All Pensions articles – Page 11
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AnalysisWhat impact will the living pension initiative have on employees’ retirement outcomes?
As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement.Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford.Organisations should engage employees in their future ...
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Case StudiesHerbert Smith Freehills supports employees’ future with living pension
When law firm Herbert Smith Freehills was approached about taking part in the living pension pilot, it was keen to support what it saw as a vital initiative not just for its own employees, but for society in general.Operating from 25 offices across the Asia Pacific, Europe, Middle East and ...
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Article20% of DC pensions see rises in opting out or reducing contributions
A fifth (20%) of defined contribution (DC) pension schemes continue to report increases in members opting out or reducing contributions, according to research by Aon.Its DC today survey, which is based around a regular pulse survey designed to track how DC schemes and their members are reacting to the current ...
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ArticleGovernment announces DC pension scheme reforms
Nine of the UK’s largest defined contribution (DC) pension providers have come to an agreement with the government to improve pension schemes.Under the Mansion House Reforms, announced by Chancellor of the Exchequer Jeremy Hunt, the providers have committed to allocating 5% of assets in their default funds to unlisted equities ...
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Supplier articleShould spare cash be used to reduce mortgage debt or increase pension savings?
By Jonathan Watts-Lay, Director, WEALTH at work“When it comes to securing our financial future there are often a number of decisions that must be made. A financial dilemma that many people consider is whether to prioritise reducing their mortgage debt or whether to increase the amount they pay into their ...
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Supplier article5 Reasons your workplace pension plan may be undermining your business (and why you should review it)
You’ve got a company pension scheme in place, so what would prompt you to change it? It might seem like a monumental task, especially when you already have myriad other responsibilities.However, there's a strong reason to do so: your business and employees may be at risk if you don't take ...
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Supplier articleYour Workplace Pension: Is It Really Benefiting Your Business?
How would you feel if you discovered your company was unintentionally wasting a significant portion of your salary? We’re guessing you’d be pretty angry and upset about it.But your workplace pension setup could be causing this wastage right under your nose, without you even being aware.Workplace pension contributions are fantastic ...
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AnalysisWhat impact will CDC pensions have on employers’ retirement provisions?
Need to know: Collective defined contribution (CDC) pensions potentially offer a more sustainable way of funding pensions and reducing pension liabilities for some employers. Their potential to provide a more secure and predictable retirement income for employees could help to close the retirement savings gap that ...
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Supplier articlePaying off a mortgage or paying into a pension?
With interest rates on the rise, we often get asked at our financial education sessions, is it best to pay off your mortgage or pay into your pension?Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial ...
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Article19% of staff feel completely or somewhat prepared for retirement
Just under one in five (19%) of employees aged between 32 and 40 feel completely or somewhat prepared in terms of how they will fund their retirement, according to new research.Pension provider Aviva worked with UK economics consultancy WPI Economics on its new report Planning for retirement in the 2050s. ...
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OpinionMel Duffield: Could conditional indexation deliver high value pension benefits?
There has been much recent discussion in the UK about whether there are new ways of sharing pension risks. These might potentially give greater stability of outcome and cost than the current very distinct alternatives of either defined benefit (DB) or defined contribution (DC) pension schemes.Much of this discussion has ...
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OpinionNaomi Brown: Should pension scheme trustees think of their members as customers?
How was your pension scheme experience today? We are all used to businesses telling us that we are valued customers, asking us for feedback, how likely we would be to recommend them to a friend, or simply to rate our experience by choosing from 🙂😐☹️.But is it time for pension ...
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ArticleGovernment extends pensions dashboard connection deadline
The UK government has issued an update on its planned pensions dashboards programme, stating that it needs additional delivery time and its connection deadline will be 31 October 2026.It stated that this is in recognition of the fact that the requirement to connect to the digital architecture should remain mandatory ...
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ArticleNatwest Group completes acquisition of Cushon
Credit: William Barton / Shutterstock.comBanking organisation Natwest Group has completed its acquisition of a majority shareholding in workplace savings and pensions fintech Cushon.The group agreed to acquire 85% of Cushon for £144 million back in February, with 15% retained by management. It was approved by the Financial Conduct Authority (FCA) ...
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Case StudiesThe benefits offered by XDesign
Benefits on offer at XDesign:Pension and group riskGroup personal pension (GPP) plan with salary sacrifice arrangement for all employees. Employer and employee contributions of 4%, matched up to 5%.Life insurance.Critical illness leave at full pay for the first six months, and half pay for the following six to nine months.Healthcare ...
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Supplier articleThe benefits of salary sacrifice schemes.
We ask Jonathan Watts-Lay, Director, WEALTH at work, what he thinks are the main benefits of salary sacrifice schemes.Jonathan Watts-Lay, Director, WEALTH at work, comments, “One way to save money is by paying for things through your company payroll using your pre-tax salary, so you pay less income tax and ...
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ArticleStella McCartney and Herbert Smith Freehills shortlisted for Best pensions strategy
Fashion brand Stella McCartney and law firm Herbert Smith Freehills are among those employers on the shortlist for Best pensions strategy at the Employee Benefits Awards 2023.This award was created to recognise businesses that have developed a pensions strategy which best meets the needs of employees, whether that includes reviewing ...
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ArticleThomas Cook completes £900 million pension buy-in
Travel business Thomas Cook has completed a £900 million bulk purchase annuity buy-in transaction for its UK pension scheme.Aviva insured the defined benefit (DB) pension liabilities for more than 12,500 scheme members following the liquidation of the business in 2019. There were 12,693 members in total, consisting of 8,421 deferred ...
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ArticleThe top 10 most-read articles between 28 April - 4 May 2023
The top 10 most-read articles on www.employeebenefits.co.uk between 28 April and 4 May 2023 were: Ovo Energy launches flexible bank holidaysGlaxoSmithKline plant employees strike after rejecting 6% pay dealCo-op introduces enhanced flexible compassionate leaveNHS Staff Council agrees to 5% pay increase for health workers in EnglandCadent accredited as menopause-friendly employerEXCLUSIVE: ...
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ArticleQuarter of large employers have seen increase in pension scheme opt-outs
A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis, according to research by Cushon.The research, conducted among more than 2,000 UK organisations employing 500-plus employees, found that pension scheme opt-outs were one of ...