All articles by Jennifer Paterson – Page 38
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Schindler Group enters pension insurance buy-in
The Schindler Group (UK) 1988 Pension Scheme has entered into an insurance buy-in.The transaction, which covers all the defined benefit (DB) pension scheme’s liabilities in respect of its current pensioners, was completed by Legal and General’s annuity de-risking business, and advised by JLT Employee Benefits and Pinsent Masons.Ashley Greensmith, chairman ...
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Employers to increase focus on health and wellbeing in 2014
Two-thirds (65%) of respondents said health and wellbeing will be an increased priority in 2014, according to research by Edenred and EnergiseYou.The second Annual wellbeing survey, which questioned more than 100 HR professionals, found that the same percentage (65%) are taking a proactive approach to employee health and wellbeing.The research ...
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Collective pension could provide 33% better outcome
Collective pensions could provide a 33% better outcome than individual provision, according to a report by David Pitt-Watson (pictured), lead for the Tomorrow’s Investor programme at the Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA).The Collective pensions in the UK II report, which follows on from its ...
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16% called in sick due to stress in past year
One in six (16%) respondents called in sick due to stress in the past year, according to research by Friends Life.Its research, which surveyed 2,000 UK employees, found that young people were more likely to feel the pressure, with almost a quarter (24%) of 18-to-24 year olds calling in sick ...
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West Cornwall Pasty Company launches master trust
The West Cornwall Pasty Company has launched a master trust to comply with auto-enrolment.The scheme, which was launched on the food retailer’s auto-enrolment staging date of November 2013, will be provided by multi-employer trust provider Now: Pensions.The master trust is available for the organisation’s 400 eligible employees.Lowri Eastgate, head of ...
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EDF Energy agrees pay terms for Hinkley staff
EDF Energy has reached an agreement on pay and conditions for employees who will build the proposed new Hinkley Point C nuclear power station in Somerset.The agreement, which was reached with trade unions Unite and GMB, applies to electrical and mechanical workers.It confirms their pay and conditions of employment, including ...
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Imation UK completes DB pension buyout
Data storage and electronics organisation, Imation UK, has completed an insurance buyout of its defined benefit (DB) pension scheme.The transaction, which covers £21 million of liabilities, was carried out by the Pension Insurance Corporation (PIC). The trustees of the scheme were advised by JLT.John Beckett, regional finance and administration manager ...
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Canada Life extends terms and conditions on group risk products
Canada Life has extended the terms and conditions on its group risk benefits that are connected to a pension scheme.The extension applies to all employers auto-enrolling employees before 31 December 2014.The provider’s terms and conditions had previously only applied to employers with 250 or more pay-as-you-earn (PAYE) employees.The terms include:No ...
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Norton Rose Fulbright appoints Vicky Rose
Global law firm Norton Rose Fulbright has appointed Vicky Rose rewards, pensions and mobility manager.She was previously associate director, compensation and benefits at Bank of Tokyo Mitsubishi.Her other previous roles in the industry include reward manager at both Inmarsat and at Cardif Pinnacle.
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Freshfields appoints Rachel Bern
Law firm Freshfields Bruckhaus Deringer has appointed Rachel Bern international compensation and benefits manager.Her previous roles include reward adviser in the international headquarters of NBC Universal, reward analyst at Rexam and reward assistant at the Coca-Cola Company.
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Post Office calls off pay strike
Post Office employees have called off scheduled strike action over pay.The strike, scheduled for 4 November, was called off following a letter from Paula Vennells, chief executive officer of the Post Office.Post Office employees have not received a pay rise since April 2011 as a result of an organisation-wide pay ...
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12,592 university staff paid less than living wage
Almost 13,000 university employees are paid less than the living wage, according to research by trade unions Unison and the National Union of Students (NUS).The research, which looked at universities across England, Scotland, Wales and Northern Ireland, found that the median lowest wage for UK university staff is £7.39, less ...
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Young women caught in low-pay cycle
The proportion of young women working in low-paid jobs has trebled over the past 20 years, according to research by The Work Foundation and commissioned by the Trades Union Congress (TUC).The gender jobs split research found that, between 1993 and 2011, the share of females between the ages of 16 ...
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Challenges around auto-enrolment postponement
The move flagged up some small print in the auto-enrolment legislation, which states employers must offer eligible employees the ability to auto-enrol into a qualifying pension scheme on their official staging date, regardless of whether or not they postpone the auto-enrolment process.The Pensions Regulator (TPR) states in its guidance: “If ...
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Premier Foods closes DB pension
Premier Foods has closed its defined benefit (DB) pension scheme to future accrual.The closure, which was disclosed in the food manufacturer’s Interim management statement for the three months ending 30 September 2013, took place at the end of September to enable to organisation to better control its pension costs.The 3,800 ...
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Eskom Pension Fund appoints DB pension administrator
The Eskom Pension and Provident Fund (EPPF) has appointed international fiduciary and funds services group Maitland to provide investment administration and management.The EPPF is one of the largest defined benefit (DB) pension schemes in South Africa. It manages more than R96 billion (£5.9 billion) on behalf of 88,000 members.A portion ...
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Universal Provident to withdraw hybrid health plan
Universal Provident is to withdraw its hybrid health plan from the market.The Oasis Plan, which included a £15,000 lump-sum serious illness benefit, major medical expenses and a hospital plan component, was a hybrid health cash plan and private medical insurance (PMI) scheme.Dale Tranter (pictured), assistant group manager at Universal Provident, ...
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ArticleGuaranteed pensions would see higher staff take up
Six out of 10 respondents said there would be a significant difference in the number of employees who would consider joining, or staying in, a defined contribution (DC) pension scheme or who would pay higher contributions if the qualifying default fund secured a guaranteed pension income building up year on ...
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Government outlines new shared parental leave system
The government has outlined how its new system of shared parental leave will work for employees and employers when it comes into force in April 2015.A government consultation, which opened in February 2013 and closed in May, looked at how the new system will work and fit together with current ...
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Pension funds are unaccountable to savers
Pension funds are unaccountable to the savers whose money they invest, according to a report by ShareAction, the public campaign for the ethical investment of UK pension funds. Its Our money, our business report found that, although company directors are increasingly expected to be accountable to their shareholders, shareholders themselves, ...