Kidbrooke’s Post

Consultation on people picking their own workplace pension feels like an unworkable nightmare. More employer administration. Many employees making vital decisions in an area they find difficult to understand. Higher charges. Less oversight and governance. Not sure there is too much wrong with the current approach for the majority. Getting to 12% plus contributions is more important as is reducing the charge cap. Not many people can afford to pay for the advice that would be needed to make an informed decision. If the worry is people losing track of their pensions then help people find them by relaxing the GDPR rules and sorting out the pension dashboard.

22.6 million people contribute to a workplace pension. That’s a huge amount, an incredible increase of almost 50% prior to auto-enrolment’s inception 12 years ago! And while it's a significant achievement, we believe there's still work that needs to be done. Workplace pensions auto-enrolment needs to increase to really help people prepare for the retirement they want. Read about the benefits of increasing minimum workplace pension contributions, and the cost if we don’t > https://lnkd.in/eKBCgwMC

The countdown is officially on⏰ 1 month to go until our 2nd REBA Future of Pensions Summit! This invitation-only* event, taking place on 19 September in London, will drive much needed discussion around how workplace #pensionstrategies are evolving to meet both HR and wider corporate pressures and ensure better retirement choices and outcomes for employees now and into the future. 😁 Our jam packed agenda features 10 curated workshops hosted by our expert strategic partners, plus in-depth panel debates and spotlight sessions on key issues all led by senior pension #rewardandbenefits leaders. 2024 promises to be an important year for #workplacepensions. With the abolition of the #lifetimeallowance and "pot for life" plans taking shape, significant changes are coming. Shifting workplace demographics, socio-economic pressures and new trends in #employeesavings and #retirement behaviours are causing a radical evolution in how workplace pensions are being designed and offered. If you are keen to attend log into your REBA account or click here for more detailshttps://lnkd.in/eGwfJWQf Thanks again to our strategic partners for supporting this important Summit: Aon NatWest Cushon Howden Employee Benefits & Wellbeing Hymans Robertson LCP Legal & General Investment Management (LGIM) Scottish Widows SEI Vidett Limited and WEALTH at work Reward & Employee Benefits Association (REBA) Jessica Feeney

Did you know you could be opting out of a free pay rise at work?! That got your attention! For many, workplace pensions are often overlooked, with mindsets like "I'm more focused on my cash flow at the moment" or "I'm too young to start worrying about my pension." Since its introduction in 2012, the minimum mandatory employer contribution to workplace pensions remains at 3%, with employees contributing 5%, totaling an 8% contribution. Surprisingly, around 60% of companies offer the opportunity to increase your pension contribution, leading to additional contributions from the employer. By investing a little more in your pension now, you can secure a better future. This not only allows you to retire earlier but also ensures a more comfortable retirement. What's more, it's a chance to access a pay rise that only 34% of UK employees currently benefit from! It's never too early to start planning for retirement and maximizing your workplace benefits. #Pension #RetirementPlanning #FinancialFuture

Worth having a look at our employee benefits survey - how do you compare?

Do you know what your employees pay for investing in your defined contribution pension arrangement? Encouragingly, according to Broadstone’s 2023/24 Employee Benefits Survey, the cost for the average default investment option was 0.36% - less than half the regulatory charge cap of 0.75%. Much more concerning was that less than 20% of employers who participated in our survey knew what their charge was.   Of course, charges shouldn’t be considered in isolation but rather in the context of the value a member receives including day-to-day service levels, member support, investment performance. However, knowing what members pay or a step further their average net investment performance should be a key metric for an employer when considering whether their employees are receiving good value from their DC pension plan.   For more insights and data covering DC pensions, healthcare, wellbeing, protection and flexible benefits, please download Broadstone’s 2023/24 Employee Benefits Survey Report here: https://lnkd.in/dE62J9zU #employeebenefits #pensions #pensioncharges Damon Hopkins Brett Hill

The results are in. An informative read for all.

Wow! Really great reaction and feedback on our new App being launched soon. The app demo has been incredibly well received! Having just spent the morning answering two key questions, approaching 300 times! Two outcomes, my voice is going and my legs ache! Those two questions, I’ve worked for multiple employers and have several pension pots, how do I consolidate them? Second question, How do I trace previous pensions from other employment? We can answer both of the above questions, the bigger question is how does the pensions industry do better with communication that members understand? People’s Pension have our Members Engagement Plans and our Engagement Managers to help support employers and employees with the messaging, so please use us to support your employees! Thanks to Bright Horizons for giving us the opportunity to support their employees.

It's time to start counting ⏰ down the days until our 2nd REBA Future of Pensions Summit! 😁 This invitation-only* event, taking place on 19 September in London, will drive much needed discussion around how workplace#pensionstrategies are evolving to meet both HR and wider corporate pressures and ensure better retirement choices and outcomes for employees now and into the future. 😁 We're excited to share that the agenda for the day is complete and it features 10 curated workshops hosted by our expert strategic partners plus in-depth panel debates and spotlight sessions on key issues all led by senior pension, #rewardandbenefits leaders. 2024 promises to be an important year for #workplacepensions. With the abolition of the #lifetimeallowance and "pot for life" plans taking shape, significant changes are coming. Shifting workplace demographics, socio-economic pressures and new trends in #employeesavings and #retirement behaviours are causing a radical evolution in how workplace pensions are being designed and offered. Thanks to our strategic partners for supporting this important Summit: Aon NatWest Cushon Howden Employee Benefits & Wellbeing Hymans Robertson LCP Legal & General Investment Management (LGIM) Scottish Widows SEI Vidett Limited and WEALTH at work If you are keen to attend log into your REBA account or click here for more details, Natalie Turner and Jessica Feeney are also on hand for any enquiries. https://lnkd.in/eGwfJWQf

The latest paper in our series looking into employee views on work, finances and employee benefits is now available to read.   In conjunction with YouGov, Isio surveyed* over 7,500 UK employees in June 2023.   In this latest instalment, we explore what tends to be the most generous (and expensive) part of the employee benefits package in the UK – pension. Setting aside our love for pensions, we’re asking the question no one else does: when it comes to long-term saving and retirement planning, is pension too narrow a focus?   Read the latest paper here: https://lnkd.in/e7sJ9sZh   #EmployeeBenefits #EmployeeWellbeing #Work #EmployeeTurnover #FinancialConfidence #retirementplanning #longtermsaving #housing   *In conjunction with YouGov, Isio surveyed 7,674 private sector employees in June 2023 on a range of issues surrounding employee benefits and personal finance concerns. Responses for don’t know or prefer not to say answers have been removed, unless explicitly shown.