All articles by David Woods – Page 10
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Article
NAPF Investment Conference: Trustees warned investment strategies to impact PPF levy
Pension trustees have been warned by the Pension Protection Fund (PPF) that if they pursue risky investment strategies then this could have an impact on their PPF levy.Speaking at the National Association of Pension Funds (NAPF) Investment Conference in Edinburgh, Partha Dasgupta, chief executive of the PPF, said that it ...
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Article
High earners hit by Budget predictions
Higher earners could face increases in national insurance contributions (NIC) and a reduction of pensions tax relief in Alistair Darling's first budget in 12 March.Chartered accountants MacIntyre Hudson predicts 2-1 odds that the chancellor will raise the NIC above the upper earnings limit (£34,840) from 1% to 2%. The firm ...
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Article
Lloyds Pharmacy prescribes new staff incentive scheme
Lloyds Pharmacy has replaced its quarterly sales-led cash bonus scheme with a new incentive programme for store managers, pharmacists and other staff that includes a range of measures and targets. The firm has made the move to drive customer service and improve motivation among its 16,000 UK staff.Pharmacy managers and ...
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Analysis
Pensions Regulator guidance lacks teeth
GUIDANCE on defined contribution (DC) contract-based pensions schemes issued by The Pensions Regulator may fail to improve the governance of DC plans by employers say experts.The regulator's report, Voluntary employer engagement in workplace contract-based pension schemes, provides guidance to employers that have chosen to become more closely involved in monitoring ...
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Article
Nutricia switches to GPP
Nutricia is to replace its self-administered, trust-based money purchase plan with a group personal pension (GPP), because of concerns about the increasing regulatory burden placed on trustees and age discrimination legislation.The changes, which also apply to Nutricia's sister company SHS Holdings, are due to come into effect in April and ...
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Article
Flex needs to be feasible
A flexible benefits scheme can be a tricky character. Flex plans can appear under a number of guises making it necessary for employers to identify which structure is right for both their business and their benefits strategy in order to gain the best possible return on their investment.Susan Stevens, head ...
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Article
Employers urged to alert staff to tax and NI changes
Employers are being urged to warn staff of income tax and national insurance changes at the onset of the new tax year.From 6 April 2008, there will only be two income tax bands of 40% and 20%, with the latter being reduced from 22%. The 10% starting rate for income ...
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Article
Wetherspoon adds health screening to flex scheme
JD Wetherspoon has revamped its flexible benefits scheme by adding health screening and carbon offsetting, via salary sacrifice arrangements, from April.The pub chain is offering health screening via its flex scheme, which is limited to head office staff. However, there is general uncertainty over the way the perk will be ...
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Analysis
Spell out perks
In the fast-moving world of benefits, misconceptions have arisen around the definition of some perks, which require clarification, says David WoodsWhen people communicate, it is not just about the words that they use that helps others to understand their meaning. More than half (55%) of what an individual means to ...
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Article
NAPF Investment Conference: Employers with DC pensions told to limit fund choice
Employers with defined contribution (DC) schemes have been told to limit fund choices to a small number and to provide effective financial education to help employees get to grips with their necessary investment decisions.Alistair Byrne, senior lecturer in finance at the University of Edinburgh, told delegates at the National Association ...
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Article
Davis Langdon to reward staff who opt for cars with low CO2 emissions
Davis Langdon is offering an increased company car allowance for staff and partners at the construction project and cost consultancy who choose vehicles with low carbon dioxide emissions.The firm has set carbon emissions of 165g/km as the benchmark and will offer employees an increased car allowance for vehicles at or ...
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Article
HR professionals believe their partners should be paid more
A large number of HR professionals believe their partner's pay packet should be larger.†Eight-out-of-ten (80.7%) of male HR professionals believe this should be the case, while 75.6% of women in HR are concerned that their partner's contribution to the home is not sufficient.According to a study by recruitment and talent ...
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Article
Rank Group sells DB pension scheme
Rank Group has sold its final salary pension scheme in what is believed to be the biggest transfer of pension scheme liabilities in the UK to date.The scheme, which has assets of approximately £700m and 19,000 members, has been sold to Rothesay Life, a subsidiary of Goldman Sachs. This is ...
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Article
GP partners earn more for working fewer hours
Although the average pay of a general practice (GP) partner has risen by 58% since 2002-2003, GPs are working on average seven hours less each week than in 1992.According to NHS Pay Modernisation:New Contracts for General Practice Services in England published by the National Audit Office, in 2005-2006 the annual ...
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Article
ABI and NAPF update guidelines on executive contracts and severance
The Association of British Insurers (ABI) and National Association of Pension Funds (NAPF) have updated their joint statement on executive contracts and severance.The new statement contains eight principles to assist employers with the design and application of contracts when senior staff depart. It can also be used by shareholders to ...
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Article
Institute of Directors introduces healthcare cash plan
The Institute of Directors (IoD) has introduced a healthcare cash plan for its members and its staff.The plan provides employees with money back towards the cost of dental treatment, eye care and glasses as well as health screening, diagnostic scanning and specialist consultations.IoD members can purchase the plan, which is ...
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Article
Kent Police relaunches cycle-to-work scheme
Kent Police is teaming up with Kent County Council to relaunch the police force’s cycle-to-work scheme. The police is to re-open the ordering period for its cycle-to-work scheme this month, following a high level of staff interest in the benefit.Kent County Council, will provide full marketing and administration support, road ...
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Article
Chrysalis Group offloads DB pension scheme
Chrysalis Group has selected Paternoster to administer its defined benefit (DB) pension scheme, and take on the risks associated with running the plan.Members of the Chrysalis Group Retirement Benefits Scheme have been notified by the trustees.Michael Connole, group finance director at the independent music company, said: "We are delighted to ...
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Article
The Pensions Regulator opens consultation on conflicts of interest
The Pensions Regulator has published a consultation document on guidance relating to conflicts of interest.The draft guidance is designed to help trustees of occupational pension schemes assess the adequacy of governance arrangements they put in place to manage conflicts of interest, which may arise when a personal interest or duty ...
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Article
Aon Consulting launches occupational health service
Aon Consulting has launched a specialist healthcare management service to that will offer employers advice on both internal and external occupational health services.The initiative was launched in response to the burden on employers to improve employee wellbeing and integrate areas such as absence management, long-term disability and medical insurance into ...