All articles by Employee Benefits – Page 121
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Webinar explores the creation of a positive approach to mental health
Brits are 10 times more likely to talk to an employer about their physical health, compared to mental health issues and more than 40 per cent of employees working in larger-sized companies believe their employers don’t take mental ill health seriously. Mental ill health is a growing problem for UK ...
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2017 and the savings landscape…
Anyone who is involved in the world of workplace savings will recognise that the last few months have been rather interesting to say the least.At the start of the year both employers and the pensions industry were braced for major changes to UK pension tax reliefs in the March Budget. ...
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Accessing defined contribution (DC) schemes and how to ‘decumulate’
Maybe not as frightening as coming face to face with the Daleks but the problem of how employees access their defined contribution (DC) pension schemes and ‘decumulate’ seems to be growing and exercising a lot of capable minds in the pensions world.With income drawdown on the increase (now the most ...
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Understanding retirement income options: as easy as it seems?
by Jonathan Watts-Lay, Director, WEALTH at workLast week I was talking to a colleague, a keen cyclist, about the impact of financial education and guidance on members’ retirement outcomes.He said there were many parallels between his take-up of cycling, and becoming a competent cyclist, and what we do for employees ...
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Pension changes survey 2016
The pension freedoms changed the face of retirement income options for members of defined contribution (DC) schemes.Now that it’s been over a year since the changes came into force, we ask - how far have employers come with adapting to this? What are they doing to support employees through this ...
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What next for employee benefits after Brexit?
Steve Herbert is an award-winning thought leader on Pensions and Employee Benefit issues.I doubt that anyone involved in UK business will feel anything other than a surge of relief that the recent Purchasing Managers’ Index (PMI) data regarding both manufacturing and service industries has shown a marked improvement from that ...
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The pensions revolution continues…
Even the most casual of observers will have spotted that the world of pensions has been undergoing something of a revolution throughout the whole of the current decade, and many of these changes have directly impacted the world of workplace savings and company sponsored pension plans.Of the many (and ongoing) ...
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Should you offer group life assurance as an employee benefit?
Group life assurance (GLA), also known as group death in service, has been voted in the top three workplace benefits.It provides money to families and dependents of an employee who dies, giving them financial support during a difficult time and providing both you and your employees some peace of mind.Cover ...
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What’s hot and what’s not in HR and employee benefits?
There’s been much talk recently about the reinvention of HR. Among other things, technology, the shrinking global labour pool, economic pressures, evolving employee benefit laws, a desire to make people management more strategic, and changing employer and employee expectations are contributing to the discussion that HR may need to play ...
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Are you ready for the new Insurance Act?
The new Insurance Act 2015 replaces law that’s been in place since 1906. It applies to all non-consumer insurance policies incepted or renewed on or after 12 August 2016, when the Act came into force.The Act has been designed to provide a more up to date framework for commercial insurance ...
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The future of salary sacrifice after HMRC consultation
Recently there has been much speculation that the government was concerned about – and intended to change – the rules that allow many employee benefits to be provided via a mechanism known as salary sacrifice.The reason for this focus is that the number of salary sacrifice schemes operated in the ...
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90% of employers think employees save more through workplace savings options
WEALTH at work recently carried out a poll and found that 90% of employers thought that employees save more when workplace savings options (such as workplace ISAs, SAYE/SIP schemes and pensions) are offered.In light of this, Jonathan Watts-Lay, director, WEALTH at work, discusses why looking after an employee’s financial wellbeing ...
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Reward – key findings from recent think tanks
Earlier in the year, we invited large multinational organisations to our Employee Reward Think Tanks in London, Toronto and New York. These independent informal research exercises were used to gather information on the impact of Global Total Rewards Consolidation on Rewards practice. The format was a roundtable forum seeking individual ...
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Top tips for employees to cut costs and boost savings
WEALTH at work shares some of its top tips for employees wanting to cut their costs and to boost their savings.1. Do employees know where their money is going?Employees should check their bank statements and make a list of what they are spending each month. It is helpful to divide ...
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Offering group critical illness cover to employees
Group critical illness cover (GCIC) provides your employees with a financial safety net should they be diagnosed with a serious illness or suffer serious injury. Paid as a lump sum, the benefit provides sick employees with financial flexibility to pay for anything they need, for example, support with bills, home ...
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The Pensions Regulator increases compliance interventions by 306%
The Pensions Regulator (TPR) has disclosed that it has increased its interventions by 306% between April 2015 and March 2016 compared to the previous year. This news comes in TPR’s annual commentary and analysis, in which the regulator shines light on auto-enrolment figures so far.TPR reports a total of 8,812 ...
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Xerox celebrates 100 years of HR consulting
A century ago, George B Buck, an experienced actuary, set up his very own business, Buck Consultants, to help organisations of all sizes navigate the changing human resources landscape as they entered the 20th century.Today, that firm is a key component of the Xerox Human Resource (HR) Services group that ...
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Assessing the impact of the pension freedoms
The HM Treasury said on 28 July 2016: “New HMRC figures show more and more people are taking advantage of the new [pension] freedoms, with 159,000 people having accessed £1.7 billion flexibly from their pension pots since April this year.”The press release itself was entitled ‘Britain’s pension revolution goes from ...
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A one-size-fits-all approach does not work at retirement
The problem of how employees access their defined contribution (DC) pension schemes to draw pension income i.e. ‘decumulate’ seems to be a growing issue in the pension’s industry. The debate on the topic has centred on the need for innovation to create a new ‘default’ option to replace annuities, where ...
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What employees can do to protect maturing share schemes from tax
Employees from many leading companies are benefiting from maturing Save As You Earn (SAYE) share schemes this year, but what can they do to make sure that these potentially life-changing amounts aren’t eroded by Capital Gains Tax (CGT)?Jonathan Watts-Lay, a director of WEALTH at work, said: “There are a few ...