All Financial wellbeing articles – Page 116
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Article87% adapt pension schemes to suit millennials
Almost four in five (87%) respondents have adapted their workplace pension scheme to suit the needs of millennial workers (aged 16-35), according to research by Aegon UK.Its survey of 508 employers found that 23% use digital tools to help younger workers manage their pension contributions.The research also found that:More than ...
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Article63% have no financial provision for the future
Almost two-thirds (63%) of respondents have made no financial provision for the future, according to research by Equiniti Employee Services.Its survey of 1,189 UK employees found that less than a third (32%) of respondents save regularly.The research also found:More than a quarter (27%) try to save but monthly financial commitments ...
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ArticleParliamentary committee urges Pension Wise improvements
The government should publish, and require providers to publish, take-up statistics for the Pension Wise service and the advice and pensions markets on a quarterly basis, according to a report by the Work and Pensions Committee.Its Pension freedom guidance and advice report has deemed the government’s reticence on publishing figures ...
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ArticleKingfisher develops pensions app to engage staff
NAPF 2015: Retail group Kingfisher has developed a brand-specific app to engage its 36,000 staff who are members of the Kingfisher pension scheme.The employer’s communications and financial education strategy around pensions began as a way of informing its staff about auto-enrolment, explained Dermot Courtier, head of group pensions at Kingfisher, ...
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Article
15: Close Brothers Industry Insight: Getting the balance right for retirement savings
The combination of longer lifespans and new pension freedoms has turned the way we need to plan for retirement on its head.The freedom and choice reforms are now tearing up the traditional covenant between the government and savers. For generations, pensions have been structured as ‘a double-edged incentive’; in return ...
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Article68% favour initial tax relief on pensions
More than two-thirds (68%) of respondents are in favour of retaining some level of initial tax relief for pension contributions, according to research by Jelf Employee Benefits.The 2015/16 Jelf Employee Benefits survey found that, from an employer perspective, 27% of respondents do not want to see any change to the ...
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Analysis
33: LV= industry insight - Good retirement advice is key to good retirement outcomes
The radical changes to pensions mean that employees now have much greater flexibility and choice over how to access their pensions than ever before. The ability to take as much as you like from your pension when you like, combined with the tax changes to allow wealth transfer, offers the ...
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OpinionIan McKenna: Fully responsive websites are the way forward
Mobile devices represent a great opportunity to engage with staff to ensure they understand the full range and advantages employers spend on benefits.Devices don’t just get used when people are mobile; for many users they are a far more comfortable and convenient way to access information than a laptop or ...
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ArticleTake part in exclusive pensions research
How well do your employees understand the pension reforms? What financial education strategies are you using to support staff?Tell us in the exclusive Employee Benefits/Close Brothers Pensions research 2015, which is designed to help you benchmark your organisation’s pensions strategy.We are particularly interested in finding out how the pension reforms ...
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ArticlePensions research deadline extended
The Employee Benefits/Close Brothers Pensions research 2015 deadline has been extended to Wednesday 30 September so there is still time to have your say.How are the pension reforms impacting workplace pension strategies? How are employers communicating the pension changes to staff? Share your experiences by taking part in the short ...
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AnalysisTop tips for increasing employees’ pension contributions
If you read nothing else, read this …Many employees are not paying enough into pensions.Financial education, employer matching and tax relief can encourage staff to increase pension contributions.Auto-enrolment and the pension freedoms have helped to highlight the importance of good contributions.Employees contribute an average of 5% of their earnings towards ...
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ArticleHeineken and Virgin Media communicate pension changes to staff
Employee Benefits Live 2015: Heineken and Virgin Media have adopted a continuous communications approach to inform staff about the pension reforms.Speaking at a conference session on the effect of the latest general election on workplace pensions at Employee Benefits Live 2015, David Roberts, head of pensions and benefits at Virgin ...
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AnalysisHow can employers support staff in tackling big societal issues?
If you read nothing else, read this…Broader societal trends are impacting employees and concerning employers.The cost of living is a particular issue, with 51% of staff concerned about their finances.Employers are increasingly helping employees save money for deposits on houses, and even to get access to mortgages.Some organisations are now ...
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ArticleEmployers must align financial wellbeing to reward
Employee Benefits Live 2015: Employers need to align their financial wellbeing scheme to their total reward programme in order to engage the workforce of tomorrow, according to Ian Hodson (pictured), reward manager at The University of Lincoln.Speaking at a session at Employee Benefits Live 2015, ’Educating your workforce to take ...
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ArticleWealth at Work acquires Life Academy
Financial education provider Wealth at Work has acquired Life Academy, a Wales-based provider of financial education and employee engagement programmes.The acquisition aims to expand Wealth at Work’s presence in the market, particularly in light of the increased demand for pre- and at-retirement financial education triggered by the pension reforms.Jonathan Watts-Lay ...
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Article82% want benefits to reflect their priorities
EXCLUSIVE: More than four-fifths (82%) of respondents believe their benefits package should change as their personal circumstances and priorities do, according to research by Davidson Asset Management (DAM).Its survey of 439 employees, directors and business owners, which is featured in its Employee benefits: 2035 report, also found that 87% of ...
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Article
Financial education in practice
https://player.vimeo.com/video/136815856The nine-minute video tutorial above covers:How should employers respond to pension reforms?What late career support should employers offer?What should employers consider around early career support for staff?What should employers take into consideration around whole-of-career support?Which groups will require special support?What do employers need to know about guidance and advice?To watch ...
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ArticleVolkswagen launches pension sessions for staff
EXCLUSIVE: Volkswagen has introduced educational classes about the pension freedoms for its 960 UK staff.The classes were designed following the pension flexibilities, which were first announced in the 2014 Budget. The first session was launched at the end of June 2015, with more seminars planned for September and November.The organisation ...
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ArticleGovernment launches financial advice review
The government has launched a major UK-wide review to examine how financial advice could work better for consumers.The Financial Advice Market Review will look at all types of retail financial products, including pensions, insurance, savings and mortgages.The review will consider ways to encourage people to seek financial advice and to ...
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Article32% unclear about Pension Wise service
Almost a third (32%) of respondents are unclear about the service Pension Wise can provide to employees, according to research by Close Brothers Asset Management.Its survey of 700 employers found that 29% do not know who their employees are turning to for information around the pension reforms.The study also found:13% ...