All articles by Jennifer Paterson – Page 100
-
Analysis
How to add value without cost to the benefits package
If you read nothing else, read this… Employers can use a range of low-cost or zero-cost benefits to enhance the value of their employee benefits package. Many product providers bundle value-added services into their standard offering, such as employee assistance programmes (EAPs) with group income protection products. Discounts on everyday ...
-
Article
Kay report calls for realignment of executive remuneration
A report commissioned by the government has proposed to realign company incentives by better relating directors’ remuneration to long-term sustainable business performance.The report, UK equity markets and long-term decision making, has also proposed that long-term performance incentives should be provided only in the form of company shares, to be held ...
-
Article
HMRC publishes consultation on tax avoidance schemes
HM Revenue and Customs (HMRC) has published a consultation on improving the information available about tax avoidance schemes and the risks of using them.The consultation includes proposals to revise and extend the Disclosure of Tax Avoidance Schemes (Dotas) hallmarks (the descriptions of schemes required to be disclosed for income tax, ...
-
Article
Half of respondents plan below-inflation pay awards
Nearly half (48%) of respondents said they are planning a below-inflation pay award or targeted pay rises, according to research by the Confederation of British Industry (CBI) and Harvey Nash.The employment trends survey, Facing the Future, which polled 319 organisations employing 1.9 million people in the UK, also found that ...
-
Article
Cookson Group enters into pension insurance buy-in agreement
Cookson Group has entered into a pension insurance buy-in agreement with Pension Insurance Corporation (PIC).The transaction covers the material science firm’s pensioner liabilities totalling around 60% of the total liabilities, with an insurance premium of around £320 million from existing assets of the defined benefit (DB) pension scheme.The buy-in agreement ...
-
Article
CIPP sends first real-time information submission
The Chartered Institute of Payroll Professionals (CIPP) has sent its first real-time information (RTI) submission.Exchequer secretary David Gauke was on hand at the CIPP’s offices in Solihull to observe the payroll department send 145 employer details as part of its first RTI submission.RTI, a new way for employers to report ...
-
Article
The Pensions Regulator publishes statement on pension incentive exercises
The Pensions Regulator (TPR) has published a principles-based statement on incentive exercises following a publication in June of an industry code on this area.An incentive exercise is where an employer seeks to reduce risk or cost associated with its defined benefit (DB) pension scheme by offering members the option to ...
-
Article
EXCLUSIVE: RSA Group launches eyecare scheme following pilot
Royal Sun Alliance (RSA) Group has rolled out an eyecare scheme to its 3,000 UK employees.The global insurer's scheme, which it piloted in May 2011 with its fleet drivers, is provided by Specsavers Corporate Eyecare.It has been launched using a series of roadshows, which included vision screening, followed by advice ...
-
Article
Goldman Sachs' pay and benefits spend fell 9% in second quarter of 2012
Goldman Sachs’ compensation and benefits’ spend was down 9% in the second quarter of 2012, compared to the same period in 2011.The figures were published in the global investment and securities firm’s 2012 second quarter report.The accrual for compensation and benefits expenses, which includes salaries, estimated year-end discretionary compensation, amorisation ...
-
Article
48% of UK employees were in workplace pension schemes in 2011
Almost half (48%) of UK employees were members of an employer-sponsored pension scheme in 2011, falling below 50% for the first time since 1997, according to figures by the Office of National Statistics (ONS).The figures, which are part of the update to Pension Trends, chapter, 6, 7 and 8, also ...
-
Article
DWP publishes plans for pot-follows-member pension schemes
The Department for Work and Pensions (DWP) has published plans to make it simpler for employees to take their work pension scheme with them from job to job.Current rules make it difficult for employees to combine their pension pots as they move jobs, leaving money stranded or lost completely.The DWP ...
-
Article
HMRC launches video guide to help employers understand real-time information programme
HM Revenue and Customs (HMRC) has launched a video guide to help introduce employers to the real-time information (RTI) programme, which comes into effect from April 2013.The video looks at what RTI means for employers, the main changes that will be introduced, and a timetable for the programme.The programme will ...
-
Article
A quarter of respondents make higher contributions to DB schemes to manage funding
One in four respondents have had to pay higher contributions than expected as part of a more pragmatic approach to the management of their defined benefit (DB) pension scheme, according to research by actuarial consulting firm Punter Southall.Its research, Reaching pragmatic funding agreements in challenging times, which was last carried ...
-
Article
Graham and Brown enters into pension insurance buy-in agreement
Designer wallpaper supplier Graham and Brown has entered into a pension insurance buy-in agreement for its defined benefit (DB) pension scheme with Pension Insurance Corporation (PIC).The transaction, which covers around £15 million of liabilities, allows the trustees to insure all pensioners at the point of signing the transaction, but with ...
-
Article
Cost of providing healthcare benefits continues to rise
The cost of providing healthcare benefits to employees continues to escalate at double-digit levels around the globe, and is expected to increase by 9.6% this year, according to research by Towers Watson.The research, the 2012 Towers Watson Global medical trends survey, which polled 237 medical insurers in 48 countries, found ...
-
Article
New Economics Foundation report: Regional pay rates could cost £10 billion a year
Government plans to introduce regional pay rates for the public sector could cost the economy almost £10 million a year, according to a report published by the New Economics Foundation (NEF) and commissioned by the Trades Union Congress (TUC).The proposals to introduce regional pay rates were first put forward by ...
-
Article
EXCLUSIVE: West Lothian Council switches voluntary benefits provider
West Lothian Council has switched the provider of its voluntary benefits scheme.The scheme, which includes employee discounts, childcare vouchers and a bikes-for-work scheme, will now be provided by P&MM.The switch was made following a competitive tender process.Graeme Struthers, head of corporate services at West Lothian Council, said: “The package will ...
-
Article
First Western Rail staff secure Olympic bonus
First Western Rail staff have secured a bonus for working during the London 2012 Olympic and Paralympic Games.The agreement, which was reached after extensive negotiations with representatives from the Rail, Maritime and Train (RMT) union, will give employees a flat-rate payment for the Olympic period in addition to enhanced payments ...
-
Article
Government to delay white paper on state pension reform
Pensions minister Steve Webb has announced that a white paper on state pension reform is to be postponed to the autumn due to the “complexity and importance” of these reforms.The statement said:The chancellor George Osborne confirmed in the Budget 2012 that the state pension system will be reformed to introduce ...
-
Article
Merseyside Pension Fund appoints adviser for investment management
Merseyside Pension Fund (MPF) has appointed Mercer to provide advice on the manager selection process for a passive investment mandate of £1,000 million to £1,500 million.The index-tracking mandate is initially expected to cover UK equities, UK index linked gilts and North American equities.Peter Wallach, head of Merseyside Pension Fund, said: ...