All Financial wellbeing articles – Page 113
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Article
33 Benefex industry insight: The psychology behind financial wellbeing
It has been suggested that economics is a branch of psychology. So it stands to reason that an individual’s attitude to financial wellbeing is rooted firmly in their mindset.In 2002 I graduated with a degree in psychology. Although useful at times, never has it become more vital to my work ...
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ArticleLouise's lowdown: Will the Lifetime Isa encourage or distract from pension saving?
On 16 March Chancellor George Osborne delivered his Budget 2016 speech to Parliament. A storm of speculation around pensions tax relief had raged for months before beginning to subside in early March, when word spread that this Budget would not, as many had expected, herald in further radical reform to ...
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Supplier article
Jelf employment seminars in London
The fun and informative Jelf Employment Seminars return with another curious collection of informative and entertaining speakers to guide our delegates through the key employment issues of the moment.Our popular event Chair Peter Matthews will act as chief curator for this event, keeping the following well-known speakers in order:The learned ...
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Supplier article
Lifetime ISAs: creating a need for education
Following the Budget announcement on 16March individuals under the age of 40 will be able to open a “Lifetime ISA” from April 2017. Lifetime ISAs (LISAs) are designed to help young people save flexibly throughout the whole of their lives: “It will help them to simultaneously save for a first ...
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Article16% refer staff to Pension Wise
Less than one-fifth (16%) of employer respondents are referring their employees to the Pension Wise service, compared to 20% in October 2015, according to research by Close Brothers Asset Management.The latest Close Brothers business barometer, which surveyed 917 employers, also found that more than a third (36%) of respondents offer ...
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Article71% of millennials do not understand their pension investments
More than two-thirds (71%) of millennial respondents do not understand or are unsure about their pension investments, according to research by Barnett Waddingham.Its Generation why? survey 2016, which surveyed 506 employees, also found that 72% of generation X respondents (aged 30-49) do not feel certain about their understanding of pensions ...
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Supplier article
Financial education in the workplace
Over the last few years the topic of workplace financial education has finally (and rightly) come to the fore in the world of employee benefit provision.One of the principle tenets of this approach is ensuring that your employees are aware of, and utilise where appropriate, all of the tools that ...
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Supplier article
An increase in IPT should not see a flood of changes
Simon Crewe – Consultant, Xerox HR ServicesThe last winter was one of the warmest and wettest on record. News reports of floods appeared all too often on our television screens. The good news is the government intends to increase spending on flood defences, but it has no intention of paying ...
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Supplier article
2016 March Budget (4): Childcare
There was another item of importance to Employee Benefit provision tucked away in the Budget 2016 document, and it relates to the long-running theme of Childcare Vouchers and their proposed replacement Tax Free Childcare.The document text of importance here is this:“From early 2017, the government is introducing Tax-Free Childcare to ...
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Supplier article
2016 March Budget (3): Salary Sacrifice
Although not specifically mentioned in the Chancellors Budget speech, the supporting document does include this text:“Salary sacrifice arrangements enable employees to give up salary in return for benefits-in-kind that are often subject to more favourable tax treatment than salary. The government wants to encourage employers to offer certain benefits but ...
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Supplier article
2016 March Budget (2): Increase to IPT
In the Budget speech the Chancellor confirmed that there will be a further increase to Insurance Premium Tax (IPT). IPT will increase from 9.5% to 10%.This has implications for many personal and corporate insurances, and from an employee benefits perspective particularly for healthcare insurances.Many will recall that IPT increased significantly ...
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Supplier article
2016 March Budget (1): Lifetime ISA announced
The Chancellor has now given his 2016 Budget speech – and once again there appears to be a major surprise for employee benefits and workplace savings.The supporting Budget document includes the following: “Launching a new flexible Lifetime ISA for under 40s in which people can save up to £4,000 each ...
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Supplier article
Budget 2016: The sweet (not sugary) taste of stability?
When the Treasury stated it would not be making wholesale changes to the taxation of pension schemes in the run up to this year’s Budget, this was warmly welcomed, but also prompted speculation on what the Chancellor would do instead.The good news is that for an industry all too used ...
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ArticlePensions advice allowances to be extended
Budget 2016: The £150 limit on income tax and national insurance (NI) relief on employer-arranged pensions advice is to be extended to £500.In its Budget 2016 documentation, the government also confirmed that it is to consult on the introduction of a pensions advice allowance. This would allow pension scheme members ...
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ArticleGovernment to restructure financial guidance providers
Budget 2016: The government is to restructure the Money Advice Service, The Pensions Advisory Service and Pension Wise into two new guidance bodies.The move, which was detailed in the Budget 2016 documentation, is intended to ensure that consumers can access the help they need to make effective financial decisions.The new ...
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Supplier article
Jelf Employment Seminars at Chester Zoo
Now in their 6th consecutive year, the fun and informative Jelf Employment Seminars are returning to North West England. And once again we have sought out expert educators to help employers better understand and manage their day to day business challenges.Our three well-known, entertaining, and knowledgeable speakers will be covering ...
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Supplier article
Time for another Budget…
After what amounted to three Budget statements last year, 2016 looks set to return to the more usual format of two, with the first issued on 16March.So what should we expect for the world of employee benefits?As we have previously reported, the proposed changes to pension tax relief have apparently ...
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Article77% do not feel in control of their pension savings
More than three-quarters (77%) of respondents do not feel in control of their pension savings, according to research by Hymans Robertson.Its Putting your workforce back in control of pensions report, which is based on a survey of 102 HR and benefits professionals, 2000 pension savers, focus groups, and individuals saving ...
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Article28% offer financial wellbeing support
More than a quarter (28%) of respondents offer financial wellbeing support, according to financial education organisation Nudge.Its Financial education: the definitive guide 2016 report, which surveyed 302 employers, also found that 17% of respondents are in the process of introducing a financial wellbeing programme.The research also found that:Half (50%) of ...
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Article
Financial wellbeing: In numbers
A round-up of some of the latest facts and figures relating to financial wellbeing:24% offer financial wellbeing support (Source: the Employee Benefits/Close Brothers Pensions research 2015, November 2015) http://bit.ly/1S1eDN4Getty engages 73% of staff with financial wellbeing (November 2015) http://bit.ly/1NsUYS4London City Airport has introduced a financial wellbeing app for its 500 ...