All Benefits technology articles – Page 91
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AnalysisWill the market be ready for the 2015 pension reforms?
If you read nothing else, read this…Pension providers are mulling the creation of new products to help staff access their pension savings.Eligible employees might have to wait up to two weeks to access their pension savings from April 2015.Employers, trustees and providers are now waiting for the reforms to receive ...
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ArticlePenguin Random House boosts flex perks
EXCLUSIVE: Penguin Random House is to introduce a number of new flexible benefits during its next annual enrolment window to boost its current offering for employees. The publisher will introduce salary sacrifice home technology purchasing for tablets and mobile phones, a will writing service, skin screening clinics and a financial ...
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ArticleABP Food Group cuts costs by revamping HR and pay systems
ABP Food Group has achieved annual cost savings of £150,000 by centralising its HR and payroll processes as part of its compliance with pensions auto-enrolment.The beef processing firm implemented a new system, provided by Advanced Business Solutions.ABP’s previous infrastructure was no longer suitable because all of its 16 sites used ...
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ArticleManchester Airports prepares for pension flexibilities
Manchester Airports Group has updated its defined contribution (DC) pensions administration to address the ongoing freedom and choice pension reforms. The organisation will now offer member administration and member technology services to engage employees with the new pension changes, which come into force in April 2015.The programme will also include ...
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AnalysisWhat will be hot in flex in 2015?
If you read nothing else, read this…Technology will be a key driver of flex developments in 2015, particularly around integration technology that combines access to flex with personal finance and external links, such as price comparison sites.Health and wellbeing will feature prominently in flex offerings, with more options for health ...
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ArticleNAPF updates corporate governance policy
The National Association of Pension Funds (NAPF) has updated its corporate governance policy and voting guidelines, which aim to assist its members in promoting the success of the organisations in which they invest, and ensuring the board and management of these organisations are held accountable to shareholders.The guidelines have been ...
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Case StudiesHeineken's default funds will need to change after Budget reforms
Neil Parfrey, head of pensions , says the scheme’s governance committee is currently re-examining its default funds after Chancellor George Osborne’s Budget changes liberalising how members can take their pension pots.“If some of our members are trying to target cash at retirement, then the investment strategy required will be different ...
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Article31% have not heard of pension charge cap
Nearly a third (31%) of respondents have not heard of the pensions charge cap that will come into force in April 2015 or have not been informed of this by their provider or adviser, according to research by Close Brothers Asset Management.Its Business barometer survey, which questioned more than 900 ...
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AnalysisPensions salary sacrifice: what employers need to know
If you read nothing else, read this…Pensions salary sacrifice involves employees sacrificing a proportion of their salary to contribute into their pension scheme.Salary sacrifice can reduce income tax and national insurance contributions for both employers and employees.The term ’salary sacrifice’ is increasingly being replaced with ’salary exchange’. What is pensions ...
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Case StudiesSamsung evolves benefits strategy
Engagement is one of Samsung’s primary organisational objectives aimed at helping to recruit and retain employees in a competitive industry, and over the last few years the organisation has been utilising its own technology to help harness and build employee engagement, Tess Smillie, vice president of human resources at Samsung, ...
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ArticleZurich proposes closing DB pension to future accrual
Zurich is proposing to overhaul pension and reward arrangements for all of its UK employees, which may include closing the defined benefit (DB) section of its pension scheme to future accrual in 2015. The proposed changes, which would affect 7,200 employees, aim to help safeguard Zurich’s long-term future as a ...
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Article
Buyer's guide to group personal pensions
Under a group personal pension (GPP), an employer agrees to make monthly contributions into the scheme, but the contract is between the employee and the pension provider. Currently, a GPP ends when the member retires and buys an annuity with the proceeds, so there is no obligation on the employer ...
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ArticleThe Pensions Regulator issues first auto-enrolment fines
The Pensions Regulator (TPR) has issued its first fines to employers for failing to meet auto-enrolment duties.It has issued three fixed penalty notices were issued, each levying fines of £400 on employers, according to the TPR’s latest automatic-enrolment Compliance and enforcement bulletin.TPR has not revealed details of the nature of ...
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ArticleHyde Group to add new perks to flexible benefits
EXCLUSIVE: The Hyde Group is to introduce a number of new flexible benefits during its next annual enrolment window to reflect staff preferences.Following feedback from employee surveys, the organisation will introduce dental insurance, an individual savings account (Isa), critical illness cover and salary sacrifice arrangements for mobile phone and technology, ...
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Article81% offer some form of flexible benefits
The popularity of flexible benefits plans has risen in the past ten years with 35% of respondents offering full flex compared to 11% in 2004, according to research by Staffcare.Its See the benefits: A whitepaper on the latest trends in flexible benefits and technology report, which surveyed 108 HR professionals, ...
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Case StudiesBNP Paribas opens flex windows during related events
Such events have included corporate social responsibility fairs and health and wellbeing fairs, which enable the organisation to communicate the flexible benefits on offer and open windows to help increase engagement and take-up.Its scheme, provided by Vebnet, allows staff to make changes to childcare vouchers, bikes for work, retail vouchers ...
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AnalysisPros and cons of moving away from annual flex enrolment windows
If you read nothing else, read this…More than one flexible benefits window could drive engagement and take-up.It can help to keep a flex scheme and its communications fresh.Employers must be aware that some benefits cannot be open more than once a year.Moving away from an annual window could complicate administration.Employers ...
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OpinionWill flexible benefits technology be free in the future?
Lawrence Sutton, senior manager, EMX solutions at KPMG, says yes:Flexible benefits technology has evolved significantly in just 20 years. When it first arrived on the scene, it was a luxury for even large, wealthy organisations. Today, flex technology is ubiquitous, even in small and medium-sized businesses. In the future, I ...
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AnalysisWhy new flexible retirement options should lead to a revamp of HR and benefits strategies
If you read nothing else, read this…72% of pension professionals are not prepared to deal with the consequences of the pension flexibilities. (Aon Hewitt)Financial education could become a prominent feature of benefits packages to help employees plan for retirement.Employers will have to adapt working arrangements to cater for flexible retirement.Default ...
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ArticleWolseley UK adds new perks to flex
EXCLUSIVE: Wolseley UK has added several new benefits to its flexible benefits scheme following a change to its the plan’s enrolment window.The heating and plumbing organisation, which launched the scheme, provided by Benefex, in January, decided to move its enrolment window to August to align with its financial year.This enabled ...