All articles by Debi O'Donovan – Page 15
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Budget 2012: Unfunded workplace pension arrangements
As announced on 14 October 2010, in the summary of responses to the discussion document on restricting pensions tax relief, the government is ready to act to prevent additional fiscal risk from changes in patterns of pension saving behaviour using unregistered pension saving arrangements, including unfunded workplace pensions.The government has ...
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Budget 2012: Commuting small personal pension funds
As announced in the Autumn Statement 2011, the government will extend the existing pensions tax commutation rules to allow individuals aged 60 or over to commute funds of £2,000 or less held in personal pensions into a lump sum regardless of their other pension savings, subject to a maximum of ...
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Budget 2012: Asset-backed pension contributions
On 29 November 2011, the government announced that legislation would be introduced to change the tax rules in relation to employer asset-backed pension contributions, with effect from the date of the announcement.On 22 February 2012, the government published further legislation, with immediate effect, to limit the circumstances in which up-front ...
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Budget 2012: Tax relief on luncheon vouchers scrapped from 2013
As announced in the Budget 2011 and Finance Bill 2012, the government has now confirmed that it will proceed with the abolition tax relief on luncheon vouchers from 6 April 2013.Luncheon Vouchers are currently NIC and tax exempt up to £36 a year. That is, roughly, a tax break on ...
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Budget 2012: Tax relief abolished on some group life assurance premiums
As previously announced, from 6 April 2015, tax relief will be abolished on group life assurance premiums paid by employers under employee-funded retirement benefit.Read more stories from the Budget 2012
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Budget 2012: Real Time Information legislation updated
Following consultation, a regulation-making power will be introduced in the Finance Bill 2012 to facilitate the provision of information required for the operation of Real Time Information.The government will consult before the summer on a new model for pay-as-you-earn (PAYE) late payment and late-filing penalties, ahead of the main roll-out ...
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Debi O'Donovan, editor of Employee Benefits: We are seeing a step-change in benefits provision
I often get asked: ‘What trends are you seeing in the market?’ Usually, trends in benefits are like slowly shifting sands where you can spot potential formations years in advance. But in the past few weeks, I have seen two sets of research, both commissioned by Employee Benefits, that indicate ...
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Budget 2012: Contracting out of defined contribution pension schemes
The government will amend pensions tax legislation in the Finance Bill 2013 to remove references to tax relief on employee contracted-out contributions to defined contribution pension schemes.This will align tax legislation with the Department of Work and Pensions (DWP) legislation, under which contracting out through a defined contribution (DC) pension ...
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Debi O'Donovan, editor of Employee Benefits: Year of change is time to drive a hard bargain
I predict that this will be the year of driving the hard bargain. Not only is the economic malaise putting pressure on all budgets, but this year will also see commission-paid advisers trying to win as much new pensions business as possible ahead of a change in commission rules under ...
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Staff spend up to 21% of salary on travel fares
Hay Group’s latest PayNet UK Salary Tracker shows that some employees spend up to 21% of their annual salary on their journey to work, although average commuting expenditure is 8% of salary.The average travel fare rise of 5.9% was announced in December putting the average annual season ticket at £2,028, ...
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Debi O'Donovan, editor of Employee Benefits: Get ready for some fun and games this year
So 2012 is finally here. Not since the millennium has a year been so anticipated by readers of Employee Benefits. Across the nation, reward managers are limbering up for the big event later this year. The Olympics or pensions auto-enrolment? Either way, you need to be ready to cope.To that ...
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Autumn Statement 2011: Low Pay Commission to consult on national minimum wage
In the Autumn Statement it was announced that the government will invite the independent Low Pay Commission (LPC) in its next report to consider and implement the best way to give business clarity on future levels of the National Minimum Wage, including consideration of two-year recommendations.It said: “This would provide ...
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Autumn Statement 2011: Income tax personal allowance to rise to £10,000
As announced in the Budget in April 2011, income tax personal allowance will increase to £8,105 in 2012-13.In the Autumn Statement the government announced further real terms increases in subsequent years towards the goal of a £10,000 personal allowance.Read more news from the Autumn Statement 2011
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Debi O'Donovan, editor of Employee Benefits: ‘Fluffy’ perks have hard message in tough times
As 2011 draws to a close, I cannot help but feel it has been a thoroughly tough year, albeit one of hard work and good achievements. But against a backdrop of austerity, every pound earned has been hard won. We are all probably very tired of these tough times, and ...
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Debi O'Donovan, editor of Employee Benefits: Employers may have to pick up tab for staff health costs in the future
The cost of healthcare is rising. That fact is all too apparent to any benefits manager trying to juggle their private medical insurance or group risk budget.But as the World Health Organisation’s June 2011 figures show, healthcare costs are rising at government level, too. Between 1995 and 2009, total expenditure ...
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Debi O'Donovan, editor of Employee Benefits: DC pension plan members are also impacted by high inflation
Anyone else think it odd that pensions advisers only seem to think that rising inflation is an issue for defined benefit schemes?I think what they mean is that it is an issue for employers (ie their cleints) with DB scheme; employers don't have to worry about their defined contribution (DC) ...
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NAPF conference: CSC to enhance employee savings platform
IT company Computer Sciences Corporation (CSC) will be enhancing its employee savings platform over the coming months.Speaking at the National Association of Pension Funds (NAPF) conference on 20 October, Jenny Davidson, director of compensation and benefits for Europe, Middle East and Africa (EMEA), at CSC said the firm will be ...
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Employee Benefits Live 2011 brings industry together
View video of Employee Benefits Live 2011View Twitter feed: #EBLiveAdd comments, inputs and questions below reportEmployee Benefits Live 2011 brought together all the key players in the benefits and reward industry for two days of networking, attending conference sessions and meeting over 100 leading suppliers.The event opened with a key ...
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Employee Benefits Live: Benefits managers should know as much as their corporate advisers
Benefits managers should ensure they know as much as their corporate advisers do about how to search the market.Speaking in the session ‘How to carry out a benefits review and tender process’, Jane Richards, group HR – remuneration and benefits at The Royal Bank of Scotland Group, drew on her ...
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Debi O'Donovan, editor of Employee Benefits: Plenty to think about as 2012 approaches
It has been so long coming that it might be easy to forget just how momentous the removal of the default retirement age will be for the future workplace.As of this month, no employee can be made to retire just because they have turned 65.Already, some employers have had to ...