All Financial wellbeing articles – Page 103
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Supplier article
Taking a wider view with pension transfers
Recently I had an interesting discussion with pension lawyers and professional financial Advisers about the requirements to provide advice on pension transfers, particularly around defined benefit (DB) schemes; a target area for scammers and one that carries risk due to the valuable benefits in these schemes.The first question discussed was; ...
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Article
P9: Close Brothers Industry Insight: Five ways to navigate financial education and financial wellbeing
With a growing interest in financial wellbeing and financial education, more providers are entering this market and others are now using it as a wraparound descriptor for their services. But with increased choice there can be confusion, so here are five ways to navigate the market noise.Address the biggest risk ...
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Article
2: Sponsor's Comment: A simple measure of the value of financial education
I’m often asked two questions when discussing the need for a financial education programme: ‘We already have a lot of information on our website and in our pension communications, why isn’t that enough?’ and ‘What kind of value will you add for employees and employers if you deliver financial education?’These ...
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ArticleEXCLUSIVE: 33% do not plan to offer a workplace lifetime Isa
EXCLUSIVE: A third (33%) of employer respondents do not plan to introduce the lifetime individual savings account (Lisa) as a workplace savings tool, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, found that just 7% plan to offer ...
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ArticleOffering pensions education and guidance provides benefits for employers and staff
Investing in pensions education and guidance provides benefits for employers and employeesOver the past few years, the pace of change in the pensions industry has posed a number of challenges for employers. Not only has it required organisations to review and adapt their pensions provision, they have often had to ...
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ArticleEXCLUSIVE: 36% are using auto-re-enrolment to introduce wider pensions communications
EXCLUSIVE: More than a third (36%) of employer respondents are using pensions auto-re-enrolment as an opportunity to introduce wider communications around pensions and pension savings, according to research by Employee Benefits and Close Brothers.The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that a fifth ...
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ArticleEXCLUSIVE: Jelf Employee Benefits sees 14% of staff take up Christmas savings scheme
EXCLUSIVE: Jelf Employee Benefits has achieved a 14% take-up rate for its Christmas savings club, with 168 employees saving through the scheme over the last 12 months.The Christmas savings club aims to help the organisation's employees to save and take control of their finances, while reducing financial stress around the ...
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Article74% view wellbeing programmes as a key part of their employee value proposition
Almost three quarters (74%) of employer respondents believe their wellbeing programme is an important element of their employee value proposition, according to research by Xerox HR Services.Its Working well: a global survey of workforce wellbeing strategies report, which surveyed 428 organisations across 33 countries, also found that 52% of respondents ...
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Article46% would like their employer to provide financial education
Just under half (46%) of respondents would like their employer to offer financial education support, according to research by Equiniti.Its survey of 6,700 savers and investors from Equiniti’s client base, also found that 49% of respondents feel that their employer does not do enough to support informed financial decisions on ...
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Article49% find pensions terminology too confusing
Just under half (49%) of respondents find pensions terminology to be complicated and confusing, acting as a barrier to effective retirement planning, according to research by Capita Employee Benefits.Its Employee insight report 2016/17, which surveyed 3,006 UK employees, also found that 51% of respondents do not know how much they ...
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Supplier article
Breaking the ‘inflation promise’ will lead to a greater need for financial education, guidance and advice
Jonathan Watts-Lay, director at WEALTH at work, said: “The latest risk to an employee’s future retirement income plans has surfaced in the form of a debate about ‘conditional indexation’.“With defined benefit (DB) schemes falling deeper into deficit, the search for how to save these schemes has hit upon the idea ...
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ArticleNationwide Building Society introduces retirement planning tool for staff
Nationwide Building Society has launched an online retirement planning tool for the 12,000 employees in its defined contribution (DC) pension scheme.The organisation has introduced the Guided Outcomes tool, provided by Hymans Robertson, to help educate DC pension scheme members about how much money they might need in retirement and what ...
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Supplier article
Adult numeracy and financial education in the workplace
We have written much on the topic of financial education in the workplace during the past six years – and indeed have added to this catalogue in recent weeks as well. So we were not expecting to write much more on this subject for a little while. That is until ...
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ArticleAdmiral introduces home-moving salary advance to support financial wellbeing
Employee Benefits Live 2016: Admiral has introduced a home-moving salary advance scheme for employees.The scheme, which has been running for six weeks, enables staff to borrow a set amount of money and repay it over an 18-24 month period. It is designed to help employees with moving costs, and steer ...
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ArticleGovernment to develop single body for pensions and debt guidance
The government is to develop a single, public financial guidance body to provide individuals with easy access to pensions and money guidance, and debt advice.The new body will replace Pension Wise, The Pensions Advisory Service (TPAS), and the Money Advice Service.Plans laid out in the March 2016 Budget originally set ...
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ArticleEXCLUSIVE: University of Sheffield to discuss financial wellbeing at Employee Benefits Live
The University of Sheffield will discuss financial wellbeing in the workplace at Employee Benefits Live 2016.Andrew Dodman (pictured), chief HR and corporate officer at the University of Sheffield, will present the session titled Understanding the DNA of financial wellbeing and its impact on the UK workforce, alongside Heidi Allan, head ...
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Article21% are concerned about the performance of their workplace pension scheme
More than a fifth (21%) of respondents are concerned about how their workplace pension scheme has performed over the past two years, according to research by employee benefits organisation Portus Consulting.Its survey of 1,043 UK employees also found that 27% of respondents would welcome guidance on retirement planning from their ...
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Supplier article
Retirement conversations: Yes, no or maybe?
The past few years have seen a significant alteration in the UK retirement landscape. There are many factors behind this change, but the two biggest influences are probably:The abolition of the Default Retirement Age (DRA)The introduction of Pension 'Freedoms'The first of the above changes effectively gave older employees much more ...
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ArticleCurrent government consultations could impact employee benefits strategies
A round-up of current government consultations with a bearing on employee benefits:Tax-efficient benefitsHM Revenue and Customs has launched a consultation to examine the potential impact on employers and employees should the government change the way the benefits code applies when a benefit in kind (BIK) is provided in conjunction with ...
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Article65% expect their employer to provide guidance on benefits
Almost two-thirds (65%) of respondents expect their employer to provide guidance on the employee benefits available to them and how appropriate each benefit is for them and their family, according to research by Capita Employee Benefits.Its Employee insight report 2016-17, which surveyed 3,006 UK employees, also found that 69% of ...