All Article articles – Page 570
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ArticleBT to pay £1.5bn to cut DB pension deficit
BT is to pay £1.5 billion into its defined benefit (DB) pension scheme by April to tackle its £7 billion deficit.The telecommunications firm will also increase the contribution rate for future benefits of active members from 13.5% to 16% from 1 April 2015 through to June 2017.The figures were announced ...
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ArticleMen and younger employees see largest falls in pay
Female employees, older workers and low-paid staff have seen smaller real wage falls than male employees, younger workers and those on higher pay, according to research by the Institute for Fiscal Studies (IFS).Its Green budget 2015 report, which surveyed 180,000 UK employees and is produced in association with the Institute ...
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ArticlePension Wise website goes live
The online version of the government-backed guidance guarantee service, Pension Wise, has gone live.The Treasury-designed website, pensionwise.gov.uk, showcases six steps users should take in deciding how to use the new pension flexibilities, as well as get the best possible outcome in retirement from their pension pot.The six steps are:Checking the ...
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ArticleDWP publishes pot follows members update
The Department for Work and Pensions (DWP) has published more details on its plans to introduce automatic transfers of small pots when pension scheme members move jobs.Its Automatic transfers: A framework for consolidating pension savings report includes how the government will role out the programme and which schemes are in ...
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ArticleTwo-thirds of DB members will not transfer to DC pension
A third of defined benefit (DB) pension scheme members have yet to rule out transferring to a defined contribution (DC) arrangement when the new pension reforms come into effect from April, according to research by Hargreaves Lansdown.Its survey of 1,037 employees also found that 7.8% of respondents expressed a firm ...
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ArticleJohn Lewis reviews DB and DC pension schemes
The John Lewis Partnership plans to halve the accrual rate for its final salary pension scheme and extend the defined contribution (DC) section of its hybrid scheme. The retail organisation, which employs 86,000 people across the John Lewis and Waitrose brands, will make the amendments effective from April 2015 for ...
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ArticleNAPF and PMI close merger discussions
The National Association of Pension Funds (NAPF) and The Pensions Management Institute (PMI) have announced that they will no longer pursue the opportunity to merge the two organisations. Ongoing discussions about the possibility of a merger were first announced in October last year.The combined organisation would have been aimed at ...
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ArticleFinning UK to pilot government carers scheme
Finning UK is one of the first employers to roll out a government pilot scheme to help support employees with caring responsibilities.The organisation, which distributes plant, complementary equipment and power systems from manufacturers including Caterpillar, will use the pilot to expand its current scheme run by The Dove Service and ...
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ArticleGovernment lays out final regulations on charges cap
Draft regulations to cap defined contribution (DC) pension scheme charges at 0.75% have been put before Parliament alongside additional governance requirements.In April, scheme charges will be capped at 0.75% unless employees have specifically chosen a more expensive option.According to figures from the Department for Work and Pensions (DWP), the cap ...
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ArticleGE and Close Brothers to discuss pension reforms
Employers should provide communications and financial education support to employees approaching retirement to engage and respond to the government changes to defined contribution pensions.Speaking in a session titled ‘Responding to government changes in pensions’ at Employee Benefits Connect, Jeanette Makings (pictured), head of financial education services at Close Brothers Asset ...
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ArticleFinancial education boosts staff engagement
How financial education can boost employee engagement and employers’return on investment (ROI) will be the focus of a session at Employee Benefits Connect 2015.In a session titled ‘Boost employee engagement and ROI using financial education’, Darren Laverty (pictured), director at financial education provider Secondsight, will discuss why and how workplace ...
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ArticleJP Morgan extends benefits to employees' parents
JP Morgan has extended several of the benefits offered via its flexible benefits scheme to cover employees’ parents. Its Family Homecare scheme, which is provided by Allianz Global Assistance, has been available its its 14,500 UK employees and their partners for two years. It has now been extended to cover ...
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ArticleCarlsberg UK revamps employee benefits package
EXCLUSIVE: Carlsberg UK has undertaken a full strategic review of its employee benefits, resulting in it relaunching its flexible and voluntary benefits schemes, and consolidating its company car provision.The brewery organisation, which employs more than 40,000 people globally, launched the review in order to simplify its benefits administration and to ...
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ArticleSantander to discuss salary sacrifice cars at Employee Benefits Connect
Santander will discuss the evolution of salary sacrifice cars at Employee Benefits Connect on 4 March 2015.The session, ‘The evolving world of salary sacrifice cars- now and in the future’, will focus on the future of car salary sacrifice schemes and how communication methods are changing and influencing employee engagement.Attendees ...
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ArticleLloyds Banking Group offers enhanced parental leave
Lloyds Banking Group has launched an enhanced shared parental leave (SPL) policy for eligible employees.The policy will be offered alongside its current maternity, paternity and adoption policies, as enhanced pay compared to the statutory minimum amount set out in the SPL legislation.The enhanced terms will be available for both parents ...
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ArticleEmployers not always liable for adjustments in absence cases
An Employment Appeals Tribunal has upheld an Employment Tribunal decision that the Department for Work and Pensions (DWP) did not have a duty to make reasonable adjustments while an employee was unfit to return to work.Doran v DWP is a useful reminder that an employer’s duty to make reasonable adjustments ...
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96% believe pension flexibilities create need for financial education
Some 96% of employers think that the new pension flexibilities creates a need for more financial education in the workplace, according to research by Jelf Employee Benefits. Its research among 250 employers also found that nearly three quarters (73%) believe workplace financial education should be employer funded.Of this 73%, more ...
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65% believe UK staff have low understanding of benefits
Around two-thirds (65%) of UK employers and 43% in the Europe, Middle East and Africa (EMEA) region believe that their employees’ understanding of workplace benefits is low or very low, according to research by Aon Employee Benefits.Its 2015 EMEA Employee benefits communication survey, which surveyed 1,149 organisations across 28 countries ...
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Article51% approaching retirement would consider working longer
Just over half (51%) of rspondents due to retire this year would consider working beyond the state pension age, according to research from Prudential.The current state pension age is set at 65 for men born before 6 December 1953 or between 60 and 65 for women born after 5 April ...
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Article68% of over-50s would retrain to work longer in retirement
More than two-thirds (68%) of over-50s would consider retraining to work longer in retirement, according to research by MetLife. Its research, which surveyed more than 2,500 employees, found that financial pressures and a lack of sufficient retirement savings are the drivers behind employees working longer.Just over half (55%) of respondents ...