We welcome the Pensions Equity Group's guide to help employers with the gender pension gap, including identifying and reducing it: https://ow.ly/cmR050Sfx2O Louise Davey, our Interim Director of Regulatory Analysis and Advice, said: “The Pension Equity Group’s gender pension gap guide is a welcome addition to work to build collective knowledge around why pension inequalities occur. “It also complements our desire to work with others to find ways to reduce pension inequalities so all savers can get the maximum value possible from their pension.” TPR has also published guidance for employers on helping improve the equality, diversity and inclusion (EDI) of their pension scheme’s board. Louise added: “Employers have a key role in ensuring EDI is considered by their scheme and a duty to support employees nominated to their scheme’s governing body. “We’ve published specific guidance for scheme employers to help them do this."
The Pensions Regulator’s Post
More Relevant Posts
-
MD at Oracle Safety Associates, Safety Consultant, Safety Speaker, Safety Training Course Designer, Managing Director.
The previous pension reforms under Labours Gordon Brown's highlight the potential pitfalls of politicians making major changes to pension systems without sufficient oversight or consensus. Brown was partly driven by a desire to raise tax revenue and philosophical opposition to private pensions. But he’s likely now benefiting from his gold plated tax payer funded pension - nice for some. Jeremy Hunt certainly doesn’t have the electorate in mind. But i’ll let you be the judge. There are many ethical considerations and potential societal impacts with allowing companies easier access to pension surplus funds: ▶️ Employee interests - The pension funds exist to provide retirement income security for employees. Loosening rules to let companies withdraw surplus funds could jeopardise that core purpose. ▶️ Trust - Companies made pension promises to employees who worked under that expectation. Allowing retroactive rule changes that benefit companies over employees could undermine trust. ▶️ Risk transfer - Withdrawing funds transfers retirement income risk back to employees. This should be avoided unless other protections are instituted. ▶️ Incentives - Accessing surpluses could incentivise companies to take more investment risks with pensions to generate excess returns. This is unwise. ▶️ Taxpayer exposure - If pensions are underfunded later, the government/taxpayers may need to provide support through the pension protection fund. Bit to late! ▶️ Macroeconomic - Large withdrawals could negatively impact investment markets and retiree spending power. A gradual, regulated approach is prudent. Overall, any reforms need to balance company flexibility with upholding the spirit of past pension promises and securing employee retirements. Changes require careful ethical analysis and broad stakeholder input to ensure societal good, but with politicians in charge, I can’t see this happening. #pension #government #governanceforgood #ethics
Pensions surpluses to be targeted — The Times and The Sunday Times
apple.news
To view or add a comment, sign in
-
*AMENDMENT TO A POST FROM EARLIER THIS MONTH* DO YOU HAVE AN EX-EMPLOYEE WORK PLACE PENSION OR A PERSONAL PENSION IN JERSEY THAT IS CURRENTLY VALUED BETWEEN £15,000- £19,000? If so please be aware that your ability to get access to it is changing from the 1st January 2024. Existing Jersey pension legislation allows to you take the balance of the majority of ex workplace pensions and personal pension (that a employer is not actively paying into) valued at less than £19,000. This figure will be reduced down to £15,000 on the 1st January 2024. It was initially thought that the proposed new legislation would reduce the figure much lower, down to £10,000 but in a last minute u-turn the Government decided to take a phased approach, to give people more time to plan accordingly. It is thought that the new £15,000 limit will then be reduced down to £10,000 from 1st January 2025. It is also worth noting that if your pension trustee receives you application to take the balance of your pension prior to the end of this year (and it is between £15,000 to £19,000) they have been given scope to process it into 2024 due to the short notice of the legislation change.
To view or add a comment, sign in
-
⚠️ Mind the Gap! Our financial planning experts discuss simple, practical tips that can boost women’s pension savings and go towards addressing the Gender Pensions Gap, through engagement and support. ✅ Includes a downloadable checklist for trustees and employers on initial steps to consider. https://lnkd.in/gXa6Y-TP #pensions #retirement #FinancialWellbeing #GenderEquity #wtwperspective #personalfinance #trustees
The Gender Pensions Gap – what are practical ways to support your workforce?
wtwco.com
To view or add a comment, sign in
-
Equality within the pensions sector is not just a goal; it's a necessity for fostering inclusive and sustainable growth. But what are the current challenges, and how can we drive meaningful progress? Find out more in our blog: https://kont.ly/dfad44a7 #blog #pension #jobs #remote #employeeappreciation
To view or add a comment, sign in
-
Workplace pensions in the UK are more than just a legal requirement - they're an investment into your team's future. Setting up a workplace pension scheme can be time-consuming, so it’s best to start as soon as you decide to hire your first worker. Keep in mind it will need to be auto-enrolment compliant. We've detailed the essentials that every employer needs to know. From setting up a compliant scheme, understanding contribution rates and the auto-enrolment legislation, to choosing a pension provider, make sure you know the right steps to take. Take a read here: https://bit.ly/440l5Qo
Workplace Pension: How Does It Work | Beany UK | Online Accounting | Xero | Tax Advice
beany.com
To view or add a comment, sign in
-
On International Women’s Day, Insurance Europe celebrates women across the globe for their invaluable contribution they make to every part of society. Today, we also recognise the unacceptable pension gap that still exists between men and women. Our pensions survey across 15 EU countries found: • Almost half of women were not saving anything for their retirement, compared to 34% of men • Women tend to save less and expect to receive a lower percentage of their final salary in retirement than men • 27% of women “not confident at all” they will be able to maintain a comfortable standard of living post-retirement based on their occupational pensions, compared to 18% for men. Learn more about Europe’s pension gap and what can be done: https://lnkd.in/eyKCihSu #InspireInclusion #IWD
To view or add a comment, sign in
-
Marketing Director | Growth Marketing Leader | Bringing the best of Aon to Pensions and HR Communities
At last weeks Global Benefits Client Day, this topic was the focus of our client panel discussion. Whilst organisations have regulatory requirements to tackle and adhere to, the HR, Finance and Pensions functions are no longer working in isolation, thus striving for equity in benefits and total rewards whilst addressing the gender pension gap. #HR #HumanResources #HumanCapital #PayTransparency #BenefitsEquity #PensionsGap
To view or add a comment, sign in
-
Consumer Duty Champion | R-Day 🎃 = Better Outcomes for 92% of Workers | Helping CEOs & Workers become Net Zero Heroes
#CaringIsSharing 💚 72% would be prepared to pay higher fees to access illiquid assets 👇 I first issued warnings to Pension Trustees in 2014 that 74% of workers supported climate change action. Pension Firms have largely failed spectacularly to connect with savers needs on their journey to retirement, as well as at retirement. An easy way to get workers to pay more attention to their pensions is to connect on emotive issues. It is no surprise that LGIM has found support for higher fees in the key areas where many workers are suffering due to the cost of living crisis. LGIM have been the recipients of Government funding for Affordable Housing. However, the housing benefit experts I am liaising with at present tell me not a single client of theirs fits the affordability criteria of L&G's terms. Social Housing and Affordable Housing are the problem, neither of which should start at £500k+ for a 2 Bed Apartment, with a £300/mth maintenance charge. #Pensionwashing and #Greenwashing is when an investment firm claims it supports social and affordable housing projects, without it actually supporting Benefit Assisted Tenants. Rita Butler-Jones can we discuss the feedback I have received from Local Housing Benefit Officers about the lack of affordability in your social housing developments?
LGIM’s DC ESG member research 2023*
preview.mailerlite.io
To view or add a comment, sign in
-
Today's Better Pensions Charter announcement highlighted the industry consensus that a holistic strategy for our pension system is overdue. Together with the renewed concerns about triple lock's future, how can we start engaging the public when making policy decisions that impact generations? At Phoenix Insights we have been exploring how public deliberation could inform long-term policy making with our research partners. In this blog we spoke to Dr Ceri Davies-Tyrie, Director of the Centre for Deliberation at NatCen, to understand more about the methodology and its benefits. #phoenixinsights https://lnkd.in/eg9uqCDC
Why do we need public deliberation for policy decision making?
thephoenixgroup.com
To view or add a comment, sign in
-
Really interesting read about how we make policy decisions.
Today's Better Pensions Charter announcement highlighted the industry consensus that a holistic strategy for our pension system is overdue. Together with the renewed concerns about triple lock's future, how can we start engaging the public when making policy decisions that impact generations? At Phoenix Insights we have been exploring how public deliberation could inform long-term policy making with our research partners. In this blog we spoke to Dr Ceri Davies-Tyrie, Director of the Centre for Deliberation at NatCen, to understand more about the methodology and its benefits. #phoenixinsights https://lnkd.in/eg9uqCDC
Why do we need public deliberation for policy decision making?
thephoenixgroup.com
To view or add a comment, sign in
21,168 followers