Latest news with #PhoenixInsights'
Daily Mirror
6 days ago
- Business
- Daily Mirror
State pension warning for millions of Brits who are between two specific ages
According to research, two-thirds of freelancers and business owners who are approaching retirement age are facing a pension crisis, and a warning has been issued Millions of individuals born before 1965, particularly those who were self-employed, are being encouraged to review their state pension entitlement. Phoenix Insights' research indicates that two-thirds of freelancers and business owners nearing retirement are facing a pension crisis. A staggering 64% of those aged between 60 and 65 have no private retirement savings at all. Dean Butler, the managing director for Retail Direct at Standard Life, part of Phoenix Group, has voiced his concerns. It comes after reports that state pensioners could lose DWP payments after 'unfair' £10,000 rule. Dean shared: "While self-employment can bring autonomy, it also brings new financial responsibilities. One of the most often overlooked is pension saving without an employer to set up a pension plan or contribute to your pot, it's especially important to stay on top of your retirement savings." He further explained: "While those who have always worked for an employer will be used to NI contributions being taken out of their salary automatically, this is not the case when you become self-employed. You can make these payments through your yearly self-assessment or by making payments online." The Department for Work and Pensions (DWP) has increased the state pension to £11,973 for the 2025/26 financial year. However, the Pensions and Lifetime Savings Association warns that a single person needs £14,400 annually to maintain even a basic standard of living during retirement, reports Birmingham Live. This suggests that state pensioners could face a shortfall of more than £2,400 compared to the current state pension provision. The new State Pension can be claimed once you reach the State Pension age if you're a man born on or after 6 April 1951, or a woman born on or after 6 April 1953. For those born before these dates, these rules do not apply. Instead, you'll receive the basic State Pension and may also qualify for Additional State Pension. To be eligible for any new State Pension, you will need 10 qualifying years on your National Insurance record. You might also qualify if you've lived or worked abroad or paid reduced-rate National Insurance contributions. The number of qualifying years on your National Insurance record directly impacts the amount of State Pension you receive.
Yahoo
08-04-2025
- Business
- Yahoo
Many UK workers still face barriers to flexible work, finds research
One year after the UK's Flexible Working Act, many workers still face barriers to flexible work arrangements, according to a study by Phoenix Group. The research highlights that almost one in three or 28% workers who requested flexible working had their requests denied due to employer concerns about productivity. This indicates ongoing challenges despite the law's intent to facilitate flexible working from day one. The study reveals that 68% of workers believe they would be more efficient with flexible working, having control over their hours and work location. However, only 21% of workers successfully applied for flexible working in the past year, while an equal percentage had their requests denied. This suggests a disconnect between worker aspirations and employer practices. Phoenix Group chief people officer Sara Thompson said: 'The introduction of the Flexible Working Act is an important tool to help workers balance their jobs with other responsibilities and interests outside of work. It is therefore disappointing that many are facing barriers with some employers worried about how flexibility could impact on a worker's productivity.' Phoenix Insights' research shows that 62% of workers desire flexibility in their working hours, and 43% want flexibility in their work location. Despite these preferences, many requests are denied due to employers' disbelief in flexibility (27%), business needs (24%), and a lack of resources (21%). These findings underline the gap between worker expectations and employer provisions. Since the law's enactment, most workers have not altered their working arrangements. Only 15% have made changes, with 78% continuing under existing conditions. Among those who adapted, the most common change was working full-time with remote options, with men (65%) more likely than women (45%) to make this adjustment. Thompson added: 'As the demand for flexibility grows, it is in employers' best interests to engage proactively with their workforce and, where possible, to enable their workers to work in a flexible way, alongside managing business needs.' Despite the Flexible Working Act's provisions, awareness remains a significant issue. More than half of workers (55%) are unaware of their entitlements under the Act, and more than one-third (36%) report that their employer or manager has never mentioned it. Thompson concluded: 'Those businesses that fail to embrace flexible working risk losing talent, particularly among parents, carers, and older workers who can benefit most from greater flexibility. At Phoenix, we have fostered an environment where flexible working is the norm. 'Through facilitating more and better discussions, employers can tap into the potential of a diverse workforce, with flexibility having a positive impact on colleague engagement and also, ultimately helping people stay in employment for as long as they want and need while saving for their futures.' "Many UK workers still face barriers to flexible work, finds research " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
08-04-2025
- Business
- Yahoo
Many UK workers still face barriers to flexible work, finds research
One year after the UK's Flexible Working Act, many workers still face barriers to flexible work arrangements, according to a study by Phoenix Group. The research highlights that almost one in three or 28% workers who requested flexible working had their requests denied due to employer concerns about productivity. This indicates ongoing challenges despite the law's intent to facilitate flexible working from day one. The study reveals that 68% of workers believe they would be more efficient with flexible working, having control over their hours and work location. However, only 21% of workers successfully applied for flexible working in the past year, while an equal percentage had their requests denied. This suggests a disconnect between worker aspirations and employer practices. Phoenix Group chief people officer Sara Thompson said: 'The introduction of the Flexible Working Act is an important tool to help workers balance their jobs with other responsibilities and interests outside of work. It is therefore disappointing that many are facing barriers with some employers worried about how flexibility could impact on a worker's productivity.' Phoenix Insights' research shows that 62% of workers desire flexibility in their working hours, and 43% want flexibility in their work location. Despite these preferences, many requests are denied due to employers' disbelief in flexibility (27%), business needs (24%), and a lack of resources (21%). These findings underline the gap between worker expectations and employer provisions. Since the law's enactment, most workers have not altered their working arrangements. Only 15% have made changes, with 78% continuing under existing conditions. Among those who adapted, the most common change was working full-time with remote options, with men (65%) more likely than women (45%) to make this adjustment. Thompson added: 'As the demand for flexibility grows, it is in employers' best interests to engage proactively with their workforce and, where possible, to enable their workers to work in a flexible way, alongside managing business needs.' Despite the Flexible Working Act's provisions, awareness remains a significant issue. More than half of workers (55%) are unaware of their entitlements under the Act, and more than one-third (36%) report that their employer or manager has never mentioned it. Thompson concluded: 'Those businesses that fail to embrace flexible working risk losing talent, particularly among parents, carers, and older workers who can benefit most from greater flexibility. At Phoenix, we have fostered an environment where flexible working is the norm. 'Through facilitating more and better discussions, employers can tap into the potential of a diverse workforce, with flexibility having a positive impact on colleague engagement and also, ultimately helping people stay in employment for as long as they want and need while saving for their futures.' "Many UK workers still face barriers to flexible work, finds research " was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
