Why PensionBee is using Bippit to boost employee development

Why PensionBee is using Bippit to boost employee development

 

Why PensionBee is using Bippit to boost employee development

With over 175,000 invested customers, PensionBee makes pensions simple, so that everyone can look forward to a happy retirement.

The company aims to help customers create a future of financial freedom, but this aim also applies to their staff as Rosalinda Buttice, PensionBee’s Head of People, explains…

“At PensionBee, it’s our mission to create an inclusive working environment where everyone has equal access to opportunities, and is treated with fairness and dignity. As part of this, we strive to give all of our employees meaningful benefits that boost their financial, mental, and physical wellbeing, while also attracting and retaining talent.”

“In the face of the recent Cost of Living crisis, we wanted to provide our employees with the tools to help them manage their finances. ”

This search led PensionBee to Bippit.

Giving employees tailored and trusted expert support

Bippit’s financial wellbeing platform gives every employee access to a 1-1 financial coach so they feel more confident about their finances. All of the coaches are qualified professionals with years of study, and years of experience helping people.

They also adhere to the highest standards of conduct and ethics, to provide trusted support, and it was this coaching experience that initially drew PensionBee to Bippit.

“The main thing that attracted us to Bippit is that every employee has free access to their own expert financial coach,” says Rosalinda. “This gives them the tailored support and coaching they need to achieve their financial goals.”

“That said, we were also impressed by the many tools Bippit had to offer to help users at every step in their financial journey, such as goal tracking, budgeting tools and webinars.”

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The importance of financial resilience

According to PwC, 88% of employees say that they want support from an impartial financial expert, and making sure staff are happy and heard is key to retention and talent attraction.

Rosalinda adds: “Bippit will help our employees boost their financial resilience, while assisting personal development, and that development is central to our culture and employee offering.”

Bippit’s professional coaches can deal with queries about pension schemes, equity plans, taxation, and everything in between – giving each employee the risk-free and impartial support they deserve and desire.

If you want to improve your team’s financial wellbeing like PensionBee, book a free Financial Wellbeing Lunch & Learn for your workplace.

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support your team?

How Unmind is taking a proactive approach to financial wellbeing

How Unmind is taking a proactive approach to financial wellbeing

 

How Unmind is taking a proactive approach to financial wellbeing

Unmind works with companies to create psychologically safe cultures in which employees can lead more fulfilling lives. They’re on a mission to create a world where mental health is universally understood, nurtured, and celebrated.

But as explained by Megan Kille – Unmind’s VP of People and Talent – that global mission starts at home…

“The world is going through a period of change and ambiguity. Living costs are increasing globally, and external factors are causing instability across many aspects of our personal finances.”

“Our benefits package has three core pillars: everyday life, healthy lifestyle, and life experiences. Given the economic climate, we identified a core element which is missing from that package: we needed to do more to support our teams with their financial wellbeing.”

This is what led Unmind to Bippit.

Finding a complete solution for financial wellbeing

Megan continues: “Given our own offering and experience, we understand the importance of taking a proactive approach to mental, physical, and financial wellbeing.”

“From tools for planning, budgeting and building goals, to providing access to a financial coach or educational resources – we love that Bippit offers holistic financial wellbeing support. We found that other platforms tended to focus on one element of financial wellbeing, or were set up as passive educational tools rather than a complete solution.”

As the UK’s number one provider of professional financial coaching, Bippit makes sure that every employee has access to a personalised plan, and all the tools they need to build a more secure future. Central to this is giving every employee access to a one-to-one financial coach who is matched to their needs. This is something Megan was pleasantly surprised by.

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Having a financial coach in your pocket

As the UK’s number one provider of professional financial coaching, Bippit makes sure that every employee has access to a personalised plan, and all the tools they need to build a more secure future. Central to this is giving every employee access to a one-to-one financial coach who is matched to their needs. This is something Megan was pleasantly surprised by…

“I didn’t really think I needed help from a financial coach. At first I was stumped to even think about what questions to ask.”

“But, after just a 20-minute call, I was blown away by the amount I learned about my finances. I became aware of various risks that were hiding in plain sight, and opportunities that I could benefit from.”

“You don’t have to worry about running out of time, or remembering all of the great stuff you’re told, as your coach follows up with detailed notes and actions afterwards, and they’re always there to answer any questions.”

Boosting financial wellbeing to strengthen mental health

Employees say that money worries are their No.1 cause of stress at work, which is why adopting a platform like Bippit can be so important in today’s financial climate.

Megan adds: “with Bippit you have a financial coach in your pocket available on-demand whenever you need it most. Crucially, having access to Bippit helps both your financial wellbeing and overall mental health.”

If you want to improve your team’s financial wellbeing like Unmind, book a free Financial Wellbeing Lunch & Learn for your workplace.

Ready to explore how Bippit can

support your team?

Common questions about pensions answered

Common questions about pensions answered

 

Common questions about pensions answered

We’ve put together a list of some popular questions employees ask us about pensions.

How much can I pay into a pension?

In theory, you can pay as much as you like into your pension if you’re working. But there are limits in terms of how much tax relief you can get on those contributions.

Currently, you can pay up to £40,000 or the equivalent of your annual earnings, whichever is lowest, per tax year into a pension/pensions, before you would pay tax on your contributions. This includes contributions made by your employer.

Examples

If you earn £35,000 a year, then you can contribute £35,000 including tax relief you get.

If you earn £45,000 a year, then you can contribute £40,000 including tax relief you get.

How does pension tax relief work?

Think of pension tax relief as a bonus or tax refund when comparing it to money not put into your pension.

The government encourages people to save for retirement by effectively giving back the tax they would have otherwise paid.

If you’re a basic rate tax payer, you pay 20% income tax. If you make a contribution into your pension, the government basically pats you on the back and says, ‘good job, we’re not going to charge you 20% tax on that contribution – instead we will put that amount into your pension too’.

And it’s the same for higher rate tax (40%) and additional rate tax (45%).

Can I have more than one pension?

You can have as many pensions as you want. But be careful not to pay more than the maximum allowed per year (£40,000) before you pay tax on your contributions. This is not per pension, but a cumulative total across all pensions you might have.

What is auto-enrolment?

Auto-enrolment means your employer is obliged, by law, to enrol you into a workplace pension and make contributions. Minimum contribution requirements are 3% from the employer and 5% from the employee for a total of 8%. You/your employer can make higher contributions if you/they wish.

How much is the State Pension?

The current State Pension is £185.15 per week but this depends on your national insurance record of contributions. You need 35 years of National Insurance contributions to be entitled to the full State Pension. Check your National Insurance Contributions here.

How much should I pay into a pension?

The earlier you start your pension the better because it gives you more time for your money to grow in value. It’s known as compound interest, or growth. A general rule is to take the age when you first started saving into a pension, halve it and pay that percentage into your pension. So, for example, if you started saving at 40 you should aim to pay 20% of your salary into your pension. Whereas at the age of 20, aim for 10%.

However, this rule is a best-case scenario, and everybody has personal circumstances regarding their finances. So it really comes down to as much as you can afford to pay into your pension. You need to find a balance between saving for retirement and having money to live today.

It’s worth adding that stopping your pension contributions completely should be a last resort.

What happens to my pension if I leave my current employer?

If you leave your employer, the pension you had with them will be still exist. So if you have a number of jobs over your lifetime, you may build up a number of different pensions. You might want to consider moving old workplace pensions into one pot.

Can I work and receive a pension income at the same time?

Yes – if you are 55 or older (57 from 2028), you can work while taking money from your pension. If you want to continue to make pension contributions, you could be restricted to the money purchase annual allowance of £4,000. This allowance usually kicks in when you start withdrawing money from your pension in certain ways. You could also work while receiving your State Pension.

Do I have to take my State Pension as soon as I’m allowed?

As you approach your State Pension age, you will get a letter telling you how much your State Pension is and when it will start being paid to you. You do not have to take your State Pension straight away. Another option is to defer – put on hold – your payments. In some circumstances, Deferring your State Pension can be beneficial. The government rewards you by giving you an increase in the amount of State Pension you get if you decide to postpone taking it until a later date.

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How much tax will I pay on my pension?

25% of your pension pot can be taken as tax-free cash.

The remaining amount of your pension is subject to income tax, like your salary. But you won’t pay National Insurance. Your pension scheme provider will take any tax you owe using the PAYE system before paying out your net pension income.

Does the government look after my pension?

Contrary to popular belief, the government only looks after the State Pension. Forms of private pension including a workplace pension are managed by private pension providers who invest your pension contributions.

Controls are in place to protect pension holders based on legislation set by the government.

What happens to my pension if my employer goes bust?

Although your workplace pension is through your employer, it is not managed by them. So, if your employer went into administration, your pension would still be safe.

If the pension provider went bust (rare), the money in your pension would be protected up to a certain amount assuming the provider is regulated by the Financial Conduct Authority.

For workplace pensions, this is usually 100% of the value of your pension pot.

For Self-Invested Personal Pensions, it’s up to £85,000.

How do I find out if I have old pensions from previous jobs?

There are a couple of common things you can do to track down any old pensions you think you might have.

Firstly, simply contact any old employers and ask them if you were in a pension scheme when you worked for them. If the company has since dissolved or been bought by another company, this could be a bit trickier.

Secondly, you could try using the Pension Tracing Service. It may have details of whether or not a company you worked for had a pension scheme at the time.

Going forwards, make sure you keep two things safe – your pension plan number and the name of the pension provider. Save it somewhere safe. It will make things much easier later on.

What is my workplace pension invested in?

Your workplace pension is most likely invested in the stocks and shares market and fixed interest securities like bonds. Pension providers have a team of investment managers working on your behalf to invest your contributions and, hopefully, grow your pension pot over time.

Typically, workplace pensions try to reduce risk by investing in a broad range of assets. This is a common investing technique known as diversification.

Can I lose money in my pension?

There is a big difference between a paper loss – seeing the money going down, and an actual loss – cashing in/selling a stock when it’s worth less than when you originally invested it.

For most of your pension-holding life, you may notice losses on paper. This is due to the up and down nature of investing in the stock market. But pensions grow over time, usually in line with stock market growth.

The issue of losing money is more concerning when it’s time to withdraw your pension. At this point, having a withdrawal strategy in place is important. You may find taking advice from a financial adviser useful.

How much do I need in my pension when I retire?

The million-dollar question…quite possibly!

Unfortunately, everybody has different lifestyles and income needs, so it’s impossible to give generalised answers to a question like this.

You can assume that:

  • being mortgage-free at retirement will reduce a substantial amount of your basic spending needs
  • being in a relationship can make money last longer – splitting of bills, two state pensions for one household.
  • you should take life expectancy with a pinch of salt. We’re living longer and longer. If you’re in good health and have no family history of serious illness, your retirement may last longer than you think.

A financial planner can help answer this question by providing personalised advice.

Summary

Pensions are all about investing for your future, and taking the time to understand them better could make a big difference to your retirement plans. 

If you want to receive futher guidance and support for workplace pensions at your organisation, book a free Financial Wellbeing Lunch & Learn for your workplace.

Ready to explore how Bippit can

support your team?

Helping Vita Mojo create a healthy working environment

Helping Vita Mojo create a healthy working environment

 

Helping Vita Mojo create a healthy working environment

Vita Mojo is on a mission to improve the way the world eats and drinks, with their award-winning technology now used by the likes of Nando’s and Leon. However, their forward-thinking approach is not just limited to the technology they provide, but also to the workplace they have created.

This is something which has become increasingly important given the current Cost of Living situation in the UK. Hannah Halder, the company’s Head of People and Culture, explains…

“From conversations with our team, we know that the Cost of Living crisis is at the forefront of their minds and that there’s a deep need for financial literacy and support. Worrying about money has a huge impact on mental health, and having a solid knowledge-base around the topic can help support overall wellbeing.”

 

Adopting an all-encompassing approach to employee wellbeing

As part of their approach to wellbeing, Vita Mojo uses Everymind at Work’s three-pillar approach, as they aim to:

  1. Create a healthy and psychologically safe workplace by identifying and removing stressors.
  2. Improve the way Mojis respond to stress with the right resources and education. 
  3. Minimise severe consequences by helping individuals cope more effectively when there is a crisis or impact event.

“These are the principles around which our approach to wellbeing support has been built,” says Hannah. “We’ve invested in the physical and mental health of our team for a while, and have been looking at financial wellbeing as the last piece of the holistic puzzle.”

“I haven’t loved the financial wellbeing products that I have seen previously, but when I found Bippit I was incredibly excited. It hits the sweet-spot between providing the right level of support that’s both approachable and personalised.”

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Creating a personalised approach to financial wellbeing

Research shows that employees are twice as likely to leave if they are anxious about their finances. Bippit’s financial wellbeing platform addresses this by providing each employee with their own 1-1 coach who offers tailored financial support. As Hannah explains, this is something that drew Vita Mojo to Bippit.

“We all have similar needs, but the way those needs are met vary from person to person. Within our team we have different levels of financial literacy and different needs. Simply doing workshops or lunch and learn sessions wouldn’t address the range we have.”

“We currently offer personal and professional coaching for our team and know how well that works, so Bippit was a natural fit for us.”

“We love that you can work with a coach on anything from basic budgeting, to planning for the future, or even understanding cryptocurrency! That’s true personalisation and means that Mojis can choose the support they need and will find the most valuable.”

“It’s like having a friend who’s a financial expert”

Hannah continues: “we absolutely love Bippit’s Open Banking functionality, and how you can connect your financial accounts to your profile if you wish. The platform is user-friendly and the goal setting is a great way to stay motivated and keep track of how things are going.”

“Overall, Bippit is just very easy to use. It’s like having a friend who is a financial expert! Someone who’s there to guide you without judgement.”

If you want to improve your team’s financial wellbeing like Vita Mojo, book a free Financial Wellbeing Lunch & Learn for your workplace.

Ready to explore how Bippit can

support your team?

How Matchable uses Bippit to help employees plan for the future

How Matchable uses Bippit to help employees plan for the future

 

How Matchable is using Bippit to help employees plan for their future

Securing their place in the top 5% of B Corp impact scores in their industry 2 years in a row, Matchable is revolutionising the corporate volunteering world by matching employees with remote first, skills-based projects based on their personal skills, passions and availability.

They’re encouraging companies to move away from the box ticking, typically low-impact traditional corporate volunteering, and towards a more modernised high-impact remote solution.

They’re a London based, hybrid-working startup with a culture of collaboration and shared positive-impact values. As a predominantly remote team, they’re keen to build a company culture that supports their team in all aspects of their work and personal lives, and gives employees the toolbox to do so effectively.

The company recently started working with a new external HR team, and part of that process was reviewing their current employee benefits package. Head of Operations Sareeka at Matchable spearheaded this move to work with external HR/People experts, and commented…

”At Matchable, we care about supporting our employees with their wellbeing. When looking at our benefits package we wanted to make sure this was as inclusive as possible and covered many different forms of wellbeing.”

Sareeka went on to add…“Feeling financially well is really important, especially in current difficult economic times, and we know our employees benefit from being able to access support from Bippit”.

The Matchable team had already been taking advantage of Bippit’s financial coaches and guidance for over a year, and so they and the new HR team agreed it was a no-brainer to keep this as part of their employee package.

The Importance of financial wellbeing in the current economy

Sareeka continues: “I’ve found Bippit really beneficial. My coach, Sam, has helped me with many financial topics from pensions to investing and I’m really grateful to have his help! The Bippit platform allows me to easily see what is going on with my finances which has been super important given the times we are living in!”.

Research has shown that employees are twice as likely to leave when they’re anxious about their finances, and Matchable wanted to make sure their staff had the guidance they needed to navigate financial issues.

“We want to remove the stress of personal finance management, and planning for the future as much as possible for our team, particularly in the current economic climate,” says Founder Wai Foong.

“I feel as though financial wellbeing is so often overlooked when considering how best to support and reward your team, when it’s actually something that can affect an individual on a personal basis so quickly when done wrong, but also can help relieve so much stress when done right as it can have so many knock on effects on other areas of your life.”

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Why Matchable Chose Bippit

When a company partners with Bippit, every one of their employees gets access to a dedicated one-to-one financial coach. A qualified professional who has trained for years, and is matched to the employee based on their needs, whatever they may be.

This was exactly what Matchable was looking for. Not just a platform giving general, one-size-fits-all support, but rather individual, custom guidance for everyone of their employees.

Founder Foong went on to say: “As a fast-growing team, we’re keen to attract the top talent that will help us on our journey to become the UK’s most popular employee volunteering platform, and having a comprehensive benefits package is an important and essential part of that effort. Financial wellbeing is not something to be undervalued, and the entire team agreed that Bippit was the way to go after an initial trial, and the team have been huge fans ever since!”

If you want to improve your team’s financial wellbeing like Matchable, book a free Financial Wellbeing Lunch & Learn for your workplace.

Ready to explore how Bippit can

support your team?