All articles by Jennifer Paterson – Page 43
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Bank of England and FCA respond to remuneration report
The Bank of England and the Financial Conduct Authority (FCA) have both published their responses to a report on a revised remuneration code for the banking industry.The Changing banking for good report, which was published by the Parliamentary Commission on Banking Standards (PCBS) in June 2013, made a series of ...
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44% do not feel motivated at work
Almost half (44%) of respondents do not feel motivated in the workplace, according to research by management consultancy Hay Group.Its research is based on its Insight database, which includes information from more than 400 organisations across 46 countries, representing 6.7 million employees.The research found that levels of engagement in the ...
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New guidance on public sector pension transfers
HM Treasury has published new Fair Deal guidance on the transfer of public sector pensions.The new approach to Fair Deal set out in the guidance, Fair Deal for staff pensions: staff transfer from central government, aims to ensure that staff compulsorily transferred out of the public sector will continue to ...
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Sodexo recognises long-serving staff
Facilities management organisation Sodexo has hosted a restaurant cruise to recognise more than 100 employees for their long service with the organisation.These employees, who have completed 20, 30 or 40 years’ service, were treated to a lunch on-board Bateaux London’s Symphony, a restaurant cruise vessel.Following the cruise along the Thames, ...
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BHSF acquires Occupational Health Consultants
Health insurance provider BHSF has acquired Occupational Health Consultants (OHC).The agreement will see OHC become part of BHSF Occupational Health.Peter Maskell, group chief executive of BHSF, said: “We are very pleased to have struck a deal to acquire OHC, which will double the size of BHSF Occupational Health.“We are looking ...
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Increased openness to wider pension investment strategies
More than a third (40%) of respondents are open to the idea of investing in new asset classes, according to research by Aon Hewitt.The consultancy’s survey of more than 750 delegates at its annual pension conferences highlighted the increasing willingness of trustees to consider a wider range of asset classes ...
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Bank of America extends smoking cessation plan
EXCLUSIVE: Bank of America Merrill Lynch (BAML) is to expand its smoking cessation programme after a successful pilot in May and June 2013.The bank launched the pilot at its financial centre in the City, and will now roll out a second session in the City and at its Canary Wharf ...
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Midcounties Co-op appoints Towers Watson
The Midcounties Co-operative has appointed Towers Watson to manage the investment portfolio of its £145-million defined benefit pension scheme.Towers Watson’s delegated investment service provides an integrated approach to managing assets against liabilities for all sizes of pension funds.Chris Ford, Europe, Middle East and Africa (EMEA) head of investment at Towers ...
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22% of staff feel supported when stressed at work
Only one in five (22%) of employee respondents felt that their employer takes active steps to help them manage stress, according to research by charity Mind.The research, which surveyed more than 2,000 employees, found that a third (36%) of respondents believe that looking after staff mental wellbeing is an organisational ...
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Tesco pension deficit rises to £2.4bn
Tesco has reported a net pension deficit of £2.4 billion, a rise from the £1.8 billion deficit reported at the last year end on 30 March 2013.The retailer’s Interim results 2013/14 reported that this was due mainly to the reduction in real corporate bond yields leading to a fall of ...
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FTSE 350 pension deficits rise to £98bn
The estimated aggregate deficit for the defined benefit (DB) pension schemes of FTSE 350 companies stood at £98 billion at 30 September 2013, according to research by Mercer. This is equivalent to a funding ratio of 85%.Its Pensions risk survey found that asset values increased by £4 billion over the ...
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Consultation on executive pay published
The Financial Reporting Council (FRC) has published a consultation on executive remuneration.The consultation follows legislative changes, which came in on 1 October, which made votes on remuneration reports binding.It will cover three specific areas:Clawback arrangements.Whether non-executive directors who are also executive directors in other organisations should sit on the remuneration ...
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Aviva completes sale of US business
Aviva has completed the sale of its US life and annuities business, Aviva USA, to Athene Holding Limited.The transaction proceeds are US$2.6 billion (£1.7 billion) and are subject to customary completion adjustments.Cash proceeds to Aviva are US$0.8 billion higher than announced on 21 December 2012, at US$2.3 billion (£1.5 billion), ...
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Grant Thornton overcomes AE postponement challenges
EXCLUSIVE: Grant Thornton opted to postpone auto-enrolling its employees by three months, but found that the move presented significant challenges.The professional services organisation opted to auto-enrol its staff on 1 October, three months after its staging date of 1 July.Employers must offer employees the ability to auto-enrol on their official ...
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Philips insures defined benefit pension
Electronics manufacturer Philips has entered into a bulk annuity transaction for its defined benefit (DB) pension scheme.The policy, with insurer Rothesay Life, is being held by the trustee of the Philips Pension Fund and covers £484 million worth of liabilities.It provides the pension scheme with a secure, low-risk asset with ...
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Employers do not view auto-enrolment as beneficial
More than two-thirds (69%) of respondents do not think pensions auto-enrolment will be beneficial for their organisation in the long term, according to research by Hargreaves Lansdown.Its HL Employer attitudes survey, which questioned 100 employers, found that 76% of respondents think they should get more recognition for implementing auto-enrolment.The research ...
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Appetite for pension de-risking remains strong
The appetite for pension de-risking solutions remains strong among both employers and trustees, according to a report by JLT Employee Benefits.Its Buyout market watch update found that total de-risking deals in 2013 are set to exceed last year’s figure of £4.5 billion.In July 2013, the EMI Group Pension Fund completed ...
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Oxfam launches EAP
EXCLUSIVE: Oxfam has launched an employee assistance programme (EAP) for its 1,300 UK-based employees.The programme, provided by CIC, replaces an in-house service previously offered by the charity. The EAP offers 24/7 telephone assistance and face-to-face counseling, as well as debt and legal advice, support with family care and everyday matters, ...
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Reforms to shareholders’ role in executive pay come in
Reforms proposed by the Department for Business, Innovation and Skills (Bis) on executive pay came into force on 1 October 2013.As a result of the reforms shareholders of around 900 UK-quoted companies will now be better prepared to hold companies to account. They will have access to clearer information on ...
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Workplace savings platforms assets approach £2bn
Total assets of the UK’s eight major workplace savings platforms are approaching £2 billion, according to an update published by The Platforum in association with The Lang Cat.Its second Workplace savings platform guide found that, as of the second quarter of 2013, an estimated 249 employers have adopted a workplace ...