£47,000 shortfall in employer pension contributions for women

£47,000 shortfall in employer pension contributions for women Employers are contributing less to women’s pensions than men: a result of the gender pay gap, career breaks for women and men working in larger businesses This could result in a £47,000 shortfall for women by the end of their working life Since 2013, women have received, on average, 1% of their salary less in employer pension contributions each year when compared to men The inaugural Zurich Workplace Savings Barometer analysed over 250,000 pension plans. London, 22 February 2017 – There is a ‘gap’ between the amount that men and women receive
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Categories: News.

More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator  700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
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Categories: News.

Accountants letting SMEs down on auto-enrolment advice

Almost half of accountants admit to not knowing enough about auto-enrolment despite nearly two-thirds of SMEs turning to their accountants for advice about the pension legislation. A report by employee benefits adviser Helm Godfrey has raised concerns over the lack of auto-enrolment knowledge among accountants, warning that the knowledge gap puts SMEs at risk of ending up with unsuitable pension schemes. The report, which aims to provide guidance to accountants and SMEs on navigating the auto-enrolment process, found that 43% of accountants surveyed admitted to an auto-enrolment knowledge gap being their own biggest challenge when it came to advising businesses.
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Categories: News.

TPR Re-enrolment guidance for employers

TPR Re-enrolment guidance for employers TPR have just launched their new online content giving guidance to larger employers on their re-enrolment duties. An introductory page provides an initial overview of the steps, along with timings of when employers should aim to complete these steps. The overview page also includes ‘The essential guide to re-enrolment and re-declaration’, which is available to download and provides employers with a cut down version of the online content if they require a quick reference guide. The content is composed of 4 main steps: Choose your re-enrolment date Assess your staff Write to staff that you
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Categories: News.

To comply, or not to comply…it’s not even a pensions’ question!

To comply, or not to comply…it’s not even a pensions’ question!  Compliance is certainly a warm and cuddly word that contains a wealth of potentially terrifying consequences, while highlighting that employers will face enforcement issues on the Pensions Auto Enrolment front.  There was a time, when qualifying for a company pension scheme was one of working life’s little package benefits. However, as a number of people reaching pensionable age in recent times have discovered, what might have been promised could be somewhat impossible to quantify and even more unfeasible to touch. Something had to change and it did, in the
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Future-proofing by judicious pension planning

The irony of the pension scene lies in the fact that we never know we need it, until we do, although the golden olden days of perks-packed employment packages is now past its comfort zone. According to a recent survey, around 30% of British employees are unhappy with their little lots and would change jobs to obtain better benefits, a factor that includes pensions. While both contributory and non-contributory pension plans used to offer some form of protection for the future, a succession of unfortunate, although also understandable, pension ‘raids’ led to government intervention and a new legal framework for
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More than 7 million workers now auto-enrolled – Pension Regulator

More than 7 million workers now auto-enrolled – Pension Regulator 700,000 small employers due to stage in 2017 The number of new people saving for retirement as a result of auto-enrolment has passed the seven million-mark, the latest monthly figures from the Pension Regulator have shown. According to the declaration of compliance report for November, a total of 341,495 employers have declared their auto-enrolment compliance, which accounts for 23.5 million workers. Of these, 7,050,000 have now been auto-enrolled while 9,806,000 were already active members of a qualifying scheme. The remaining 6,290,000 have no workplace-related pension. The Pension Regulator also indicated
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Categories: News.

60% of young people “don’t know what a workplace pension is”

Nearly half (40%) of 18-30 year olds consider their knowledge of pensions to be poor or very poor and three in five (60%) don’t know what a workplace pension is according to research by workplace pensions provider NOW: Pensions. Two in five (42%) justified their pensions ignorance by saying retirement was a long way off. Around one in four (27%) said they find pensions too complex. And nearly three quarters (71%) said they find pension terminology and jargon a barrier to engaging with the subject. Alarmingly, despite anyone over the age of 22 earning at least £10,000 a year being
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Categories: News.

Over 50% of accountants are unable to answer auto enrolment queries

According to recent research by The Pensions Regulator, over half of accountants quizzed stated that they are only partially able to answer auto enrolment queries from their clients.   The research states that the main issue was that the accountants did not have the in-house expertise or resources needed to give clients help with the more technical aspects of auto enrolment.   What’s more interesting, over 90% of those surveyed explained that they have been approached by at least one client regarding an auto enrolment query.   The Pensions Regulator estimates that 570,000 smaller businesses will stage for auto enrolment
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