All articles by Jennifer Paterson – Page 165
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Article
Aon Hewitt research: Final salary pension scheme deficit is closing up
The pensions deficit of the 200 largest privately-sponsored final salary schemes has reached its smallest level since September 2009, according to research from Aon Hewitt.The deficit stood at £69 billion at the end of October, compared to the £80 billion deficit recorded on 30 September 2010.According to the research, the ...
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Article
Majority of UK employees believe they are underpaid
A majority (93%) of UK employees believe they are underpaid and only 4% are happy with their salary, according to a poll from HR consultancy Reabur.The poll asked 1,293 respondents if they think they are underpaid by their employer and what they think they are financially worth to the company ...
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Article
Cigna launches tool to help employees with lower back pain
Cigna UK Healthcare Benefits has launched an interactive online condition management resource aimed at helping employers tackle the issue of lower back pain.The tool gives support and advice for employers on managing conditions in the workplace.Cigna has developed the tool to recognise the good practice guidelines issued by the National ...
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Article
BT cuts pension deficit by £2.9bn after switching inflation measure
BT has reduced its pension deficit by £2.9 billion by applying the government’s decision that the consumer prices index (CPI) rather than retail prices index (RPI) will be used as the basis for determining the rate of inflation for the statutory revaluation and indexation of occupational pension rights.Following a detailed ...
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Article
Axa research: UK staff among highest retirement savers in Europe
UK employees are among the highest retirement savers in Europe, according to Axa’s bi-annual Retirement Scope survey.They rank just ahead of neighbours in Germany (48%), Italy (47%) and Spain (41%), although many respondents will experience a substantial drop in income at retirement due to lower levels of state benefit in ...
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Article
Curo launches compensation platform
Curo has launched a technology platform, whichis designed to support employee compensation planning and allocation processes.The Curo Compensation platform, which can integrate with existing human resource management systems, allows line managers to make pay decisions, aligning individual and business performance with compensation data history, and internal and external benchmarks.Ita key ...
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Article
Spriax Sarco Engineering launches total remuneration surveys
Spirax Sarco Engineering has introduced total remuneration surveys,The surveys, which are provided by Mercer, will be delivered online to enable Spirax Sarco to make more informed decisions around the benchmarking of pay and benefits.The data supports a grading project that Mercer is implementing worldwide across the organisation.Neil Hurst, head of ...
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Article
Asperity is behind the 'Benefits Revolution'
Asperity Employee Benefits is the provider behind the much-talked-about 'Benefits Revolution'.The revolution refers to its latest version of its Reward Gateway platform, names Reward Gateway 4.This new a fully-integrated voluntary benefits website is expected to challenge the flexible benefits platform marketplace due to its integrated voluntary and salary sacrifice facility. ...
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Article
BHSF to launch 24-hour GP helpline
BHSF is to launch a 24-hour general practitioner (GP) helpline on 1 December.The service will allow employers that offer BHSF’s health cash plan policies to offer access to a fully qualified GP 24 hours a day, 365 days of the year.The service was initially trialled with the provider's employer-sponsored products.Peter ...
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Article
Police Service of Nothern Ireland awarded best payroll giving scheme
The Police Service of Northern Ireland was awarded best overall payroll giving campaign at the National Payroll Giving Excellence Awards 2010.The service, which employs 10,060 staff and increased its payroll giving take up, while reducing staff numbers, was also awarded best campaign by a public sector employer.Other winners included: TNT ...
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Article
AgustaWestland launches pensions website
Helicopter manufacturer AgustaWestland has launched a new pensions website for its £630 million pension scheme.The defined benefit (DB) scheme, which has over 5,000 members previously had no online provision.The website, which is provided by Shilling Communication, offers access to Pensionline, the scheme administrator Aon’s interactive platform, where members can look ...
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Article
Nest awards fund administration contract to State Street Corporation
Nest Corporation has awarded the contract for its fund administration services to State Street Corporation.The main fund administration contract is for 10 years during which time State Street Corporation will be providing end-to-end fund administration and custody services to the National Employment Savings Trust (Nest).The contract has been signed in ...
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Article
Origen and Staffcare form partnership
Origen Financial Services and Staffcare have formed a partnership agreement.Origen, the national firm of independent financial advisers, will be using Staffcare's software platform to launch the Origen Benefits Portal, which will include a new suite of online tools to help employers with benefits communication and administration.Each module of the online ...
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Analysis
Voluntary benefits: Discounts head the list of popular perks
If you read nothing else, read this . . .Voluntary benefits with the biggest take-up among staff, according to industry experts are:Retail and leisure discountsChildcare vouchersCycle-to-work schemesHoliday purchaseHealth cash plansRetail and leisure deals top the chart of popular choices in voluntary benefits, says Jennifer PatersonOnce seen as the ugly duckling ...
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Analysis
Overcoming negative perceptions of employee assistance programmes
If you read nothing else, read this...Employee assistance programmes were first introduced to treat substance abuse problems.Other common stigmas associated with EAPs are issues with seeking help and confidentiality.Employers can help dispel these fears by regularly communicating exactly what EAPs are, what they can be used for and how they ...
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Article
Admin Re closes defined benefit pension scheme to future accrual
Admin Re has closed its defined benefit (DB) pension scheme to future accrual, improved its death-in-service benefit and provided financial education workshops for staff.The reinsurer had three reasons for the closure. Firstly, its regular review concluded the DB scheme was unsustainable in the long term because of inherent costs and ...
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Article
Asda puts voluntary benefits plan online
Asda has launched an online version of its voluntary benefits scheme for its 170,000 staff.It has integrated its Everyone Benefits scheme into its Green Room website, which shows staff what is happening in the business and enables them to share their own stories, pictures and videos.The online plan, provided by ...
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Case Studies
Case studies: How DC pensions can pay off
John, 65, is about to retire. He earns £15,000 a year and has been in a final salary plan for 40 years. It is contracted out (so he does not get Serps or state second pension (S2P)), pays a 1/60th benefit but makes a state scheme deduction of half the ...
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Case Studies
Case study: DC take-up makes news at ITN
ITN closed its defined (DB) benefit scheme to future accrual and introduced a new defined contribution (DC) scheme on 1 April 2010.When it closed its DB plan, it also introduced salary sacrifice to make the new group personal pension (GPP) more tax-efficient. Staff must put in a minimum of 4% ...
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Article
BDO offers tax return service
BDO has launched a tax return service that can be offered via flexible benefits, on a standalone basis or as a voluntary benefit.If employee-paid: the cost of the benefit can be paid over 12 months, incurring a benefit-in-kind charge; or via a net pay deduction.Shawn Healy, director in BDO's employment ...