Reward & Employee Benefits Association (REBA)’s Post

Across the UK, millions of workers juggle paid employment and unpaid caregiving, a balancing act that has a profound, often overlooked, effect on long-term #financialsecurity, particularly when it comes to #pension savings. This article from Yurtle considers the hidden cost of #caregiving and its impact on pension savings for women: https://lnkd.in/erxraFny

❗Are you one of the 1.1 million people missing out on unclaimed Attendance Allowance? 📢 This #CarersWeek we want to bring awareness to over one million pension age households in Great Britain who could be missing out on £5.2 billion of Attendance Allowance per year. Last year, in partnership with MoneySavingExpert.com, our research revealed this huge sum of support going unclaimed each year: https://lnkd.in/e_WUkXVC Attendance Allowance is designed to help pension age households with the additional costs of disability, yet it remains one of the most underclaimed benefits due to a lack of awareness. Importantly, Attendance Allowance isn’t means tested, so eligibility isn’t affected by your income. Attendance Allowance claims are not backdated and start from the date of application so we advise potential claimants to make a phone claim as soon as possible. This can be done by contacting the Attendance Allowance helpline on 0800 731 0122. If you're a pensioner over 66 who needs assistance with daily activities due to a mental or physical disability, you may be eligible for this support. 📞 Claims for Attendance Allowance are not backdated and start from the date of application, so we advise potential claimants to make a phone claim as soon as possible by contacting the Attendance Allowance helpline at 0800 731 0122. For a comprehensive step-by-step application guide, check out Money Saving Expert's resource: https://lnkd.in/enVQ436Q 💝 Let's spread the word and ensure those needing additional care get the support they deserve.

More women are working than ever but they're also doing most of the caregiving at home.... If you want to know more about this, join us at one of our live seminars! November 2nd - Redmond November 5th - Tacoma November 7th - Federal Way You can register here: https://lnkd.in/eB8yZs-t #RetirementPlanning #DreamRetirement #RetirementSeminar #FinancialPlanning #RetirementGoals #RetirementPreparation

Research from the Office for National Statistics (ONS) revealed that one-in-five individuals aged 50 and above are considered ‘informal carers’. These are individuals who take on the responsibility of unpaid care for someone. According to the ONS, those over 50 also represent nearly half of the UKs self-employed workforce. So how can you balance being self-employed with caregiving? Here’s three tips: 👉Every penny counts: You may be eligible to apply for further support as an informal caregiver so make sure you know what you’re entitled to. You can check on the gov website. 👉Don’t forget about your pension: It can be hard to keep up pension payments while you’re juggling lots of other responsibilities. But try to maintain your pension contributions if you can so you don’t fall short when you reach retirement age. 👉Make sure you’re communicating: Tell your clients or customers if you need to extend a deadline, or if a pressing issue has arisen due to your caregiving responsibilities. Read the full article: https://brnw.ch/21wOO7q

✨ What is driving the gender pension gap? The latest Scottish Widows Women & Retirement report shows that structural inequalities on pay, employment, caring responsibilities and divorce are all significant contributors towards the gender pension gap. Some key findings from the report: 👉 50% of fathers think they split childcare equally with their partners but only 31% of mothers think they do, with 56% of mothers saying they do the majority of childcare. (see page 27) 👉 Permanently moving to part-time work at age 30 can cost women £47k in today's money in their pension pot at retirement (see page 35) 👉 At least 60% of divorced women didn't discuss pension assets during divorce (see page 39) By September 2025, all working parents of children under 5️⃣ five in England will be entitled to 3️⃣ 0️⃣ hours of childcare per week. This is a welcome step in the right direction and should help to ease the impact of childcare on mothers’ careers. However, only 45% of parents in England are aware of the government’s upcoming changes to childcare support. Similar expansions have not yet been announced in Scotland, Wales and Northern Ireland. Recommendations for Women and partners (page 46, 47) 💷 Saving for retirement 🤝 Joint annuities 🏛 State Pension 🧒 Childcare 🍼 Parental Leave 👋 Divorce Read the full report in the link below ⤵ https://lnkd.in/eKGFmj7t

Changes to older age benefits leave us all out in the cold If the previous Conservative government had taken away the Winter Fuel Allowance and scrapped their much delayed plans for social care, whilst at the same time putting nothing in its place, the oppositional noise would quite rightly have been huge. But after 14 years in opposition, the new government gets a free pass on this. Whilst there are retirees who won’t miss the Winter Fuel Allowance, there are many who will. Government data says 1.4m claim Pension Credit and therefore will continue to receive Winter Fuel Allowance, but approximately 860,000 individuals who are eligible for pension credit do not claim it - surely evidence enough to demonstrate that means testing doesn’t work. These people and those who sit just above Pension Credit threshold are the ones who will be directly affected by this cut.   This cut aligns with an often unspoken view that pensioners have had it good - too good with their triple lock, free bus passes etc. - while younger generations have shouldered the burden of austerity. There is even talk of making the state pension itself means tested.   The budget in October will bring in further negative changes for older people, seemingly responding to a narrative of the need to right perceived injustices. Younger people will not benefit, however, these changes will mean they may find themselves facing increasingly unaffordable retirement options, potentially needing to work until 70 or beyond. In contrast, mass protests erupted in France last year when the government attempted to raise the retirement age from 62 to 64. In the UK, the retirement age is set to increase to 67 by 2026, with suggestions to extend it even further.   Despite being the sixth richest country in the world, the UK’s state pension ranks 15th lowest among 30 European nations, trailing behind countries like Ukraine and Bosnia. This disparity calls into question the government’s priorities regarding social welfare.   The approach the Government is taking must be challenged. Rather than promoting equity, these measures risk deepening inequalities and worsening the financial security of both young and old. It is crucial for all generations to unite in opposition to these policies and advocate for a fairer system that benefits everyone.

Research from the Office for National Statistics (ONS) revealed that one-in-five individuals aged 50 and above are considered ‘informal carers’. These are individuals who take on the responsibility of unpaid care for someone. According to the ONS, those over 50 also represent nearly half of the UKs self-employed workforce. So how can you balance being self-employed with caregiving? Here’s three tips: 🐝Every penny counts: You may be eligible to apply for further support as an informal caregiver so make sure you know what you’re entitled to. You can check on gov.uk. 🐝Don’t forget about your pension: It can be hard to keep up pension payments while you’re juggling lots of other responsibilities. But, try to maintain your pension contributions if you can so you don’t fall short when you reach retirement age. 🐝Make sure you’re communicating: Tell your clients or customers if you need to extend a deadline, or if a pressing issue has arisen due to your caregiving responsibilities. Read the full article: https://lnkd.in/eMEwscBi

#Insightful #Thought #Provoking #Post #on #LinkedIn #of : #Dr #Kush #Kanodia #Social #Impact “Kush Kanodia is a distinguished disability rights and race equality champion, renowned for his unparalleled success in driving systemic change for the inclusion of disabled individuals.” “A #Heart #of #Compassion, #Care and #Resilience to #expose #the #Truth #of #Injustice in this #Evil #World #within #the #Conservative #Party #Government #against #Humanity” Endorsed Worldwide by Archbishop Metin Tilki MBA Why does The Conservative Party and the #DWP #have #contempt #for #disabled #people #and #older #people? We voters, can decide the fate of the UK general election! “Campaigners say it #beggars #belief that the #DWP #requires #vulnerable, #disabled #and #seriously #ill #people #to #formally #notify #it #when #someone #takes #up #carer’s #allowance to look after them – a fact the department already knows.” #Rishi #Sunak House of Commons UK House of Lords The Conservative Party The Labour Party #UK #PM Department for Work and Pensions (DWP) #DWP

Women, in particular, are being negatively impacted by unplanned caregiving. It's affecting their ability to save for their own retirement, as well as placing physical demands that may impact their own quality of life in the future. We have solutions that can help provide a source of income to pay for care, if needed, providing an alternative to unpaid caregiving. https://lnkd.in/gVdT4HGV

Childcare or eldercare costs can be more than 20% of an employee's budget. Offering a family care benefit ensures employees receive the social assistance and tax benefits they qualify for, since financial stressors are affecting all employees. https://lnkd.in/emkx3N62