The Chartered Institute of Payroll Professionals
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How to boost pension engagement Published: 26 October 2023 Emailed: 1 November 2023
Scottish Widows has shared some tips for employers and advisers, on how 2023 pension awareness season can get employees more engaged with their savings.
Scottish Widows believes the challenge is that the level of awareness about pensions remains too low, with Association of British Insurers (ABI) figures in 2022 showing just 20% of people are confident about saving for retirement. Scottish Widows own 2023 Retirement Report highlighted that one in three (35%) people are facing the reality of a retirement where they will struggle to make ends meet.
Scottish Widows has rounded this up to seven things that you can do to boost engagement:
1. make pensions inclusive for everyone – for everyone, of every age, stage, and demographic 2. be bold and have some fun – with the use of new interactive tools for employees 3. encourage digital adoption – with the use of a pension app or increasing the proportion of workplace customers who are digitally active so that they start to check-in with their pension more often 4. build in sustainability – integrating environmental, social and governance (ESG) factors into investments 5. keep things simple – you don’t need to make things more complicated using formal and complicated language 6. tailored guidance for different audiences – for those who need the basics and for those who need something more advanced 7. keep it going, all year long - financial wellbeing is one of the hot topics and is here to stay, therefore keeping engagement all year long is essential.
Read the full article, here.
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Pension schemes newsletter 153 — October 2023 Published: 26 October 2023 Emailed: 1 November 2023
HM Revenue and Customs (HMRC) has published the ‘ Pension schemes newsletter 153 — October 2023 ’. The newsletter is published by HMRC’s pension schemes services to update stakeholders on the latest news for pension schemes.
Here are some of the key highlights:
• pension flexibility statistics - information on the number of tax repayment claim forms processed for pension flexibility payments is now available. The tax repayment figures for the period 1 October 2023 to 31 December 2023 will be published in ‘Pensions schemes newsletter ― January 2024’ • registration statistics - for the period 6 April 2023 to 30 September 2023 HMRC received in total 831 applications to register new pension schemes. Of these applications, 57% have been registered and HMRC has currently refused registration for about 12% of applications. No decision has yet been made on the remainder
• managing pension schemes service - pension scheme administrators and practitioners can now use the managing pension schemes service to create, compile and view event reports in-year, for the tax year 2023/24 onwards
- two steps to migrating your schemes - enrol and migrate: take action to migrate your pension schemes now
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