All articles by David Woods – Page 8
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Companies poised to freeze salaries as economy slows
The current credit crunch and volatile economic conditions are prompting a number of companies to consider freezing salary levels.Three-in-ten companies are currently poised to do so according to the Hay Group Global Survey into the Effects of Recent Economic Events. Some 16% of companies in the UK, meanwhile, feel their ...
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Employers more likely to consider pension scheme buyouts
Many companies are likely to review buying annuities for pensioners due to the continuing credit crunch and the volatility of investment markets.According to the Aon200 Index, the aggregate pension scheme surplus has risen by 141% to a surplus of £11bn at the end of March 2008, from a deficit of ...
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Teachers to strike over pay
Members of the National Union of Teachers have voted in favour of strike action on 24 April over cuts in teachers' pay. Last year, Prime Minister Gordon Brown announced that pay rises for teachers would be kept in line with inflation. Under Brown's offer, most teachers will receive a 2.45% ...
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Helphire to issue total reward statements
Helphire is to launch paper total reward statements to its 3,000 employees from July.The firm, which provides services to the motoring and insurance industries, plans to introduce the statements as a means of boosting staff motivation and retention.It has already been using total reward statements, as a recruitment tool to ...
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E.ON refreshes fleet
E.ON has renewed its fleet contract for a further three years.The power company has awarded a £100 million three-year deal to Lloyds TSB Autolease to manage its fleet in a pan-European deal for the UK, Germany, Hungary and the Czech Republic. The deal builds on a four relationship between E.ON ...
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FleetCor acquires Abbey Fuelcards
The Fuelcard Company UK, a division of FleetCor, has acquired Abbey Fuelcards, marking the third acquisition for FleetCor Europe this year.Andrew Blazye, chief executive officer of FleetCor Europe, said: "This acquisition will allow us to allow us to build on the expertise and service innovation that Abbey Fuelcards have cultivated ...
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Network Rail extends healthcare contract
Network Rail is to provide 34,000 members of staff with an enhanced range of occupational health and wellbeing services.In an extension of its existing contract with Bupa, the provider will now carry out periodic track safety and signaller medicals, drug and alcohol screening and health surveillance for night workers, staff ...
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UK trustees rate investment as their greatest challenge
More than half of trustees (51%) say that investment is the most important challenge facing their defined benefit (DB) scheme in the future.A further 41% of the 250 trustees surveyed, said that the most important issue for them was negotiating contributions from employers, according to the Aon Consulting Pension trustee ...
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City traders' bonuses slashed
City market traders in some markets have seen their salary and bonus packages reduced by an average of 40% in the last year.The Napier Scott Salary survey for bonuses awards for 2006 awarded in 2007 also shows that London-based managing directors received packages of £685,000, which is down by £290,000 ...
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Legal & General to acquire Suffolk Life
Legal & General Retail Investments Holdings (LGRI) has placed a cash offer to acquire Suffolk Life Group.The offer is £15.75 in cash for each Suffolk Life share, valuing the entire share capital of Suffolk Life at approximately £62 million.Suffolk Life's directors, who have been advised by the Fenchurch Advisory Partners, ...
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Blue Prince Mushrooms completes pension scheme buyout
Blue Prince Mushrooms has used an e-auction to complete a buyout deal with Legal & General for its £6.5m defined benefit pension scheme.The firm was assisted in the buyout process by Lane Clarke & Peacock (LCP) and Capital Cranfield Trustees.Adrian Dawes, trustee at Blue Prince Mushrooms, said: "Our e-auction provided ...
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Employers examine benefits communication
British businesses must improve benefits administration and communication in order to increase engagement and retention.According to the Current and Future Trends: UK Employee Benefits Report by Jardine Lloyd Thompson (JLT) Benefits Solutions, 55% of businesses communicate benefits to staff less than once a month, while more than a quarter (26%) ...
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Threat of Royal Mail strike over pension changes
Royal Mail workers will be balloted over changes to their final salary pension scheme, the results of which could lead to strike action.The Communication Workers Union (CWU) will ballot Royal Mail workers over Royal Mail's intention to press ahead with a reform to the pension scheme that had not been ...
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Ford to pay USD600 million into Jaguar Land Rover pensions
Ford Motor Company will contribute up to US $600 million to the Jaguar Land Rover pension plans when it sells the brands to Tata Motors.The contribution will be made once it has closed the deal, which is expected to happen by the end of the new quarter and is subject ...
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Alternative Networks upgrades HR software
Alternative Networks has upgraded its HR software to smooth HR processes and improve data management.The updated software, provided by Snowdrop, will also include a self-service function for employees and line managers, which will promote employee ownership of HR data.Melanie Hayden, HR manager at Alternative Networks, said: "By reducing the paper ...
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Cardif Pinnacle acquires Direct Life & Pension Services
Cardif Pinnacle has acquired Direct Life & Pension Services, a distributor of critical illness and other protection insurance products.Direct Life & Pension Services employs 200 staff and will continue to operate as a standalone business.Paul Glen, chief executive officer of Cardif Pinnacle, said: "The acquisition of Direct Life & Pension ...
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Pensions Regulator publishes updated clearance guidance
The Pensions Regulator has published updated guidance to support trustees and employers dealing with events that might impact upon their pension scheme, and when applying for a clearance statement.The guidance includes an emphasis on a principles-based approach encouraging parties to focus on the real impact of events on schemes, as ...
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Economic outlook could prompt pension cuts
The worsening economic outlook could prompt pension savers to stop, pause or reduce their pension contributions over the next 12 months.One-in-ten people saving into a pension said that they intended to take such action according to Brewin Dolphin. Of these, 5% intend to stop contributions, 2% intend to pause payments ...
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New Star Asset Management plans to replace Sip with cash bonuses
New Star Asset Management plans to replace its share incentive plan (Sip) with cash bonuses when the scheme matures in August next year.The new scheme will consist of cash bonuses for the majority of employees together with a long-term share incentive plan (L-tip) for 35 of the firm's most senior ...
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Hewitt Associates acquires New Bridge Street Consultants
Hewitt Associates is to acquire New Bridge Street Consultants.Under the terms of the agreement, Hewitt will acquire 100% of New Bridge Street's existing compensation consultancy business and the new combined entity will be called Hewitt New Bridge Street.Yvan Legris, head of Hewitt Consulting in the UK, said: "We believe that ...