All Analysis articles – Page 68
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AnalysisPension rights for employees' partners
IF YOU READ NOTHING ELSE, READ THIS…Many pension schemes will have discretion to pay a pensions benefit to an employee’s partner if they are financially dependent or financially interdependent with them.A joint annuity can be applied to civil partnerships, same-sex and opposite-sex marriages, and co-habiting couples.There must be no distinction ...
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Analysis
What are target date pension funds?
IF YOU READ NOTHING ELSE, READ THIS…Target date funds are investment funds tailored to a pension scheme member’s date of retirement.Most target date funds are written to a three-year band, such as 2028 to 2030, rather than one specific date.Funds gradually de-risk, reaching their most conservative point at the target ...
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AnalysisTop five considerations for at-retirement strategies
IF YOU READ NOTHING ELSE, READ THIS…Trustees and pension providers must support employees when they are making their at-retirement choices.Online modelling tools can help crystallise employees’ at-retirement income.The open market option for annuities should be factored into at-retirement communications strategies.1. Regulatory requirementsThe Pensions Regulator (TPR) believes that defined contribution (DC) ...
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AnalysisPrivate fuel provision loses its appeal
IF YOU READ NOTHING ELSE, READ THIS…Private fuel provision is decreasing in popularity among both employees and employers.By using a fuel card, employers can make greater savings and cut administrative costs on their fuel management.The high cost of fuel and company car taxation are among the reasons why private fuel ...
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AnalysisAuto-enrolment for internationally mobile employees
IF YOU READ NOTHING ELSE, READ THIS…The eligibility of employees coming to work in the UK, and or those leaving to work abroad, has to be assessed for auto-enrolment.Employers should clearly document each step of the decision-making process when assessing these employees.Mobile employees must be enrolled in a qualifying pension ...
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AnalysisWhat is the future for flexible benefits?
IF YOU READ NOTHING ELSE, READ THIS…Flexible benefits schemes have been in existence in the UK for nearly 30 years.Flexible benefits plans have enabled employers to tailor a benefits package to cater for a diverse workforce.Multiple enrolment windows and anytime benefi ts are blurring the boundaries between flex and voluntary ...
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AnalysisWhich incentives motivate staff to work harder?
IF YOU READ NOTHING ELSE, READ THIS…Being made to feel part of a team can motivate employees to go that extra mile for their business.Budget constraints are no excuse for failing to support employees in their job. A department-based strategy can be equally successful.Creating flexible job roles, where possible, can ...
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Analysis
Doug Taylor: How to engage staff in saving for retirement
Doug Taylor, financial services chief advocate at Which?, talks to Clare Bettelley, associate editor of Employee Benefits, about how employers can better engage employees to save for their retirement.Taylor explains how employers need to “start from where the individuals are” when encouraging them to save, as well as creating the ...
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Analysis
John Chilman: How to create a good default fund for staff
John Chilman, group reward and pensions director at FirstGroup, speaks to Debbie Lovewell, deputy editor of Employee Benefits, about how employers should go about selecting a default investment fund in order to create a great outcome for pension scheme members, which provides diversification and has good governance.He highlights the key ...
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AnalysisHow to review a benefits strategy
IF YOU READ NOTHING ELSE, READ THIS…Employee benefits reviews are driven by an employer’s desire to control costs, retain talent and harmonise their perks across multiple business sites.Reviews should be based on clear business objectives and employee feedback.Employers should ensure that any benefits they want to replace do not form ...
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Analysis
How to manage workplace stress
Last year, we noticed our sickness absence levels were rising, and that staff were increasingly mentioning stress and anxiety as the cause of their absence. This prompted us to undertake an employee survey, which revealed increased levels of stress compared with previous survey results.We wanted to take positive steps to ...
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Analysis
Integrating health risks into a wellbeing strategy
A health and wellbeing strategy is essential for all employers, integrating any workplace risks that could impact their workforce, particularly for organisations in high-risk sectors such as oil and gas.This sector differs from others in that a large section of staff work offshore for extended periods of time, resulting in ...
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Analysis
How to manage mental health issues
At any one time, about one in six workers is experiencing mental health difficulties, according to Taking care of business, Employers’ guide to mentally healthy workplaces, published by Mind in May 2010. The most common issues are anxiety, depression and unmanageable stress.Mental health problems can originate outside work or from ...
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Analysis
How to integrate health screening into a business
Looking after employees’ health and wellbeing is fundamental to being a responsible employer. But it should not be seen as just doing the right thing by employees; it is also about improving business performance. Health and wellbeing affect staff productivity and safety, and the working environment, in turn, affects staff ...
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Analysis
How to bring staff who are suffering with cancer back to work
When it comes to the health issues that affect employees, cancer may be a less common culprit than mental health or musculoskeletal conditions, but its impact on employees, their colleagues and their employers must not be underestimated.Every year, more than 100,000 people of working age in the UK are diagnosed ...
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Analysis
Age considerations to factor into a dental strategy
There have been exciting developments in dental technology in recent years, which should inform all employers’ dental healthcare policies. For example, dental implants now integrate into jaws to provide a firm base to replace missing teeth, tooth-coloured materials now replace old amalgam fillings, and veneers enhance the appearance of stained ...
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Analysis
Creating a musculoskeletal disorder strategy
A staggering 131 million working days were lost through employee sickness or injury in 2011, with musculoskeletal disorders the biggest cause of days lost (35 million), according to the Office for National Statistics’ Sickness absence in the labour market report, published in April 2012.That is why a proactive, integrated approach ...
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Analysis
Evacuation and repatriation cover for expatriates
IF YOU READ NOTHING ELSE READ THIS…Most international PMI schemes include standard evacuation and repatriation cover, but this can be extended.When determining the level of cover, employers should consider location and the availability of medical facilities.Employers would be wise to consult their insurance provider and keep detailed information on the ...
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Analysis
How to manage healthcare costs
The recent National Health Service (NHS) turmoil and serious lapses in quality of care have prompted a call by a number of employers to address these deficiencies and the potential impact on their workforces.But how should employers do this? Should they revisit strategic risks? Should they add private medical insurance ...
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Analysis
How to legally rehabilitate employees back to work
The staggering cost of employee absence to UK plc is £9 billion per year, according to The Sickness absence review, presented to government by Dame Carol Black, national director for Health at Work, and David Frost, former director general of the British Chambers of Commerce, in November 2011. So it ...