All articles by Ian Silvera – Page 12
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Article
EBA consults on bankers' bonuses
The European Banking Authority (EBA) has launched a consultation on the technical standards of its bankers’ bonus cap legislation.The EBA’s draft Regulatory Technical Standards, which are intended to help identify material risk takers who will be subject to specific provisions of the capital requirements directive, will apply the bonus cap ...
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Article
Nest launches auto-enrolment video
The National Employment Savings Trust (Nest) has launched a video to help employees through the auto-enrolment process.Its Going halves video, which aims to help employees understand the importance of employer contributions, went live on Nest’s social media channels on 22 May.The video focuses on a day in the life of ...
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Article
Britain’s employees feel more stressed at work
Britain’s employees are feeling more insecure and pressured at work than at any other time in the past 20 years, according to research by the Institute of Education (IOE) and funded by the Economic and Social Research Council (ESRC) and the UK Commission for Employment and Skills (UKCES).The 2012 Skills ...
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Article
NSPCC completes pension buy-in
The National Society for the Prevention of Cruelty to Children (NSPCC) has completed a pension insurance buy-in for its defined benefit (DB) pension scheme.The buy-in, which covers £63 million of pensioner liabilities, was concluded with Pension Insurance Corporation (PIC).The transaction also allows the trustees to defer meeting the cost of ...
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Article
Employers plan pay freeze for graduates
Nearly three-quarters (72%) of respondents plan to freeze starting salaries for graduates over the next year, according to research by Incomes Data Services (IDS).Its annual Pay and progression for graduates 2013 report, which surveyed 93 large organisations, also found that with inflation running at 2.8%, the pay freeze equates to ...
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Article
JLT to re-launch lifetime allowance audit service
JLT Wealth Management is to re-launch its lifetime allowance audit service.This follows the reduction of the lifetime allowance, announced by Chancellor George Osborne in the Autumn Statement in December 2012, which is due to take effect from April 2014.The objectives of the lifetime allowance audit are:To establish a precise valuation ...
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Analysis
The pros and cons of using multiple pension plans for auto-enrolment
IF YOU READ NOTHING ELSE, READ THIS…Using multiple pension schemes will not suit all employers.Running multiple schemes can be confusing and may increase communication costs.Communication strategies must clearly differentiate the benefits of each scheme.The Pensions Regulator (TPR) requires all workplace pension schemes to meet its qualifying criteria for auto-enrolment. A ...
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Article
Labour calls for pension savers to be put first
The Labour Party has called on pensions organisations to be forced to put the interests of savers first.The shadow pensions minister, Gregg McClymont (pictured), argued in a pamphlet published by the Fabian Society, for more occupational pension funds to be run by trustees, with a fiduciary obligation to put the ...
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Article
Simply Business integrates HR and payroll systems
Insurance broker Simply Business has integrated its HR and payroll systems following a period of growth.It will use ADP’s HR.net and Freedom systems.Simply Business has more than 200 employees based at its headquarters in London and its Northampton contact centre.Sarah Bowerman, head of people engagement at Simply Business, said: “We ...
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Article
Call for government to reduce tax on private health benefits
EXCLUSIVE: Health and protection consultant Punter Southall Health and Protection Consulting (PSHPC) has called on the government to reduce tax on health benefits.It comes during Cancer Prevention Week, which runs from 13 to 19 May.PSHPC argued that if the government created more employer incentives to provide relevant support for employees ...
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ArticleFTSE-350 pension deficits hit £100 billion
FTSE-350 pension deficits rose above £100 billion over April 2013, according to research by consultancy Mercer.Its Pensions risk survey, which collected data from 320 UK pension schemes, revealed that the estimated aggregate IAS19 deficit for FTSE-350 defined benefit (DB) pension schemesstood at £108bn at 30 April 2013, compared to a ...
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Article
Aon Hewitt appoints new head of public sector benefits consultancy
Consultancy Aon Hewitt has appointed Karen McWilliam the new head of its public sector benefits consultancy.McWilliam will lead the team which provides advice and guidance on governance, administration and communications, including auto-enrolment and the taxation of pension benefits, and works closely with Aon Hewitt’s actuarial and investment consultants. McWilliam has ...
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Article
Lack of consistency in reward for inventor employees
There is a lack of consistency in reward and recognition for employees who invent patentable innovations, according to research by law firm CMS.Its pan-European survey Employee inventor rewards also found:57% of respondents offer a financial reward upon the granting of patents.50% of respondents reward inventors upon the initial disclosure of ...
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Article
Unusual childcare requests
When considering their childcare needs, skid-pan control and martial arts skills are unlikely to feature highly on the wishlists of many employees.However, employers looking to point their staff in the direction of something a little extra, or who have employees deemed to be high profile or at high risk, could ...
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Article
Five Guys selects payroll provider for UK launch
US burger restaurant chain Five Guys has selected ADP as its UK payroll provider.The organisation, which has 1,000 locations in 47 states and six Canadian provinces, will use ADP Freedom to manage the payroll functions for its new UK arm of the organisation.Five Guys’ requirements for a payroll provider were ...
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Article
Interview with Euan Hutchinson, EMEA rewards director, Johnson and Johnson
Hutchinson never intended to become a reward manager. He studied accountancy at the University of Strathclyde in 1985, but a chance opening with a client while working as a consultant changed his career path forever.“I was originally an accountant specialising in tax for 10 years, and then I started to ...
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Article
No bonus for Morrisons' directors
Morrisons executive directors received no annual bonus in 2012, because they failed to meet the organisation’s underlying profit before tax growth target.The supermarket chain’s Annual report 2012, also showed that Dalton Philips, chief executive of WM Morrison, saw his total remuneration cut from £1.78 million in 2011, to £1.09 million ...
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Article
Flat-rate state pension introduced in Pensions Bill
A flat-rate state pension worth around £155 per week will be introduced from April 2016.The Pensions Bill, announced in the Queen’s Speech, will introduce a system which will replace the current means-tested method. The concept of a single-tier state pension was first mooted by pensions minister Steve Webb in 2011.The ...
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Article
First £2,000 of national insurance contributions to be waived
The first £2,000 of national insurance contributions (NICs) for employers will be waived under the National Insurance Contributions Bill set out in the Queen’s speech. The legislation was initially announced by Chancellor George Osborne in the Budget 2013, with the aim of promoting employer growth.The bill’s employment allowance clause means ...
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Article
Good work-life balance a driver for staff retention
Employee respondents in the UK believe their employers fail to support them in striking a balance between work and their personal life, according to research by global management consultancy Hay Group. The research, which was compiled using data from Hay Group’s global employee opinion database comprising more than 600,000 UK ...