All Article articles – Page 805
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Average state pension rises to £124 a week
The average state pension payment for 2012/13 is estimated to be £124 a week, an increase of £6 on last year.The basic state pension will increase from £102.15 to £107.45 a week from this week. The basic state pension will be 17% of average earnings, the highest it has ever ...
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More than a third of respondents yet to take action on removal of earnings cap
More than a third (36%) of respondents have not yet taken action to remove the earnings cap on group risk benefits paid out to employees in occupational pension schemes, according to research by industry body Group Risk Development (Grid).The research, which found that a further 30% of respondents are still ...
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Aer Lingus appoints HR and payroll outsourcing provider
Aer Lingus has appointed NorthgateArinso to provide HR and payroll services.As part of its six-year contract with NorthgateArinso, the Irish airline will consolidate its HR and payroll systems and processes into a single platform. It will also establish an HR shared services centre at Dublin Airport.The airline will also use ...
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Unilever staff vote to accept pension changes
Unilever staff have voted to accept changes to their final salary pension scheme, which will be closed and replaced with a career average revalued earnings (Care) scheme.Following talks with the union Advisory, Conciliation and Arbitration Service (Acas) in February, Unilever maintained its position that the existing final salary pension scheme ...
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Payroll-giving scheme celebrates 25 years
The payroll-giving scheme, which allows employees to donate to charities directly from their gross pay, is 25 years old in April.The Association of Payroll Giving Organisations (APGO) marked the anniversary by delivering a giant card to 10 Downing Street, highlighting the £1.2 billion raised and thanking organisations and their staff ...
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DC pension scheme members must save 10 times more than DB members
A 35-year-old joining a defined contribution (DC) pension scheme today could have to contribute more than 10 times the annual contributions of a colleague in a defined benefit (DB) pension scheme to build an equivalent pension at retirement, according to research by Pension Corporation.The research found that this would equate ...
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Birmingham Airport appoints pension scheme actuary
Birmingham Airport has appointed Barnett Waddingham to provide actuarial and administrative services for its defined benefit (DB) pension scheme.The actuary and consultancy firm already provides investment services for the scheme.Joe Kelly, deputy chief executive officer at Birmingham Airport, said: “We carried out a rigorous tender process, asking prospective service providers ...
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More than one million DB members will have benefits provided by insurance firms
More than a million members of defined benefit (DB) pension schemes will have their pension benefits provided by insurance firms by 2017, as increasing numbers of organisations and trustees de-risk their pension liabilities using insurance, according to research by Lane, Clark and Peacock (LCP).The fifth annual LCP Pension buy-ins, buy-outs ...
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Towers Watson launches iPad application for HR management
Towers Watson has launched a human capital metrics (HCM) iPad application.The HCM app can be used by employers to measure and compare the cost and effectiveness of their HR programmes, as well as managing retention, turnover and labour costs.The app includes:Access to benchmarking data developed using Towers Watsons’ HCM database.The ...
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48% of respondents are saving into a workplace pension
Less than half (48%) of respondents make regular contributions into a workplace pension scheme, according to research by Friends Life.The research also found that 19% do not have a pension at all, 11% do not know how much they contribute in their pension, and 35% save less than £100 a ...
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EXCLUSIVE: Three adds discounted mobile phones to flexible benefits scheme
Three has added discounted mobile phones to its flexible benefits scheme.The new perk, which was trialled in 2011, was introduced in March, during the telecommunications firm’s annual flexible benefits enrolment window. Brands on offer include HTC, Blackberry, Samsung and Sony.Three will also introduce an additional flexible benefits enrolment window in ...
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Savills’ employees share £111m in profit share and commission
Employees at property agency Savills shared £111 million in profit share and commission payments in 2011.This is the first payout through the firm’s performance share plan, which replaced its previous executive share plan in May 2011.Awards under the performance share plan are made on a discretionary basis, to executive directors, ...
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Capita Hartshead to acquire Bluefin Corporate Consulting
Capita Hartshead is to acquire employee benefits firm, Bluefin Corporate Consulting, from Axa.The deal, worth £50 million, will see Capita Hartshead and Bluefin Corporate Consulting merge.Axa will retain the Bluefin trading name. Its other operations, including Bluefin Insurance Group and Bluefin Personal Consulting, do not form part of the transaction.Mike ...
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FTSE 350 pension scheme deficits increase by £17bn
Defined benefit (DB) pension scheme deficits in the FTSE 350 have increased by £17 billion, according to research by Mercer.The consultancy’s Pensions risk survey highlighted the difficulties that employers have in managing their DB schemes in the face of market volatility.The research estimated that the aggregate pension deficit of FTSE ...
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Staffcare to launch auto-enrolment software
Staffcare is to launch an auto-enrolment platform.The product will manage the administration, compliance and reporting of employer's auto-enrolment requirements.It is available as a standalone product or can be used as an integrated suite of products, including total reward, flexible benefits and HR self-service.The product also:Allows users to gauge the financial ...
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Salary increase levels remain constant
Salary increase levels have stayed constant throughout the winter, according to research by Aon Hewitt.The consultancy’s latest Salary survey, which polled more than 440 organisations in 39 countries across Europe in January and February 2012, found that salary increase levels in the UK have remained unchanged at 3.2% over the ...
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Agrovista implements online payroll system
Crop management firm Agrovista UK has introduced an online payroll system.Prior to introducing the Saas payroll and online reporting system, provided by Ceridian, the firm was reliant on manual payroll processes for its 275 employees, using spreadsheets to capture information.Tracey Winson, head of HR at Agrovista UK, said: “The payroll ...
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Cyclescheme and British Cycling partner to promote bikes for work
Bikes-for-work scheme provider Cyclescheme and the national governing body for cycling, British Cycling, have partnered to promote cycling and its benefits, increase cycling knowledge, and encourage UK workers to cycle to work.The two organisations are also aiming to build on the popularity of cycling to support government targets to reduce ...
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Majority of respondents believe fit notes are not effective
The majority (90%) of respondents do not believe the fit note is effective, according to research by the Chartered Institute of Payroll Professionals (CIPP).Fit notes, which were introduced in April 2010, were the result of Dame Carol Black’s 2008 review of the health of Britain’s working age population.Diana Bruce, senior ...
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EXCLUSIVE: London Overground to cut staff DB pension contributions
London Overground Rail Operations is set to reduce the level of employee contributions into its defined benefit (DB) final salary pension scheme.This is possible because the DB scheme is in surplus, so it has more assets in its fund than it needs to meet its liabilities to pay current and ...