All Financial wellbeing articles – Page 120
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ArticleClare Bettelley: Employers need to address staff at-retirement needs now
This perhaps explains why more than half (55%) of respondents do not offer staff support at retirement; the associated issues aren’t at the forefront of employers’ minds.Many employers have reservations about providing at-retirement support because of the blurred boundary betweenfinancial guidance and advice , which employers are prohibited from offering.Employees ...
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Article62% of HR and benefits teams support staff at-retirement
Just under two-thirds (62%) of respondents’ HR and benefits teams are responsible for their organisation’s at-retirement support for staff, according to the Employee Benefits/Close Brothers Pensions research 2014.The research, which surveyed 216 respondents in September 2014, also found that just over a third (37%) of respondents said that their pension ...
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ArticleOnly 6% of UK staff on track for retirement income
Just 6% of employee respondents are on track for the retirement income they want, despite the focus on pensions following the reforms announced in this year’s Budget, according to research by Aegon.Its second Aegon UK Readiness report surveyed 4,000 UK employees to assess their behaviour, awareness and finances to determine ...
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Article55% do not offer staff support at retirement
More than half (55%) of respondents do not offer their staff support at retirement, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.However, the majority of respondents (93%) that do offer staff support have a comprehensive communications campaign in place for staff at ...
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Article49% assessing at-retirement support funding
Just under half (49%) of respondents have yet to quantify the funding they need for their pre-retirement programmes, according to the Employee Benefits/Close Brothers Pensions research 2014.More than a third (35%) of the 87 respondents that offer staff support at retirement expect their funding to remain about the same in ...
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Article36% predict future need for at-retirement support
Just over a third (36%) of respondents think that employers will need to offer at-retirement support to their staff in the future, according to the Employee Benefits/Close Brothers Pensions research 2014.The research, which surveyed 216 respondents in September 2014, also found that 30% of respondents are in the throes of ...
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ArticlePensions research 2014
The Employee Benefits/Close Brothers Pensions research 2014, examines the latest pensions industry trends and issues, enabling employers to keep up to date on the changing needs of their workforce, particularly for staff approaching or at retirement. The research includes the following articles:Jeanette makings: Financial education provides essential retirement guidance Clare ...
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ArticleOne in four employees do not know how much they pay in to pensions
One in four employees do not know how much they contribute to their workplace pension fund, and many are unsure about how much they should be saving for an adequate retirement, according to research by Scottish Widows.The Scottish Widows pensions report, which surveyed 5,200 UK adults, also found that one ...
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AnalysisWhy new flexible retirement options should lead to a revamp of HR and benefits strategies
If you read nothing else, read this…72% of pension professionals are not prepared to deal with the consequences of the pension flexibilities. (Aon Hewitt)Financial education could become a prominent feature of benefits packages to help employees plan for retirement.Employers will have to adapt working arrangements to cater for flexible retirement.Default ...
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AnalysisKey issues to consider around financial education
Our rapidly changing financial world creates the need for better financial education and support.With the implementation of auto-enrolment upon us, is the responsibility for providing a pension shifting from the government to the individual and the private sector?From next April, savers will be able to use their pension fund as ...
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ArticleTPAS and Citizens Advice to give pensions guidance
The Pensions Advisory Service (TPAS) and the Citizens Advice Bureau will provide pensions guidance to employees from April 2015.The government has announced that TPAS will provide telephone guidance and the Citizens Advice Bureau will provide face-to-face guidance.In July, the government announced in July that its guaranteed guidance on pensions choice ...
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ArticleDebbie Lovewell-Tuck: Education to engage staff with savings
Although the government has now confirmed how its guaranteed pensions guidance will be provided to all defined contribution (DC) scheme members, there are questions over whether this will be sufficient to engage staff and help them make appropriate decisions.Last month, research by consultancy Mercer found that 62% of the 300 ...
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AnalysisHow to make pensions a building block in an employee's savings strategy
If you read nothing else, read this…A number of employees say they will increase pension contributions after the 2014 Budget reforms (Towers Watson).Employers could use pay rises and employees’ birthdays to drop hints about pension savings.Other savings tools, such as an Isa or a Sipp, can help boost pension contributions.Financial ...
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Article
Personalised financial education becoming more important
At the end of July, when the government announced that its guaranteed guidance would be provided by independent organisations rather than pension providers, it settled most of the questions that had been circling the industry since the initiative was introduced by Chancellor George Osborne in the March Budget.Before the announcement, ...
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OpinionMichelle Cracknell: Making pensions attractive
Better education, less volatile investments and planning tools with personalised forecasts can all help employees make pensions a building block in their savings strategy.I am passionate about pensions because they can change people’s lives. The idea of saving to have the money to do the things you want to do ...
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ArticleChancellor plans to abolish 55% pension 'death tax'
The Conservative Party and chancellor George Osborne will scrap the 55% tax rate to which pension savings are subject on the death of a scheme member and introduce a new rate of around 20% to allow employees to leave more money to their children.The change will be introduced in April ...
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Article3.4 million Britons rely on employers for retirement advice
Almost one in 10 people (the equivalent of 9% or 3.4 million individuals) will rely on their employers for advice on retirement planning. This figure is up on the 7% recorded in 2013 and 3% in 2010. This latest consumer research from Baring Asset Management (Barings), which surveyed 1,513 employees ...
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ArticleIMG launches personalised financial education
EXCLUSIVE: IMG has launched a financial education programme for its 1,500 UK employees.The global sports, media and fashion organisation introduced the programme during its inaugural Wellbeing Week at its Stockley Park campus at the end of July.The event also included the promotion of the organisation’s employee assistance programme and discounted ...
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Video
How to provide financial education so that staff maximise their options
brightcove.createExperiences();The 18-minute video tutorial above covers:What is financial education?What are the benefits of introducing financial education?How will the 2014 Budget changes affect financial education?What does it cost to provide financial education in the workplace?What is best practice in financial education?Why do ...
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Article62% do not think guidance guarantee will be enough
Nearly two-thirds (62%) of respondents do not think the guidance guarantee announced in the 2014 Budget will provide enough support for members of defined contribution (DC) pension schemes ahead of retirement, according to research by Mercer.Its research, which surveyed more than 300 employers and trustees, found that 38% plan to ...