investment is increasing as regulatory requirements push it up the agenda.Employers can align the ESG considerations in their pensions investment strategy with their own corporate and social responsibility (CSR) policies.More employee education is needed to ensure they ...
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AnalysisBeyond pay: Gender differences in the workplace
Need to know:While organisations are focusing on addressing the gender pay gap, they may be missing some of the underlying discrepancies that exist alongside it.Wage differences and the higher likelihood of career breaks among women can influence financial wellbeing and retirement incomes.Progression and career development are impacted not only by ...
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AnalysisHow could pensions dashboards influence engagement with employee contributions?
Need to know: The pensions dashboard, due to be launched in 2019, will facilitate better engagement, but will be most effective as part of a broader communications strategy that includes face-to-face methods.In the earlier stages, the biggest attraction of the dashboard will be for consumers to track down lost pensions ...
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AnalysisAdvance interest: The pensions dashboard in numbers
!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script")[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=d+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var r=e.createElement("script");r.async=1,r.id=s,r.src=i,o.parentNode.insertBefore(r,o)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");Read more...How could pensions dashboards influence engagement with employee contributions?Nationwide uses technology to engage employees with pension scheme
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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AnalysisHow can employers put their core benefits in the spotlight?
Need to know:Core benefits can be costly to provide, but are an important aspect of promoting employee wellbeing and financial protection.Employers must demonstrate the relevance that these benefits hold for employees, and show how they can be used to their advantage.Targeted communication campaigns, delivered in ways that employees will appreciate, ...
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AnalysisHow can employers use reward and benefits to address sustainability?
Need to know:Employers need a strategic and holistic approach when addressing sustainability; this should align with organisational values and corporate social responsibility.Intrinsic rewards can often be more motivational than extrinsic, as part of a recognition programme based around sustainability.Employees’ personal values and objectives should feed into the organisation’s overall approach ...