The new State Pension entitlement:

April 12, 2016 - Articles and Technical, Employee Benefits, Pensions - Tagged: State Pension

As many of you will have heard via the national media, the new State Pension began on the 6th April this year.

Although this pension entitlement does not directly form part of employer sponsored benefits packages, it is nevertheless a cornerstone of the financial planning that your employees will be undertaking for their retirement years. It is therefore important that employees understand the new entitlement and have access to information and links as appropriate.

So with this in mind I would encourage employers to share this link with employees. The link will take your employees to the GOV.UK website where a summary of the new benefit, together with its calculation and limitations are explained for most scenarios.

Many employers (and their workforces) will of course want further information on this issue. This can be included within existing or new Financial Education in the workplace offerings. Please speak to your usual Jelf consultant for more information on this issue.

Best regards

Steve

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About the author

Steve Herbert

Steve Herbert is an award-winning thought leader on Pensions and Employee Benefit issues. His principal aim is better communicating the value and usage of employee benefits to employers. This he has achieved through many (highly successful) seminar series over the last decade, and his regular and widely read blog posts on the subject. He also acts as a judge in HR and Employee Benefits industry awards, article writer, and product innovator. Steve is a regular contributor to DWP forums and compulsive responder to formal Government Consultations on pension and employee benefit issues. He is occasionally accused of making employee benefits interesting.