All Article articles – Page 852
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Centre for Policy Studies report: Hutton’s public sector pension proposals not sustainable
Full implementation of Lord Hutton’s proposals for public sector pensions will not be sustainable, according to a report by the Centre for Policy Studies.The £100 billion negotiations, by Michael Johnson, research fellow at the Centre for Policy Studies, puts forward proposals on how the coalition government should pursue negotiations, which ...
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Fujitsu staff vote to strike over pay
More than 1,000 Fujitsu employees have voted for strike action in a dispute over a below inflation pay offer and a failure to implement previous pay agreements.The majority of Fujitsu members of the Public and Commercial Services (PCS) and Unite unions voted in favour of strike action. The joint action ...
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Punter Southall launches pensions auto-enrolment product
Punter Southall has rolled out an interactive auto-enrolment product to help employers understand the cost implications of the 2012 pension reforms.The tool, PS Prepare, offers projections which show total costs, but can also be broken down by grade or segmentation categories (age and income group, for example), enabling employers to ...
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Czech army battle against bellies
The Czech army is embarking on a downsizing project, which is designed to slim down its workforce.However, it will be bellies, rather than headcount, that will be reduced as the army cracks down on high levels of obesity among its soldiers.Soldiers will do more exercise and go on a diet. ...
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Economists call for 50% tax rate to be dropped
Leading economists have called on the government to ditch the 50% tax rate for high earners.†In a letter, signed by 20 economists, including DeAnne Julius, chairman of Chatham House and former member of the Monetary Policy Committee, and Bob Rowthorn, professor of economics and fellow of King’s College, University of ...
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Waterstone’s will not extend pay rise to staff in legacy contracts
Around 100 of Waterstone’s employees will not receive a 3% pay rise given to the rest of the workforce.The 100 employees are being left out because they are currently on legacy contracts, rather than the consolidated company-wide contract.A spokesperson from Waterstone’s said the consolidation process was undertaken several years ago ...
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Legal and General research: A third of employees will opt out of auto-enrolment process
Almost half (46%) of employees will stay in their organisation’s pension scheme, while 33% will opt out of the auto-enrolment process, according to research by Legal and General.The research, conducted in July, also found that 21% of respondents did not know which option they would take.The results are a slight ...
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ONS research: Recession causes fall in pension scheme contributions
Total contributions to pension schemes fell from £20.9 billion in 2007/08 to £18.7 billion in 2009/10, largely due to a fall in the number of people contributing during the recession, according to figures by the Office for National Statistics (ONS).ONS' report Pensions trends chapter eight: Pension contributions considers the following:The ...
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Aberdeen Asset Management rolls out payroll-giving scheme to staff
Aberdeen Asset Management has introduced a payroll-giving scheme that allows staff to round down their net pay to the nearest pound and donate the remaining pennies to charity.The scheme, Pennies for Promise, was launched by Activpayroll on 5 September at the beginning of National Payroll Week, and is open to ...
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Pensions minister Steve Webb calls for short-service refunds to be scrapped
Short-service refunds do not fit in with the government’s aim of getting more people to save for their retirement, according to pensions minister Steve Webb speaking at the annual LCP pensions conference. Short-service refunds allow employees that leave their job in less than two years to receive a default refund ...
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Nest Corporation announces employer and member panels
Nest Corporation has announced the appointees to its employer and member panels.The panels will provide a forum for employers and employees to give their perspectives on the national employment savings trust (Nest), and contribute to a range of issues and activities that may affect them now and in the future.Each ...
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TUC research: Pension pots for FTSE 100 directors worth an average of £3.9 million
Directors of the FTSE 100 firms have amassed pension pots worth an average of £3.9 million, according to research conducted by the Trades Union Congress (TUC).The national trade union body’s ninth annual PensionsWatch survey, which analyses the pension arrangements of 362 directors from FTSE 100 organisations, shows that the average ...
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Unum adds new perks to flexible benefits scheme
Unum has introduced new perks to its flexible benefits scheme, including financial education with the Money Advice Service, annual health screening, Tastecard membership, and employee discounts.The insurance firm has offered a flex scheme, provided by Enrich Employee Benefits, for three years. It added the new perks during its annual enrolment ...
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P&MM launches online travel portal
P&MM added an online travel portal to its voluntary benefits offer.Employers can offer the perk to staff to help them save on holidays and travel bookings.The Lifestyle Travel Club offers discounts from operators such as Thomas Cook, Virgin, Airtours, Club 18-30, Thomsons and First Choice.The portal will be integrated into ...
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The London Pensions Fund Authority publishes proposals for local government pensions reform
The London Pensions Fund Authority (LPFA) has published proposals for the reform of the Local Government Pension Scheme (LPGS).The proposals are intended to stimulate debate around the reformed LGPS, which is to be implemented from 2015.These cover scheme design, cost mechanism, structure, and practical ideas on implementation.The key proposals include:Accepting ...
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STV reduces pension deficit by £5 million following mortality review
Broadcaster STV has reduced its pension scheme by £5 million following a mortality review.The 12-month review, by independent financial advisers LEBC Group, involved the development of software that will predict the average life expectancy and health profile of members of the broadcaster’s Caledonian Publishing pension scheme.The scheme’s 800 pensioners and ...
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The Equiniti Group acquires employee services division of NatWest Stockbrokers
The Equiniti Group has acquired the corporate and employee services division of NatWest Stockbrokers.The division will form part of the share scheme provider’s investment services business.Wayne Story, chief executive officer at the Equiniti Group, said: "The addition of corporate and employee services will build upon our existing service offering. "The ...
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Punter Southall acquires Brewin Dolphin’s corporate pensions business
Punter Southall has acquired the occupational pensions business of Brewin Dolphin.Brewin Dolphin has been a Punter Southall actuarial and pension administration client for 19 years.Upon completion of the transaction on 1 October, the team at Brewin Dolphin team will move to Punter Southall’s Newcastle offices, bringing over 100 corporate pension ...
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High Pay Commission research: Bonuses for FTSE 350 directors have increased by 187% over 10 years
The average total earnings of all FTSE 350 directors have increased by 108% and their annual bonus went up by 187% over the last decade, according to research conducted by the High Pay Commission.The rise in remuneration, outlined in the report What are we paying for? Exploring executive pay and ...
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Morris Ashby enters into pension insurance buyout agreement
The trustees of the Morris Ashby pension scheme have entered into a pension insurance buyout agreement with the Pension Insurance Corporation (PIC).The pension fund, which has 480 members and liabilities of £38 million, after its former sponsor JL French UK entered into insolvency in 2006.Following the insolvency, the pension fund ...