All news – Page 102
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Friends Life research: Middle earners view pensions saving as more important than ever
Nearly 60% of middle income households, classified as the Coping Classes by a Friends Life report, believe it is more important than ever before to invest in a pension.†The Coping Classes report found that middle income earners (£25,000 to £50,000) are now focused on reducing debt to stave off the ...
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Round-up of tax and legislation changes coming in today
A number of the government’s tax and legislation changes that come into effect from today, 6 April, will have an impact on benefits.Phasing out of the default retirement age (DRA):From 6 April, the removal of the DRA means employers will not be able to issue notifications for compulsory retirement using ...
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Freshfields research: Employers fear changes to retirement age will damage economic recovery
UK employers believe the removal of the default retirement age (DRA) will have a bigger impact on business than other legislative changes, according to research by Freshfields Bruckhaus Deringer.In a survey of HR directors from the UK’s largest employers, the law firm found that 63% of respondents argue that the ...
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Debi O'Donovan, editor of Employee Benefits: Tax and NI merger plan debate will run and run
At first glance, last month’s Budget did not contain any unexpected major announcements.Most points had been heavily trailed or confirmed what we already knew. However, there were a few new nuggets that could have broader ramifications over the coming years and decades, depending on how they play out.The idea of ...
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News analysis: Osborne's tax conundrum
A proposal to integrate tax and national insurance was the most significant measure affecting reward in the Chancellor’s Budget, says Nicola SullivanChancellor George Osborne’s Budget report last month contained a number of measures affecting pensions, pay and other benefits.One of the most significant announcements was a consultation over the government’s ...
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Aviva Health research: A third of employers have no key health benefit
Over a third (37%) of employers have no key health benefit in place, according to Aviva UK Health’s 360 Degree Absence Management study.The research, which polled 688 employers, found that 7% of respondents intend to introduce cover in the coming year.The research also found that if employers could introduce any ...
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The Big Question: Should pensions tax relief be removed to create a flat society?
This question sparked off a heated debate at the Employee Benefits Pensions Summit 2011. Two of the fiercest debaters elaborate on their opposing views. Express your view here.Michael Johnson, research fellow at the Centre for Policy Studies:Up-front tax relief on pension contributions costs some £30 billion a year, paid predominantly ...
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Aviva research: Employers believe in joint responsibility with staff to help return to work
The majority of employers (63%) believe they have a joint responsibility with employees to help staff back into the workplace after sickness absence, according to new research from Aviva UK Health.In its 360 Degree Absence Management study, which polled nearly 700 employers, Aviva found that 21% of respondents believe it ...
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Aon Hewitt research: Most employers offer over 20 DC pension investment options
The majority (63%) of employers offer over 20 investment options to defined contribution (DC) scheme members while only 12% offer no default investment option.The Aon Hewitt Employee Benefits and Trends Report, which surveyed 485 employers on various issues relating to employee benefits and pensions, warns that this array of investment ...
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Aon Hewitt and TIGA research: Salaries rise in the UK games industry
The UK games industry saw increases of 3% in base salary over the last 12 months, about 0.5% above UK general industry in the same period, says the 2010/2011 Games Software Developers’ Salary Survey from Aon Hewitt and TIGA, the trade association representing the software development industry.Median graduate base salaries ...
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Thomsons Online Benefits research: Employers are keen to offer flexible benefits to staff
The majority of employers (90%) are looking to offer flexible benefits to employees, according to research from Thomsons Online Benefits.The eighth annual Employee Rewards Watch report was conducted among more than 400 UK organisations.†It also found that 90% of respondents believe employee engagement is one of the key benefits of ...
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CIPP research: Use of electronic payslips on the rise
Electronic payslips were the most popular method of payslip presentation in 2010, according to a survey from the Chartered Institute of Payroll Professionals (CIPP).The CIPP Member Payslips 2011 survey, which polled 266 employers, found there has been over a 10% rise from 2009 in the use of electronic payslips to ...
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PWC research: Quarter of FTSE 350 firms plan to freeze executive pay
Almost a quarter (23%) of FTSE 350 firms are planning to freeze executive pay this year, according to new research from PricewaterhouseCoopers (PWC).The survey, compiled from interviews with FTSE 350 reward professionals, found that salary increases, where given, are expected to be around 3%, higher than last year (2.8%) but ...
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Hay Group research: Salaries to increase by 2.5% in 2011
Salaries will increase on average by 2.5% in 2011, driven primarily by cautious private sector recovery, according to the Hay Group’s PayNet UK Salary Tracker.This optimism also assumes that UK economic performance continues to improve and does not enter a "double dip" as some commentators have suggested could be the ...
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Budget 2011: Merging of income tax and NI could spell the end of salary sacrifice
Steps taken by the government to merge income tax and national insurance contributions (NICs) could spell the end for salary sacrifice arrangements.Following yesterday's Budget when Chancellor George Osborne confirmed the government's intention to create one overall tax, concerns have been raised that if national insurance (NI) does not exist the ...
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Budget 2011: 50% tax rate for higher earners is only temporary
Chancellor George Osborne has said that the 50% tax rate for high earners will stay put for the moment, but it will be temporary.The tax, introduced by the former Labour government in April 2010, means those that earn more than £150,000 a year pay 50p tax on every pound they ...
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Budget 2011: Abolished tax reliefs to include life assurance premiums
The government intends to abolish the tax relief on life assurance premiums and life assurance premiums paid by employers under employer-financed retirement benefit schemes after 2012 in future finance bills or other legislative vehicles, with a final date set out after consultations.Based on the recommendations of the Office of Tax ...
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Budget 2011: Government to consult on merging income tax and NI
The Chancellor George Osborne has announced the government will consult this year on options for integrating the operation of income tax and national insurance (NI) contributions.The consultation will cover the options, stages and timing of reforms for a merger, which the government believes can remove distortions, reduce burdens on businesses ...
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PMI/Towers Watson research: Pension scheme members want information in one place
The majority (84%) of pensions scheme managers agree that members want to be able to see all their pensions in one place to be able to realistically assess their total retirement income.The same proportion (84%) agree pensions schemes should do more to promote pensions websites.The findings are from the joint ...
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NAPF research: West Midlands least confident about retirement savings
More than half (62%) of employees in the West Midland are not confident they will have enough money in their retirement compared to 55% across the UK, according to a survey from YouGov and the National Association of Pension Funds (NAPF).The survey also found only 44% in the West Midlands ...