Top 5 considerations for employees and members before accessing their pension
Aug16

Top 5 considerations for employees and members before accessing their pension

Figures published by HM Revenue and Customs (HMRC) have revealed that a record 336,000 individuals have taken £2.75bn out of their pensions in the second quarter of 2019. This represents a 21% increase from £2.27bn in Q2 2018. In total, more than £28bn has been withdrawn since the pension freedoms were introduced in 2015. Whilst freedom and choice in pensions is popular with individuals, the downside is it can be easy for employees...

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Retirement fund is top saving priority for Brits
Aug14

Retirement fund is top saving priority for Brits

Over half (58%) of Brits wish they had invested in their future and retirement at an earlier age, according to new research by savings and mortgage provider Nottingham Building Society, known as The Nottingham. The survey of 2,000 UK adults looked at the biggest saving priorities for the nation, and what age we wish we had started investing in different aspects of our lives, from health and careers to money management. A retirement...

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Majority of businesses yet to adjust pensions strategies in response to challenge of ageing workforce
Jul31

Majority of businesses yet to adjust pensions strategies in response to challenge of ageing workforce

Only a third of UK businesses have reviewed their pensions strategy in response to the challenge of the ageing workforce. This is despite the fact that more than half (60%) of workers in the UK admit to not having any kind of retirement goal in terms of either savings targets or age of retirement, and only 15% of UK workers are confident that they will have enough money saved in order to retire. Most employees are split between...

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Could You Cut Your Expenses in Half? Millennials Spend £1000 More Than the Full Monthly State Pension Each Month
Jul25

Could You Cut Your Expenses in Half? Millennials Spend £1000 More Than the Full Monthly State Pension Each Month

Millennials spend a total of £1,770 a month, of which the State Pension covers less than half – only 41% of current monthly spend. A breakdown of average expenses reveals the generation pay more for rent alone (£773), than the entire monthly State Pension of £731. Pensions Advisor, Profile Pensions, claims a comfortable retirement requires access to £2371 per month, offering tips to Millennials on how to build towards this now....

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Over a quarter of Brits aren’t aware of their workplace pension scheme
May29

Over a quarter of Brits aren’t aware of their workplace pension scheme

The introduction of auto-enrolment pensions should mean that we’re now paying more attention to our pension than ever, but in fact, research by pensions advice specialist, Portafina, revealed that 28% of workers are not fully aware of their employer’s pension scheme. Those in trade (40%), sales (38%) and the creative industries (35%) are the least aware of their current employer’s pension plan/scheme. When it comes to age, the...

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Don’t Opt-Out: From 06 April, £27 a Week will Bring £125,000 in Retirement
Apr05

Don’t Opt-Out: From 06 April, £27 a Week will Bring £125,000 in Retirement

Financial advisers and pension specialists, Profile Pensions, identify growing concerns in the upcoming workplace pension scheme rise, advocating for easy-to-understand explanations, well-informed decisions and useful pension advice for all. From 6 April 2019, the workplace pension scheme is set to rise again to a total of 8%. Although minimum employer contributions are increasing from 2% to 3%, the employee contribution potentially...

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3 Things You Need to Know About Pensions
Feb25

3 Things You Need to Know About Pensions

Pensions are important — they could hugely affect your future. Essentially, a pension is a fund that you, your employer — and at times, the government — contribute to. By entering a scheme, you may ensure that there’s enough to live off once you’ve retired. But there’s much more to it than that. This guide explains all you need to know on the subject. What Types of Pension Are There? Put simply, there are two main types of pension:...

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Employers urged to talk to staff about retirement plans as changes to state pension begin to take effect
Jan04

Employers urged to talk to staff about retirement plans as changes to state pension begin to take effect

As planned State Pension Age changes come into effect today, the Centre for Ageing Better is calling on employers not to shy away from talking to their staff about retirement, including when and how they want to retire, and to ensure they are providing support to help staff plan for the transition. The Centre for Ageing Better’s report on retirement, published today, says that a significant number of people worry about retiring. Data...

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Top 10 tips for employees to cut costs and boost savings
Aug21

Top 10 tips for employees to cut costs and boost savings

According to research by WEALTH at work, 80% of employers believe their employees are not saving enough for retirement. This is usually due to affordability or lack of understanding but what many employees don’t realise is the huge difference small changes to their spending habits could make to their savings levels overall.     To help with this, WEALTH at work has shared its top 10 tips for employees wanting to cut their...

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Almost 2 Million Older Works Juggle Supporting Family
Sep26

Almost 2 Million Older Works Juggle Supporting Family

Over-50s with dependents say their children’s (32%) or parents’ (12%) financial needs are the only reason they’re still working But two in five (40%) are motivated to stay in work by job satisfaction and fulfilment – including more than half of over-65s Record employment beyond 50 brings new opportunities with 4 million older workers having made significant job changes and 1.4 million becoming their own boss   One in five (19%)...

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Increased fines from Pensions Regulator highlights need to audit pension schemes for mistakes
Aug09

Increased fines from Pensions Regulator highlights need to audit pension schemes for mistakes

The Pension Regulator’s latest figures on auto-enrolment for the year up to 31st March revealed that it had significantly increased its inspections on businesses and it increased its use of powers to crack down on firms whose auto-enrolment schemes were found to be non-compliant. 153 employers were issued with a CCJ in 2016/17 The Pension Regulator used its powers 50,068 times in the year, compared to only 8,812 in the previous year....

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52% of working Britons are ‘just about managing’ or worse according to latest Drewberry survey
Jul27

52% of working Britons are ‘just about managing’ or worse according to latest Drewberry survey

Drewberry’s annual Wealth & Protection Survey finds that over half of Britons are now stuck in the ‘JAM’ zone. Key findings: In a JAM: 38% of working Britons regard their finances as ‘Just about managing’, while 14% describe their finances as ‘hanging by a thread’ (or worse). Spread thin: Over 1 in 4 working Britons (26%) have £100 or less a month left after paying for basic living expenses while 44% have £200 a month or less....

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HR Managers & business owners should be ‘mindful of the pension perception gap’
Jul12

HR Managers & business owners should be ‘mindful of the pension perception gap’

New research reveals that employers are in danger of underestimating the value employees place on their workplace pension benefit. hibob, a leading cloud-based HR and benefits platform, this week released part one of its UK Employee Benefits – State of the Nation 2017 series that analyses employee and employer perceptions around pensions – and it seems that employers are getting it wrong. The research found that: 67%...

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PWC: FTSE 350 Companies’ ability to fulfil pension promises at its lowest level since the recession
Jun22

PWC: FTSE 350 Companies’ ability to fulfil pension promises at its lowest level since the recession

New research by PwC reveals the ability of FTSE 350 companies to fulfil their defined benefit (DB) pension obligations has sunk to its lowest level since the recession. PwC analysis shows that despite growth in the FTSE, the relative support companies provide to their pension schemes has weakened significantly. PwC’s Pension Support Index tracks the relationship between the financial strength of the FTSE 350 companies and the size of...

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GRiD welcomes Medical Expenses Consulting as new member
May04

GRiD welcomes Medical Expenses Consulting as new member

Employee benefits consultancy, Medical Expenses Consulting (UK) Ltd (MEC), has become the latest member to join Group Risk Development (GRiD), the industry body for the group risk protection sector. Specialising in all aspects of health, wellness and protection, MEC will have exclusive access to networking opportunities, industry speakers, research, and insight into market trends and developments. They also benefit from the recently...

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