All Article articles – Page 725
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HMRC to relax RTI payroll reporting for small employers
HM Revenue and Customs (HMRC) has relaxed real-time information (RTI) reporting arrangements for small employers.Employers with fewer than 50 employees will have until 5 October 2013, rather than 6 April 2013, to comply with the legislation.Until the revised date, these employers will be able to send information to HMRC by ...
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Man Group caps executive bonuses
Hedge fund Man Group has introduced a cap on bonuses for its executive directors, restructured remuneration arrangements for executives and introduced a new sales compensation structure.Under the terms of its new executive incentive plan, which replaces all existing arrangements for executive director remuneration, annual cash bonuses for this group will ...
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AWD Chase de Vere launches auto-enrolment product
Independent financial adviser AWD Chase de Vere has launched an auto-enrolment product for small and medium-sized enterprises (SMEs).Its product, AE+, has been designed to meet SMEs’ requirements around auto-enrolment duties.AE+ enables employers to meet their own objectives from complying with the basic requirements of the legislation to structuring a full ...
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Work is most stressful factor in people’s lives
Work is the most stressful factor in people’s lives, according to research by mental health charity Mind.The research, which surveyed more than 2,000 working adults, found that 34% of respondents said their work life was either very or quite stressful, more so than debt or financial problems (30%) or health ...
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Santander boosts variable compensation
Santander awarded 19 employees more than £1 million in 2012 and increased its variable compensation pool.According to the bank’s Annual report 2012, Ana Botin, chief executive officer of Santander, received £3.957 million in performance-related and annual salary payments in 2012, down from £4.068 million in 2011.In 2012, Botin received a ...
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Single-tier state pension brought forward to 2016
The government is to bring forward its plans to introduce a new single-tier £144 per week state pension by one year.On the BBC’s Andrew Marr Show on 17 March, Chancellor George Osborne said the new state pension would be introduced in 2016 rather than 2017 as originally planned.He added: “People ...
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Aviva achieves less than 1% auto-enrolment opt-outs
Aviva has seen 127 employees opt out of its pension scheme following its auto-enrolment staging date on 1 February.The provider already had 17,542 (99%) of its employees in a defined contribution (DC) money purchase trust-based scheme. An additional 332 were auto-enrolled on 1 February, 38% of whom chose to opt ...
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Barclays Bank among employers awarded for payroll giving
Barclays Bank, Capital One and Hostelbookers.com are among the winners of workplace-giving organisation Pennies from Heaven’s annual awards.The awards celebrate employers that have demonstrated commendable commitment and generosity to charities through their payroll-giving schemes.Gold medals are awarded to employers which have more than 20% of staff participating in the scheme, ...
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Pension deficits down by £70bn
Pension deficits fell by £70 billion to £551 billion in February, according to research by Xafinity Corporate Solutions.Its Corporate pension deficits tracker attributed the deficits to the slowing outlook for price inflation during the month and the strength of equity markets in 2013.Hugh Creasy, director at Xafinity Corporate Solutions (pictured), ...
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Shell increases executive directors’ pay
Royal Dutch Shell paid its executive directors a total of €13.043 million (£11.23 million) in 2012, up from €10.89 million (£9.37 million) in 2011.In the Directors’ remuneration report 2012 section of its annual report, the global oil and gas company reported that chief executive officer Peter Voser received total earnings, ...
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UBS reduces performance award pool
UBS has reduced its performance award pool to the lowest levels since the beginning of the financial crisis.According to the Swiss bank’s Annual report 2012, this was reduced to SFR2.5 billion (£1.75 billion) in 2012, down 7% from 2011, and a 43% decrease compared with 2010.Group chief executove officer Sergio ...
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Cookson Group appoints DB pension administrator
Cookson Group has appointed a third-party administrator to its £500-million defined benefit (DB) pension scheme.The scheme, which has 5,500 members, will transfer to Premier in June 2013.In January 2013, the group signed its second bulk-annuity policy with provider Pension Insurance Corporation.Allan Course, chair of trustees for the Cookson Group pension ...
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Astellas employees donate 9,000 volunteering hours
Employees at Astellas Pharma Europe, the European Headquarters of Tokyo-based Astellas Pharma, have donated more than 9,000 employee volunteering hours, equivalent to 390 working days, to their local communities.The organisation enables employees to volunteer as part of its annual Changing Tomorrow Day programme, which has been running for three years. ...
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Punter Southall joins PensionChair
Punter Southall has joined PensionChair as its actuarial and administration technical partner.PensionChair, a network made up of chairs of some of the largest workplace pension schemes in the UK, stages 20 meetings a year to give its members the opportunity to explore concerns and challenges facing schemes.Its membership is drawn ...
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Microsoft expats learn about UK's cultural highlights
And now something for the weekend …Most employees find their own feet when they move abroad for work, but American expatriates at technology giant Microsoft have been given a guide to Great Britian to help them fit in.The employer handed out a 44-page manual of tips on adapting to life ...
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Tesco introduces bikes-for-work scheme
Tesco has launched a bikes-for-work scheme for its 300,000 employees.The retail giant hopes the scheme will encourage employees to change to commuting by bicycle.Employees can either purchase a bike from one of provider Cyclescheme’s network of independent bike shops, or via the Tesco Direct website. Those who do so via ...
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Half of employers believe they should look after staff
More than half (52%) of employer respondents believe they have an obligation to look after their employees and aim to reflect this in the benefits package, according to research by Unum.The research, which was carried out by Populus and the Economist Intelligence Unit (EIU), surveyed 245 organisations across a range ...
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Salaries not keeping up with household costs
Average salaries only rose 6% between 2008 and 2012, according to research by price comparison and switching service Uswitch.com.Its research found that, while the average cost of running a household has risen by 25% and bills have risen by 67%, average annual wages rose from £24,900 in 2008 to £26,500 ...
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UK DB pension deficits fall
The aggregate deficit of private sector defined benefit (DB) pension schemes potentially eligible for entry to the Pension Protection Fund (PPF) decreased in February 2013, according to research by the PPF.The PPF 7800 index found that the aggregate deficit of 6,316 schemes decreased from £211.2 billion at the end of ...
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Cardiff University plans for auto-enrolment
Cardiff University will auto-enrol staff who are not currently pension scheme members into one of two existing pension schemes or the national employment savings trust (Nest) when it reaches its staging date on 1 April 2013.The majority of the university’s 6,000-strong workforce are already members of a pension scheme so ...