All articles by Jennifer Paterson – Page 159
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Staff want employers to inform them of default retirement age changes
The majority (70%) of employees feel it is their employer’s responsibility to keep them informed of the government’s legislation on the default retirement age (DRA).A report by Close Asset Management, which surveyed 2,000 UK employees, also found 20% would look to their employers for advice. The legislation, which will eliminate ...
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URS/Scott Wilson harmonises flexible benefits schemes
URS/Scott Wilson is in the process of harmonising its flexible benefits package.The global design and engineering firm was acquired by URS in September 2010.The two businesses will keep their pension schemes separate but intend to consolidate the rest of the benefits package. Enrolment for the harmonised scheme will open at ...
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Henderson Insurance launches employee benefits division
Henderson Insurance has created a new employee benefits division.Henderson Employee Benefits will combine the firm’s Denney O’Hara business, which was acquired in spring 2010, with Henderson’s previous healthcare and employee benefits arm.Brian Denney, chairman of Henderson Employee Benefits, said: “I am delighted with the commitment Henderson have already shown to ...
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Friends Provident appoints new CEO and vice chairman
Friends Provident has appointed Andy Briggs chief executive officer (CEO).He will replace Trevor Matthews who will assume the role of vice chairman. This follows Matthews' conclusion that, in view of his personal intention to return with his family to Australia within the next three years and the substantial agenda of ...
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Teachers may strike over pension reform
The Association of Teachers and Lecturers (ATL) action committee has voted to make preparations for a national ballot of the union's members over pensions changes which the government is seeking to impose. The changes include a 3.4% increase in pension contributions by 2014.Dr Mary Bousted, general secretary of ...
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Financial Services Authority freezes pay for second year
The Financial Services Authority (FSA) has frozen pay for the second year in a row.The news was communicated to the regulator’s employees via email from chief executive Hector Sants. A similar email was sent out last year to say there would be no pay increases in 2010.In a statement, the ...
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Remuneration Consultants Group appoints non-executive directors
The Remuneration Consultants Group (RCG) has appointed two independent non-executive directors, William Claxton-Smith and Philippa Hird.The RCG, which develops the voluntary code of conduct for executive remuneration consultants, now comprises an independent chairman, two non-executive directors and four elected representatives of member firms.Claxton-Smith was head of corporate governance at Insight ...
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BBC cuts senior manager pay bill by 13.6%
The BBC has cut its senior manager pay bill by 13.6%, and is planning to make further reductions before the end of 2011 to deliver the 25% reduction in the pay bill that was agreed with the BBC Trust.The organisation published salary details for its 462 permanent licence fee-funded senior ...
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PruHealth to launch new corporate healthcare plans
PruHealth is to launch new business and corporate healthcare plans on 1 March 2011.This will be its first product launch since the company acquisition of Standard Life Healthcare in August 2010.The new plan will enable employers to take out core cover and then choose from a range of enhancements, such ...
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Hay Group research: Pay increases will be higher in 2011
Private sector pay increases in 2011 will be higher than in 2010, at a median 2.5%, while public sector employees will see a rise of only 0.4%, according to Hay Group’s Reward in 2011 report.The majority (82%) of private sector organisations indicated they would increase salaries in 2011. Less than ...
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Mitie offers staff mental health first aid training courses
Strategic outsourcing firm Mitie is offering free mental health first aid training courses to its 57,000 staff.Mental Health First Aid (MHFA) provides the courses to public and private sector organisations to support them in dealing with staff that experience mental health problems. The course provides comfort and promotes recovery for ...
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Lloyds Banking Group increases bikes for work take up
Lloyds Banking Group has increased take up of its bikes-for-work scheme.The bank, which owns Lloyds TSB and HBOS, set up its scheme through Halfords in 2006.In the first year 146 staff signed up and that has risen to 906 this year, an increase of almost 10% on 2010.The scheme enables ...
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Towers Watson and Vebnet partner in Latin America
Towers Watson and Vebnet have announced a formal partnership in Latin America.The partnership combines Towers Watson’s knowledge in benefits, investment and communications consulting with Vebnet’s technology to support organisations that need portal-based flexible employee benefit schemes.The two organisations already have a similar partnership in Asia Pacific.Towers Watson will combine Vebnet’s ...
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AllianceBernstein launches target date funds for DC pensions
AllianceBernstein has launched a range of target date funds for defined contribution (DC) pension schemes.The range of retirement strategies funds combines the features of the traditional approaches of lifestyling balanced (diversified growth) strategies and liability-driven investment.The funds are aimed at occupational and contract-based DC scheme members who do not have ...
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Managers in Ireland expect salaries to stay static in 2011
The majority (63.6%) of managers in Ireland expect salaries in their organisations to stay the same in 2011, according to figures from Morgan McKinley's latest Salary Survey 2010.The company surveyed 723 senior-level operational and HR managers across the finance, technical, office support and IT functions in organisations in Ireland.Karen O’Flaherty, ...
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Cordant Group loses case to treat travel expenses as part of minimum wage
The Cordant Group, which employs 30,000 staff in the UK and Ireland, has lost a case in which it challenged business secretary Vince Cable over the 2011 amendment to the national minimum wage regulations.On 1 January, the government amended the national minimum wage regulations, preventing employers from treating travel expenses ...
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Dorset County Council appoints JLT to aid investment strategy
Dorset County Council has appointed JLT Benefit Solutions to aid with an asset study following on from the council’s triennial pension scheme valuation which will set out its investment strategy going forward.The council’s pension fund has around £1.5 billion in assets and 51,000 pension scheme members.Nick Buckland, investment manager at ...
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CGGVeritas awarded the Pension Quality Mark
CGGVeritas has been awarded the the National Association of Pension Funds Pension Quality Mark (PQM) for its group personal pension (GPP) plan.The geophysical exploration specialist was assisted by Capita Hartshead Actuarial and Consultancy Services, which is advising the firm on how to best prepare for the forthcoming 2012 pension reforms.Its ...
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Government introduces the Pensions Bill 2011
The Pensions Bill 2011 has been introduced in the House of Lords by the minister for welfare reform Lord Freud.The Bill introduces key measures to: implement workplace pension reform measures from the ‘Making Automatic Enrolment Work Review’; bring forward the timetable for increasing the state pension age to 66; and ...
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Deloitte launches a pensions advisory practice
Deloitte is expanding its pensions advisory capability with a multi-disciplinary pensions practice that will draw on expertise from across the firm, including corporate finance, actuarial, tax, treasury and assurance.The move will provide clients with services across three broad areas: the funding of pension schemes, benefits strategy for employees, and day-to-day ...