Acumen Employee Benefits

Further to the Autumn Budget this week, and as with previous Budgets, the devil is in the detail. From a business and employee benefits point of view, the Autumn Budget brings together some significant changes and looking beyond the headlines, some opportunities to balance the costs of running and growing your business. You can access our full Autumn Budget Summary Guide through our website - https://lnkd.in/e7mb8TFj

Pensions: What's Changed for Employers in 2024? 💰 Auto-Enrolment Expansion In September 2023, the Pensions (Extension of Automatic Enrolment) Act received Royal Assent. The new legislation would reduce the lower age limit for auto-enrolment from 22 to 18 and remove the Lower Earnings Limit for qualifying earnings. The new Labour government has not yet implemented this, but companies should continue to look for it on the horizon. Learn more - https://ow.ly/KBFS50TOijt 💰 State Pension Increase 2024 brought in an increased state pension amount of £221.20 per week, compared with £203.85 in 2023. Thanks to the triple lock system, the amount increases each year by whichever figure is highest - the inflation rate, the earnings growth rate, or 2.5%. However, the state pension alone is unlikely to sustain your employees when they move on from work, and it may be worth educating them on the benefit of upping their private pension contributions. Learn more - https://ow.ly/u75a50TOijs 💰 Pension Monitoring Changes From May 2024, the Pension Regulator mandated that employers would now need to submit information on pensionable earnings in their payroll files to HMRC alongside the current contribution data they were already submitting. Learn more - https://ow.ly/IZ1b50TOijr What change to workplace savings has had the biggest impact on your organisation in 2024?

"The mix of factors is unique to each population being insured, and determines the rates offered and even whether the risk can be insured at all." When merging companies have Group Risk or Private Health Insurance policies, the central consideration is risk. And when you add staff working in hazardous environments to the equation, the assessments can become complicated. Download our M&A Due Diligence Brochure to learn more about this potential scenario and how our employee benefits experts can help you mitigate risk and ensure a seamless transition - https://ow.ly/T1t750TOicM

Beyond their growth prospects, workplace pension investments are being increasingly scrutinised for how well they consider environmental, social, and governance factors. But do these ESG investments show a genuine commitment to protecting the planet and society, or are they just a clever marketing gimmick? Read our latest article as we delve into the value of environmentally friendly investing and the anti-greenwashing rules that keep them in check - https://ow.ly/VEcK50TOhu2

Is tax relief coming into the equation too early? 🧮 For most workplace pensions, employees receive 'relief at source', where their pension contribution is calculated once tax and national insurance have been deducted. But does this negatively impact your higher earners? Learn more by downloading our free 'Relief at Source vs Salary Exchange' Factsheet - https://ow.ly/RQ9850TOem5.

How do companies become an employer of choice? For Gillian Sheikh, Senior Total Reward Specialist at EthosEnergy, employee benefit customisation is key. Start your journey to becoming an employer of choice with a benefits package tailored to you - https://ow.ly/2FGm50TOcyP

Have your employees considered what life after the 9-5 might look like? Enhanced your financial wellbeing offering by adding "Ready, Set, Retire" to your company calendar - a free retirement planning event that will tour Aberdeen, Glasgow, and Edinburgh. Aberdeen - https://ow.ly/AaCt50THSHh Glasgow - https://ow.ly/LUZ550THSHi Edinburgh - https://ow.ly/WtZh50THSHj

"They just don't seem to care." When research continues to demonstrate that a top employee concern in 2024 is their long-term financial wellbeing, you'd expect employers to at least factor it into their benefits packages. It's therefore surprising that an estimated 60% of employees feel their employer just isn't interested in their financial goals!* Could this glaring omission give your company an opportunity to bridge the gap? Learn more about our Financial Education Programmes and how improving financial wellbeing and education in your workplace could help you attract and retain an engaged and motivated workforce - https://ow.ly/jc8p50THTtZ *Nudge 2024, Financial Wellbeing Report

Our colleagues at Acumen Financial Planning are hosting a retirement seminar at The Village Hotel, Kingswells on 6th November! It's set to be a really worthwhile event, and may be beneficial for those within your teams who may be considering 'life after work' in the not too distant future.

Which benefit brings your staff the most value? According to a recent survey*, only 1 in 3 employers know the answer, which could be leading to significantly less engagement plus wasted time and expense. So, if it's time to delve a little deeper, learn more about how our Benefit Audits can help uncover the truth: https://ow.ly/4z6I50TcXLO *'Employee Benefits and Wellbeing in Scotland', Howden Employee Benefits, August 2024