All Benefits technology articles – Page 91
-
ArticlePension scheme members withdraw £1 billion from pots
Pension scheme members have withdrawn more than £1 billion from their pension pots since the introduction of the new freedoms in April 2015.Chancellor George Osborne (pictured) announced that more than 60,000 people have made use of the reforms, which allow members of defined contribution (DC) schemes aged over 55 to ...
-
AnalysisHow to win employee buy-in for pension scheme change
If you read nothing else read this…Pension schemes invariably face constant change, including the move from defined benefit to defined contribution schemes.Communications are key to winning buy-in from employees.Pensions change could also be the catalyst for improving the financial education of employees.Employers only have to look at the likes of ...
-
ArticlePension reforms impact slows down but DC landscape changes
But according to the Defined Contribution Investment Forum’s At-retirement solutions for the new pensions era report, published in April, the impact of the reforms on scheme redesign has been more limited than expected.It also found that many schemes are planning to introduce self-select options for each possible retirement option now ...
-
ArticleNational Grid outsources pension fund management
National Grid is to outsource the fund management of its defined benefit (DB) pension scheme’s assets. The organisation, which runs the power network in England and Wales, took the decision to implement a new stratgegy following a review of its investment and governance model.The board of trustees of the National ...
-
AnalysisHow to get buy-in from the finance director for flexible benefits
If you read nothing else read this…Benefits teams must first understand what motivates finance directors.Soft measures such as how flexible benefits can aid staff retention and recruitment costs could also help win buy-in.But clear return on investment must be included in any business case, for example savings made from salary ...
-
Article
Samsung adds new perks to flex and revamps communications
EXCLUSIVE: Samsung has added six new benefits to its flexible benefits package for its 1,600 employees.The technology organisation has also introduced new communication techniques to promote the new benefits available, as well as its annual flex window.It launched the new benefits in its flex enrolment window in March, with employees’ ...
-
ArticleTribunal to reconsider if redundancy near pensionable age is allowed
The Employment Appeals Tribunal (EAT) has sent a case back to a tribunal for a re-hearing to consider whether redundancy dismissal, where the timing meant an employer avoided significant pension costs, could amount to age discrimination. In the case of Sturmey v Weymouth and Portland Borough Council, it is being ...
-
ArticleHayman Group improves DB pensions administration
Hayman Group has improved its defined benefit pension (DB) scheme administration to help the firm adapt to funding changes. The distiller’s Hayman Limited Retirement Benefits Scheme will implement new technology, provided by pensions actuarial firm Spence and Partners, to use live administration data to calculate actuarial results to help develop ...
-
ArticlePeel Ports Group to add cars and holiday trading to flex
Peel Ports Group is to introduce a green cars scheme and holiday trading to its flexible benefits scheme to help keep it fresh for employees.The organisation will allow employees to opt into the new benefits during its enrolment window in May, with the savings made from tax-efficient benefits schemes being ...
-
ArticleCarlsberg UK relaunches flexible benefits scheme
EXCLUSIVE: Carlsberg UK has relaunched flexible benefits scheme for more than 1,700 employees .The brewing organisation, which employs more than 40,000 people globally, has rolled out the scheme following its benefits review in 2014.It carried out the review in order to simplify its benefits administration and to boost take up ...
-
ArticleArup boosts benefits take up among generation Y staff
EXCLUSIVE: Arup has seen increased take up of the benefits it offers to cater for generation Y employees.The organisation takes on around 200 to 300 graduates a year, which has changed what employees want from the firm.As a result, the professional services firm has seen take up of new benefits, ...
-
Case StudiesPeel Ports Group creates own governance committee
The committee holds quarterly meetings that include input from its pension scheme provider Aegon, as well as its consultancy Aon Hewitt.There are regular items on the agenda that include ensuring the scheme is run effectively, investment management, administration and scheme performance.It measures all elements of good governance against a score ...
-
AnalysisHow to review a pensions governance policy
If you read nothing else, read this…A pensions governance policy is key to ensuring employers comply with their workplace pension duties.A governance policy can cover scheme administration, contribution payments, communications and legal issues.Employers should review a governance policy to make sure a scheme provides the best outcomes for members.In January, ...
-
ArticleCommission must be included in holiday pay
Employers must take commission payments into account when they calculate holiday pay, an employment tribunal has ruled.In the case of Lock v Brititsh Gas, the tribunal ruled that the Working Time Regulations should be read to ensure commission is brought into the calculation for holiday pay in line with the ...
-
ArticleBudget confirms extended pension freedoms
Busget 2015: Chancellor George Osborne (pictured) has confrmed that the pension freedoms have been further extended to remove the restrictions on buying and selling existing annuities.From April 2016, pensioners with an annuity will be able to trade it in without a tax penalty. This means that approximately five million pensions ...
-
ArticleVospers relaunches voluntary benefits plan
EXCLUSIVE: Vospers Motorhouse has relaunched its voluntary benefits scheme for all 550 members of staff.It now includes access to over 7,500 national retail discounts, cashback offers and the option of local discounts, which employees can access via a unique login.The family-run motor organisation wanted to replace its previous scheme which ...
-
ArticleWolseley UK to introduce mobile technology for flex
Wolseley UK is looking to implement mobile technology within its flexible benefits scheme to improve its employee engagment levels and take up of benefits. The heating and plumbing organisation is hoping to implement the technology this year so that employees can make flex choices via their mobile and tablet devices.Speaking ...
-
ArticleWolseley UK to discuss future of flexible benefits
Wolseley UK will embrace the flexible benefits technology of the future to help drive employee engagement.Speaking in a session titled ‘The future of flex’ at Employee Benefits Connect on 4 March at the Lancaster London, Neil McCawley (pictured), head of reward, benefits and policy at Wolseley UK, will discuss how ...
-
AnalysisTop tips on how to choose an online benefits portal
If you read nothing else read this… Prior to selecting an online benefits portal, employers should look at the market options.They should also work to negotiate competitive deals with existing providers.Make a plan the portal should achieve before conducting a tender.Key aspects for employers to think about are accessibility and ...
-
ArticleMorrisons consults on closure of DB pension schemes
Morrisons is to consult with staff on the closure of its defined benefit (DB) pension schemes.The retailer’s proposed changes would mean that members of its career average revalued earnings (Care) schemes would stop building up benefits through that scheme. Benefits already accrued by staff will remain in the scheme until ...