All Pensions articles – Page 7
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Supplier articleRethinking Workplace Pensions for the Modern Era
Workplace pensions, as traditionally perceived, leave much to be desired. They have become synonymous with inefficiency, subpar returns, and a drain on team morale. While the idea of auto-enrolment stands tall as a commendable government initiative, ensuring a comfortable life for retirees’ post-employment, its execution seems to ...
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ArticleTwo in five older staff are unaware of their total retirement savings
Two-fifths of older employees are unaware of how much they have saved for retirement, according to research by workplace savings and pensions fintech Cushon.Its survey of more than 2,000 employees enrolled into a workplace pension found that older employees have less clarity over the value of their retirement pension pots, ...
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Supplier articleSAVING 1% MORE COULD BOOST PENSION BY 25%
According to research* from WEALTH at work, 1 in 3 (33%) employees think they won’t be able to afford to retire at all due to increasing costs. Whilst 8 in 10 (83%) are concerned the cost of living crisis will mean they will have to work longer before retiring to ...
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ArticleTim Middleton: Mansion House reforms bring risk alongside long-term reward
On 10 July 2023, Chancellor Jeremy Hunt announced an ambitious initiative designed to encourage pension schemes to invest in unlisted equities. In addition to proposed regulatory changes to scheme governance and the management of defined benefit (DB) schemes, Hunt sought to persuade the UK’s defined contribution (DC) and Local Government ...
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AnalysisWill the Mansion House reforms deliver value for employees?
Need to know:A raft of proposals have been launched to improve value for money in pension schemes.The government’s big theme is to get more invested in private equity, which should boost the economy.Poorly performing schemes could be forced to merge with better performing schemes.In July, Chancellor of the Exchequer ...
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Supplier article5 steps to help employees engage with their pensions
Given cost of living worries and the notion this may be impacting pension savings, WEALTH at work conducted research* with employees to find out their thoughts into what’s happening in reality.It found that whilst a minority (13%) are taking action now and either reducing or stopping pension contributions, more worryingly, ...
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Supplier articleA Guide to Calculating Pensionable Earnings for Employers
For employers, determining the contributions to a workplace pension scheme depends on the pensionable earnings of their employees. This article will explain the different methods for calculating pensionable earnings and how these methods affect pension contributions and tax efficiency. Explaining pensionable earnings Pensionable earnings are crucial for ...
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Supplier articleStep-by-Step Guide to Completing Your Pension Declaration of Compliance
When hiring employees, it’s crucial to fulfil your legal responsibilities concerning your workplace pension. For UK employers, this involves completing a declaration of compliance for The Pensions Regulator. This guide will explain how to complete your declaration of compliance and the implications of missing the deadline. Understanding ...
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ArticleAverage pension pot totals 24% less than recommended amount
The average pension pot of a UK retiree totals less than a quarter (24%) of the recommended amount for a moderate standard of living, according to research by Finder.com.The personal finance comparison site found that the average pension pot for a retired person in the UK sits at £69,481, much ...
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ArticleExclusive: Coastline Housing to discuss living pensions at Employee Benefits Live 2023
Nathan Mallows, director of finance, people and change at Coastline Housing, will present a session about the living pension on the final day of Employee Benefits Live 2023.Titled Living pensions: are your pension arrangements fair and equitable? the session will take place on Wednesday 4 October at 1.45pm.Part of the ...
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Supplier articlePension Re-Enrolment: A Step-by-Step Guide for Businesses
Pension Re-Enrolment: A Step-by-Step Guide for Businesses Employers must comply with UK law by re-enrolling eligible employees into their automatic enrolment pension scheme. This is an obligation whether employees’ wish to be re-enrolled or not. In this guide, we’ll walk you through adhering to the pension re-enrolment ...
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Supplier articleAuto Enrolment Pension Staging Date: A Guide for Employers
Auto Enrolment Pension Staging Date: A Guide for Employers Whether you’re exploring the possibility of establishing a new auto enrolment pension for your company, or if you’ve already got one in operation pension auto enrolment staging dates might puzzle you. How do you determine your staging date, ...
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Case StudiesBenefits on offer at Precis Digital
Benefits offered by Precis Digital:Pension A group personal pension (GPP) scheme for all employees, with up to 8% matching contributions from the employer.Healthcare and wellbeingA £40 wellness allowance each month, which can be used towards items such as physical exercise, therapy apps and private medical insurance.Employee assistance programme (EAP).Access to ...
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Article27% of under 35s have calculated required retirement income
Just one-quarter (27%) of UK staff aged under 35 have worked out how much they will need to live on in retirement, according to research by Royal London.The mutual life, pensions and investment firm, which surveyed 4,000 UK adults, also found that two-fifths (38%) of adults under the age of ...
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Supplier articleUK Workplace Pension Regulations: What Every Employer Should Know
UK Workplace Pension Regulations: What Every Employer Should KnowIn the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. Nevertheless, it's crucial to be acquainted with the laws and your obligations, regardless of whether you're a company owner or the accountable person within a business.While ...
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Article46% of savers do not understand key benefits of DC schemes
Almost half (46%) of defined contribution (DC) savers revealed that they do not understand one of the key benefits the scheme brings, according to new research from TPT Retirement Solutions.The workplace pension master trust scheme’s research, which polled around 1,500 DC savers, highlighted that savers are not aware they receive ...
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AnalysisHow to sell pensions change into an organisation
Need to know:Change will happen when it comes to employers’ pensions plans. Whatever the change, some universal principles remain true.Stakeholders should be involved early, to ensure they can voice any objections and feel involved in the process. Avoid legalese; be honest, clear and concise. If it is bad news, upfront ...
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Case StudiesRoadshows were secret to success when Ford moved to pensions master trust
When Ford Motor Company moved to a master trust in April 2022, explaining the changes to people at pensions roadshows was a priority.Oliver Payne, international pensions and data analytics manager at Ford and founder of the Reinventing Pensions event, explains: “The reason for that is you get people’s focused attention. ...
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Article30% of staff prefer CDC pension for decumulation over an annuity or drawdown
Almost one-third (30%) of UK defined contribution (DC) savers said they prefer a collective defined contribution (CDC) pension for a decumulation option at retirement instead of an annuity or drawdown, according to new research.Global professional services firm Aon and financial services provider Aegon’s new whitepaper Collective DC decumulation – is ...
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ArticleSmith and Nephew completes £260m pensions buy-in
Smith and Nephew UK Pension Fund has completed a £260 million buy-in deal.The transaction with Rothesay, which secures the benefits of 1,885 pensioners and dependants, as well as 2,315 deferred members, is the final transaction securing the fund’s objective of insuring all of its members’ benefits. The fund is sponsored ...