All Article articles – Page 859
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High Pay Commission report: Most FTSE 350 executive directors have formal pension arrangements in place
More than 97% of executive directors in FTSE 350 organisations have formal employer-sponsored pension arrangements in place, yet only one-third of UK private sector employees receive an employer-sponsored pension.The report, Directors’ pensions: in it for themselves?, was compiled by Incomes Data Services for the High Pay Commission using the latest ...
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Xafinity Pension Trust appoints Bridge Trustees
The Xafinity Pension Trust has appointed Bridge Trustees as its professional trustee.Under the new arrangement Bridge Trustees will independently address all governance aspects on the behalf of participating employers.The appointment follows the publication of The Pensions Regulator’s (TPR) response to enabling good member outcomes from defined contribution (DC) arrangements in ...
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IM Group appoints pension scheme actuary
The trustees of UK-based motor vehicle importer and distributor IM Group have appointed Barnett Waddingham to provide an actuarial service to its pension scheme.IM Group, which is currently the UK distributor of Subaru, Daihatsu and Isuzu cars, appointed Barnett Waddingham after a series of shorter-term projects.Gary Hutton, director of administration ...
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Addiction to gadgets causes disruption in the office
Blackberrys, mobile phones, and laptops dished out by employers to help boost productivity may actually result in a disruptive workplace addiction.Signs of a gadget addict include: sending text messages and accessing social networking sites in meetings, and continuing to take calls and listening to messages even after their boss has ...
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Badenoch and Clark research: Public sector would rather have pay cut than lose pension
Nearly half (45%) of public sector workers said they would rather see their pay cut than their pension, according to research by recruiters Badenoch and Clark.The research, Re-branding the state: the public sector brand in an age of cuts, stikes and reforms, which polled over 1,000 public sector workers, also ...
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The Isle of Man government appoints Xafinity Claybrook for pension administration
The Isle of Man government has appointed Xafinity Claybrook to administer a variety of public sector pension schemes using its Compendia software.The software will be installed to support 15,500 employees in a number of schemes covering public sector workers in the civil service, health service, teachers and police.Ian Murray, pensions ...
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VocaLink research: Take-home pay down £1,200 since 2008
Employees are taking home more than £1,200 less pay compared to three years ago, according to research by VocaLink.The VocaLink Take-home pay index shows that both public and private sector pay outlooks are fragile, while overall take-home pay has fallen by £1,212 since the end of 2008.Income after tax and ...
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Cookson offers enhanced transfer values to reduce pension scheme liabilities
Cookson will offer deferred members of its UK final salary pension scheme an enhanced transfer value (ETV) as part of efforts to reduce liabilities.The arrangement will see members that choose to participate leave the final salary pensions scheme to join a defined contribution (DC) pension scheme at an enhanced value, ...
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Record number of employers offering approved share schemes
A record 12,500 UK organisations operated at least one of the four tax-advantaged government share schemes last year, according to the Employee Share Ownership Centre’s (Esop) annual analysis of statistics from HM Revenue and Customs (HMRC).The report, Employee share schemes statistics for 2009-10, published by HMRC on 30 June, showed ...
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Employers forums on age and belief to re-launch as Employers Network for Equality and Inclusion
The Employers Forum on Age (EFA) and the Employers Forum on Belief (EFB) are re-launching as the Employers Network for Equality and Inclusion (ENEI) in October 2011.The new organisation will run as a charity and cover all nine protected characteristics in The Equality Act 2010.It will offer an integrated service ...
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Simplyhealth to purchase Groupama Insurances' UK healthcare business
Healthcare provider Simplyhealth has reached an agreement to purchase the UK healthcare business of Groupama Insurances, subject to the required regulatory approvals.Groupama Healthcare will be rebranded to Simplyhealth following completion of the necessary legal business transfer. It is anticipated this will take between three and six months.Des Benjamin, chief executive ...
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Ellipse appoints Pitmans Trustees to its group life master trust
Group risk insurer Ellipse has appointed Pitmans Trustees (PTL) to its group life master trust.The master trust is a new option Ellipse is offering employers. Previously, organisations would have to set up their own discretionary trust.John Ritchie, chief executive officer of Ellipse, said: “By removing the requirement for firms to ...
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CIPD research: Salary freezes abound as cost of living overtakes pay
Employees continue to feel the effects of tight employment budgets and rising living costs as research from the Chartered Institute of Personnel and Development (CIPD) shows that pay levels have fallen below the current cost of living.The 2011 Employee Outlook: focus on pay research finds that just one in four ...
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Department for Work and Pensions research: A third of employers offer stress management or support to staff
One-third (32%) of employers offer stress management or support to staff, according to research by the Department for Work and Pensions (DWP).The DWP's Health and wellbeing at work: a survey of employees also found that only 38% of respondents reported having access to occupational health services. This was more prevalent ...
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Inez Anderson: What impact would integrating tax and NI have on reward?
The potential integration of income tax and NICs received a mixed reception, even though businesses have frequently argued that it would cut their compliance burden.The impact of integration on the structure of reward packages in the UK will depend on what integration ultimately means. Currently, the key three components of ...
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Graham Farquhar: What impact would integrating tax and NI have on reward?
The key potential gain from integrating the income tax and national insurance (NI) systems is simplicity, in the form of reduced administration and compliance costs, greater transparency and the removal of technical anomalies between the two bodies of legislation.It remains to be seen how, and to what extent, the systems ...
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Marks and Spencer to move to bundled mastertrust ahead of auto-enrolment
Marks and Spencer is to replace its current defined contribution (DC) pension scheme with a bundled mastertrust ahead of the 2012 pension reforms.The new arrangement rids Marks and Spencer of its complex four-tier contribution structure, replacing it with a two-tier structure which incorporates the 3% minimum employer contribution as stipulated ...
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HMRC clarifies VAT charges on salary sacrifice arrangements
HM Revenue and Customs (HMRC) has issued guidance to employers around upcoming changes to the operation of salary sacrifice arrangements.From 1 January 2012, value-added tax (VAT) will be imposed on the provision of several benefits offered via salary sacrifice, including bikes-for-work, car parking, company cars, computers, gym membership, and food ...
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LCP research: FTSE 100 pension scheme deficits plummet
The combined pension scheme deficits of the UK’s biggest organisations plummeted by almost two-thirds in the past year, according to the Lane Clark and Peacock's annual Accounting for Pensions report.The report showed that the aggregate FTSE 100 pension deficit now stands at £19 billion, down from £51 billion the previous ...
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Aegon redesigns pension scheme websites
Aegon has redesigned the websites it provides to employers offering its pension schemes in order to encourage employees to make full use of the information and tools available to them and actively manage their pension.The pension scheme provider has added new sections to the sites providing information to staff who ...