All Pensions articles – Page 11
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OpinionLovewell's logic: Will the living pension overcome undersaving?
Herbert Smith Freehills, Citizens UK, Aviva, and Phoenix Group this week became among the first employers to sign up to the new Living Pension Employer standard, launched by the Living Wage Foundation. They were joined by The Good Things Foundation and Wealthify.The living pension is a voluntary savings target of ...
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ArticlePhoenix Group and Herbert Smith Freehills become living pension employers
Insurers Phoenix Group and Aviva, and law firm Herbert Smith Freehills are among those that have signed up to become living pension employers, a scheme launched today (21 March) by the Living Wage Foundation.The Good Things Foundation, Wealthify and Citizens UK also signed up, making up the first six employers ...
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OpinionLovewell's logic: Will the Spring Budget result in a larger talent pool?
News this week has been dominated by headlines about the numerous strikes taking place across the country, in bids to secure pay increases for junior doctors, teachers, rail and tube workers. The other big news this week, of course, was this year’s Spring Budget.The Budget contained myriad measures impacting the ...
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Supplier articleSpring Budget 2023
The Chancellor of the Exchequer Jeremy Hunt, has today delivered the Spring Budget 2023. Please see our summary below:Pension allowancesThe Government will remove the Lifetime Allowance charge, before completely abolishing it in a future Finance Bill, and raise the Annual Allowance to £60,000 from April 2023.The minimum Tapered Annual Allowance ...
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ArticleSpring Budget 2023: Tax-free pensions allowance up by 50%
Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS.The government has therefore increased the pensions annual tax free allowance by ...
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AnalysisHow to implement flexible pension policies
Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future.In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable.Flexible policies should be combined with effective communication and education to ensure staff understand the impact of their choices.The word ...
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Case StudiesDeloitte gives staff control with flexible pension policy
In October 2022, professional services firm Deloitte introduced a flexible pension policy that gave its 22,000 UK employees more control over their finances, while still centring the importance of retirement savings.The policy allows staff to receive a cash payment in place of their pension contributions, in order to help people ...
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OpinionLovewell's logic: Embracing equity on International Women's Day
On Wednesday, we celebrated International Women’s Day. The theme of this year’s campaign was ‘embrace equity’, aiming to get the world talking about why equal opportunities are not enough, and the importance of equitable actions if true inclusion and belonging is to be achieved.Many employers have already recognised this need, ...
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ArticleDWP confirms pension dashboard delivery will be delayed
The Department for Work and Pensions (DWP) has issued a ministerial statement confirming that the Pensions Dashboards Programme (PDP) will not be able to meet the delivery deadlines originally set out in its legislation.The DWP said that it will work together with the PDP to establish and legislate a revised ...
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AnalysisWhat are the benefits of educating employees around pensions investments?
Need to know:There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage.Investments can be made meaningful by using layman's terms to explain the funds, and what they mean for employees.Bringing environmental, social, and corporate ...
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Case StudiesIngenuity starts with the basics of pension scheme investment communication
When it comes to communicating to employees about pension scheme investing, Gary Douglas, finance director of new business agency Ingenuity, is of the firm belief that you must get the basics right first.Ingenuity, which employs just under 80 people, has historically had quite a young staff body. Accordingly, pensions were ...
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AnalysisHow is the cost-of-living crisis affecting what employees want from their benefits packages?
The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term.Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.Employers should focus on practices that are sustainable and work for ...
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ArticleNatWest acquires majority shareholding in savings fintech Cushon
Credit: William Barton / Shutterstock.comBanking organisation NatWest Group has acquired 85% shareholding in workplace savings and pensions fintech Cushon, with the remaining 15% retained by Cushon management.NatWest made the move in order to offer commercial customers and their employees a suite of financial wellbeing products. It follows similar acquisitions by ...
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Article20% of DC pension members opting out or reducing savings
One in five defined contribution (DC) pension schemes reported an increase in requests to reduce or opt out of pension savings over the past three months, according to research by Aon.The data came from the professional services firm’s first edition of DC Today, a pulse survey tracking UK DC schemes, ...
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Supplier articleThe greatest taboo in the workplace
Menopause and Eldercare.Even on their own they are subjects that people find hard to talk about. For one reason or another these key parts of human life lack the transparency they deserve. For the longest time, menopause has been a very uninformed subject. Seemingly swept under the proverbial carpet, it ...
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ArticleDepartment of Work and Pensions launches collective defined contribution consultation
The Department of Work and Pensions (DWP) has launched a public consultation on a policy framework for broadening collective defined contribution (CDC) provision in pension schemes.The consultation was launched to get views from the public on policy proposals for broadening CDC provision beyond single or connected employer schemes, to accommodate ...
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ArticleNRMA Group to continue pension contributions during unpaid parental leave
Australian employer National Roads and Motorists' Association (NRMA) Group has agreed to pay superannuation on the unpaid portion of parental leave as part of its aim to close the gender pay gap for females.The superannuation payment, a type of pension plan in Australia, will increase by an average of $5,600 ...
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Case StudiesSiemens encourages young staff to start building up pension contributions
Global technology organisation Siemens, which employs approximately 7,000 employes in the UK, believes it is important for its younger employees to understand that pension saving is most effective when they start early on. This gives them more time to build up contributions and investment returns, and make the most of ...
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AnalysisHow to design pension communications to engage younger workers
One effective way in which employers can help drive employee engagement with pensions is by ensuring ease of access, so they can engage more easily and more regularly.Different age groups will ultimately respond to information in different ways, so employers should consider using different methods of communication according to employees' ...
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Supplier articleWhat is the impact of the cost of living crisis on people’s ability to save for retirement?
Since the pandemic, people have been faced with a multitude of challenges impacting their finances and none more so than the cost of living crisis. Recently, the pressures on household income has raised concerns that members will look at their pension contributions as a way of cutting back on their ...