All Financial wellbeing articles – Page 123
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Article
Only one-fifth of employees aware of RDR
One-fifth (21%) of respondents are aware of the retail distribution review (RDR), according to research by Canada Life Group.The research, which surveyed 1,635 employees in October 2012, found that awareness was slightly higher among men (25%) than women (19%).Under the RDR, which takes effect from 1 January 2013, pension providers ...
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Case Studies
The Ashmore Group replaces Sipp with corporate Isa
It launched a corporate Isa in March, as part of a corporate platform, to replace the company’s self-invested personal pension (Sipp). The platform itself had a 100% take-up, because it included the company pension, which is non-contributory and entirely funded by the employer.However, 16% of staff also took up the ...
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Analysis
How to prepare staff for the transition to retirement
IF YOU READ NOTHING ELSE, READ THIS….The number of workers over the state pension age is increasing.Early discussions about retirement will enable employees to be better prepared when the time comes.Age discrimination rules mean communicating with staff about retirement must be done with care.Ensuring staff get the right annuity product ...
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Analysis
BT Group educates staff about retirement options
The desire to educate employees about their retirement options was one of the key drivers behind BT Group’s decision to launch a pre-retirement programme for its older workers three years ago.Dennis Gissing, head of diversity practice at BT, says: “We perceived this to be a gap in what we were ...
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Article
Workplace Savings Quarterly – November 2012
The fourth Workplace Savings Quarterly rounds up the main issues and topics around workplace savings.The report (download PDF, top right) covers:How to prepare staff for the transition to retirementPadraig Floyd: Ignore Clegg’s pension stuntMick McAteer: Auto-enrolment will aid inclusionAlternative savings vehicles are appealing to staffThe difference between active and passive ...
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Case Studies
Prudential employees want online statements
The organisation moved the total reward statements online in 2010 at the same time as it relaunched its online flexible benefi ts scheme.In 2011, Prudential added a mid-year online total reward statement to give staff a real-time view of their package after the salary and bonus review process in April.The ...
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Article
Employers must educate staff on buying annuities
In August, the Bank of England published a paper on the distributional effects of QE, which it estimates to have had a broadly neutral impact on the value of the annuity income that can be bought from a typical pension pot.However, Laith Khalaf, pension investment manager at Hargreaves Lansdown, said ...
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Article
Edenred launches auto-enrolment service
Edenred has launched a pensions auto-enrolment service to help employers understand how to fulfil their obligations under the legislation.The service includes a focus on financial education for employees, provided by accountancy and business advisory firm RSM Tenon.The initiative began in September with a series of question-and-answer webinars for employers on ...
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Article
Highest quarterly fall for annuity rates
The average conventional and enhanced annuity rates fell by 7% and 5%, respectively, in the last three months, according to research by MGM Advantage.The MGM Advantage annuity index, which tracks income paid on convential and enhanced rates on a quarterly basis, found that this decrease is the highest quarterly fall ...
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Article
Staff unenthused by corporate platforms
The majority of employees are unenthusiastic about workplace savings platforms, according to research by The Platforum.For example, between just 5% and 10% of respondents have signed up for an Individual savings account (Isa) through their employer, preferring to source financial products from banks and building societies.The research, the Workplace savings ...
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Article
Staff more active in Isas
Employees with corporate individual savings accounts (Isas) are increasingly proactive in their schemes and are managing their investments more regularly, according to research from Equiniti.The study found that, on average, employees are making three distinct investment decisions a year, with those trades representing about £317 of their fund. This activity ...
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Case Studies
Legal & General staff get lesson on saving
Case study: The £70-a-week experienceOne of those who undertook the £70 challenge was Greg Kingston, head of marketing at Suffolk Life, part of the Legal and General group. Working for a pensions company, Kingston is already an evangelist for saving, but wanted to experience living on a basic state pension.“I ...
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Article
Corporate platform guide to be launched
Employers who are trying to get to grips with the ever-changing corporate platform market may be relieved to learn The Platforum is to launch a Corporate platform guide later this month.The market, still in its early development, can be confusing for organisations looking at how they might deploy a platform.This ...
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Opinion
Martin Palmer: Building a platform for success
This industry forum is supplied by Friends LifeCorporate platforms can really revive an employer’s benefits provision and have been a big buzzword in workplace savings for some time. They allow employers to offer a range of financial benefits and investment options, such as pensions, Isas and investment accounts, which better ...
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Opinion
Charles Cotton: United approach required
A number of challenges are encouraging HR professionals in larger organisations to examine workplace savings. One is that the average life expectancy of employees is gradually rising due to medical improvements and better lifestyles.Because of this and the shape of public finances, the state pension age is being progressively raised ...
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Analysis
Workplace Savings: Joint effort required on savings
If you read nothing else, read this… Auto-enrolment is raising employee awareness about savings benefits. Staff expect employers to keep them informed about workplace savings. Financial education should be based on guidance, not advice. Communications should focus on risk. The new generation of savers require online and mobile communication. Providers ...
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Article
Admiral Group doubles pensions take-up
Admiral Group has increased the take-up of its pension scheme following a three-month awareness campaign.The campaign, which was supported by the insurance firm’s adviser Jelf Employee Benefits and pension provider Scottish Widows, included one-to-one briefings with staff and pensions packs.It led to an increase in pension membership from 1,100 to ...
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Analysis
Using corporate platforms makes savings benefits easier to handle
If you read nothing else, read this… Corporate platforms can help employers show the breadth and value of their savings offer. Purists believe corporate platforms should feature a pension scheme, an individual savings account and a form of savings account. Employers must ensure their corporate platform products are relevant to ...
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Case Studies
City and Guilds in talks on corporate platform
City and Guilds is in the throes of deciding whether to implement a corporate platform to help it optimise the attractiveness of its benefits package, which includes private medical insurance (PMI), group income protection (GIP), childcare vouchers and a bikes-for-work scheme.Sangeeta Mistry, group reward manager, says: “We offer a really ...
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Article
Jelf Employee Benefits launches financial education services
Jelf Employee Benefits has launched two financial education services, called Jelf Money at Work and Jelf Money after Work.The services, which can be offered by employers as one-to-one sessions or group workshops, covers topics such as investment guidance, technical support and lifetime financial education, and are designed to help employees ...