All Pensions articles – Page 9
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AnalysisTop tips for boosting employees’ pensions knowledge
Need to know:Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge.Losing the jargon will make the language of pensions easier to understand and more relevant to staff.They could invest in financial coaching for a more personal approach to pensions education.Workplace pensions are ...
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ArticleDeutsche Bank completes £500 million pensions buy-in
Deutsche Bank has completed a £500 million buy-in for its UK pension scheme, its first to include deferred members.The transaction with Legal and General will secure the benefits of around 2,000 retirees and deferred members. Due to an existing umbrella contract with Legal and General, the buy-in was able to ...
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ArticleSSE accredited as living pension employer
Credit: Alasdair Jones / Shutterstock.comScottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security.The living pension, which launched in March 2023, is a voluntary savings target for employers that want to help workers, particularly low-paid ones, to build a pension pot that ...
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Supplier article
How BT supports employees to build financial resilience and prepare for retirement
https://youtu.be/WOTiF16Lx64Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all.Making regular contributions into a pension pot is also becoming ...
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Supplier articleWEALTH at work launch NEW Corporate ISA
In today’s economic climate, helping employees to build their financial resilience and providing them with the knowledge and tools to do so, has never been so important.Whilst a workplace pension provides a savings vehicle for retirement, many organisations want to put in place a tax efficient savings option for those ...
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ArticleBritish Red Cross completes £30 million pensions buy-out
Credit: Tony Baggett / Shutterstock.comBritish Red Cross has completed a £30 million buy-out deal for its pension fund and the British Red Cross Society’s Scottish branch retirement benefits scheme.The transaction with Aviva will insure the defined benefit liabilities for around 360 members across both schemes, and removes the investment and ...
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Supplier articleHow employees can track down lost pensions and guidance on pension consolidation
2.8m lost pension pots in the UK, worth around £26.6 billionWEALTH at work explains how employees can track down lost pensions and provides guidance on whether to consolidateThe total value of lost pension pots has grown from £19.4 billion in 2018 to £26.6 billion in 2022. There are 2.8 million ...
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Case StudiesKingfisher provides benefits security through bulk annuity purchase
Credit: ClimbWhenReady / ShutterstockIn the UK, home improvement firm Kingfisher's pension provision comprises a closed final salary section, with 28,000 deferred and pensioner members, and an open money purchase section, with 70,000 active and deferred members.The firm, which includes brands such as B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçta?, ...
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AnalysisHow to conduct a pensions buy-in
A buy-in is a contract between a defined benefit pension scheme and an employer that removes longevity, market, interest and inflation risks.The parties involved include a sponsoring employer, a scheme trustee, advisers to the trustees and the insurer.If it looks like funding levels are affordable for the scheme against current ...
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ArticlePensions (Extension of Automatic Enrolment) Bill receives Royal Assent
The Pensions (Extension of Automatic Enrolment) (No. 2) Bill has received Royal Assent.The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme ...
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Supplier articleAddress the Cost of Living Crisis with your Workplace Pension
In a world where prices continue to climb, it’s crucial for businesses to be vigilant about any unnecessary financial costs. Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Think this isn’t a big deal? Dive into the details below and ...
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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 ...