All articles by Jennifer Paterson – Page 167
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LCP research: A third of employers dissatisfied with group risk offerings
A third (34%) of employers are dissatisfied with their existing benefits arrangements, says the LCP Risk Benefits Survey 2010: Trends in health and welfare benefits.The most common drivers for change include: the desire to extend existing benefits to more employees (26%) and wanting to introduce new benefits (24%).LCP, part of ...
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Government to launch consultation on state pension reforms
The government has announced it will launch a consultation on reforming the basic state pension.A spokesperson for the Department for Work and Pensions (DWP), said: "The Chancellor has confirmed the government will improve the quality and accessibility of pensions in the Spending Review period.“We will be bringing forward proposals for ...
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Bagshaws of Melton scheme transferred to Pensions Protection Fund
Barnett Waddingham has completed the administration process to allow the Bagshaws of Melton retirement benefit scheme to be transferred to the Pensions Protection Fund (PPF).Mike Rachman, a partner at Barnett Waddingham, said: “Managing a pension scheme through a PPF assessment period is a challenge that is unfortunately being faced by ...
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50% of employers want to keep default retirement age
Almost half (46%) of employers believe that it would be preferable for their organisation to have the default retirement age (DRA), says a survey from law firm Ashurst.Despite the government's recent announcement to abolish the DRA of 65 from October 2011, only 5% of professionals believe its removal will improve ...
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50% of employers believe competitors offer better benefits
Almost half of HR professionals working for large firms believe their competitors offer a superior benefits package.The findings came out of a survey by YouGov for vehicle leasing firm Lex Autolease. The survey polled over 300 HR managers and directors of firms with more than 1,000 employeesOnly 1 in 5 ...
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CSR: Nest and auto-enrolment to go ahead
The National Employment Savings Trust (Nest) will go ahead.The Comprehensive Spending Review has confirmed that the Department for Work and Pensions’ (DWP) settlement will fund the introduction of auto-enrolment from 2012 and the establishment of Nest, to help individuals save for their retirement and encourage high quality pension provision by ...
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CSR: MPs’ final salary pension scheme to end
During the Comprehensive Spending Review, Chancellor George Osborne told the Commons that the current final salary scheme for members of parliament will have to end.Osborne said: “It is clear that the current final salary pension terms for MPs are not sustainable and we anticipate that the current scheme will have ...
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Centrica, RBS and PWC awarded for work-life balance practices
Centrica, Royal Bank of Scotland and PricewaterhouseCoopers have been recognised for their work-life balance practices by winning Top Employers for Working Families 2010 awards.Twelve organisations were winners with a further 30 recognised for demonstrating outstanding work-life balance practices.The winner for best flexible working was Centrica, with American Express coming in ...
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Vail Williams to launch flexible benefits scheme
Vail Williams is to launch a flexible benefits scheme for its 150 employees.Employees will be able to access the scheme, which is provided by Portus Online, in November, before their selections go live in January 2011. Employees will be able to easily access the scheme through an online portal.The real ...
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Killik Employee Services and Yorkshire Building Society form partnership
Share plan specialists Killik Employee Services (KES) and the Yorkshire Building Society (YBS) Share Plans have joined forces to create All2gether Better.The partnership combines KES’s experience in supplying bespoke share plan services for executives with YBS’s experience with all-employee plans.All2gether Better is designed to offer share plan participants increased contact ...
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Few public sector managers prepared to compromise on pay
Only 15% of public sector managers would accept a pay cut in the run-up to the government's Comprehensive Spending Review, according to research by the Institute of Leadership and Management.Just 4%would be willing to accept flexible working options such as a career break. However, for those who would accept changes ...
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Alexander Forbes expands defined benefit pension consulting service
Alexander Forbes has launched an implemented consulting service for defined benefit (DB) pension fund trustees. The service, which was previously only accessible by the largest UK pension schemes, will now be available to DB schemes of all sizes.It provides trustees with real-time advice on strategic and tactical asset allocation, recommendations ...
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Cabot Financial staff volunteer for Children in Need
Employee volunteers from Cabot Financial will be manning the phones and taking donations for this year’s Children in Need appeal on Friday19 November.This is the third consecutive year that Cabot Financial has supported the event. Last year more than £220,000 was raised in public donations to the call centre at ...
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EMI Group reaches agreement on pension scheme funding
The trustee of the EMI Group pension fund has reached an agreement with the EMI Group regarding the long-term funding of the scheme, avoiding a hearing before the determinations panel of The Pensions Regulator.A multi-year payment plan has been agreed between EMI and the trustee to provide £197 million in ...
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Online travel portal launched for public sector staff
Barringtons International has launched a travel portal exclusively for organisations and employees within the public sector.PublicSectorDirect.com will give public sector employees and procurement departments the flexibility to book travel in a convenient way with the potential for savings of up to 58%. The site can be used for both work-related ...
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Welplan appoints Xafinity Claybrook for pensions administration
Welplan has appointed Xafinity Claybrook to run pensions administration for its defined contribution scheme.The project will improve member services, such as access to information over the web, and achieve efficient service delivery through greater automation.Bruce Kirton, chief executive of Welplan, said: “We are driving the business forward and preparing for ...
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NAPF to close defined benefit scheme to new members
The National Association of Pension Funds (NAPF) is to close its defined benefit (DB) pension scheme to new members.The scheme will remain open to existing members. A trust-based defined contribution (DC) pension scheme will be set up for all new employees.A spokesperson at the NAPF said: "In common with other ...
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Treasury to increase defined benefit valuation factor
The Treasury has confirmed that it will increase the factor used for valuing benefits against the annual allowance from 10 to 16.Currently, for final salary pension schemes, any increase in benefits over the course of the year is currently compared with the annual allowance by multiplying it by a factor ...
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BHSF introduces personal accident insurance
BHSF has introduced personal accident insurance.The health cash plan underwriter had traditionally placed group personal accident insurance with various other underwriters. However, with the acquisition of Network Insurance Brokers, BHSF decided it was a logical step.Peter Maskell, chief executive at BHSF, said: “The move was complex and would not have ...
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Postal Services Bill 2010 lays out plans for Royal Mail pension
The government has proposed to create a new government pension scheme and to transfer to it rights which members of the Royal Mail Pension Plan (RMPP) have accrued up to a cut off date to be determined by secondary legislation made under the Postal Services Bill 2010 as part of ...