All articles by Jennifer Paterson – Page 89
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Article
Aegon launches RDR-ready pensions
Aegon UK has launched a flexible pension plan and a group personal pension (GPP) plan that are compliant with the retail distribution review (RDR).Under the RDR, which takes effect from 31 December 2012, pension providers will no longer be able to remunerate independent financial advisers (IFAs) and employee benefits consultants ...
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Article
Towers Watson adds to DC pensions consulting team
Towers Watson has appointed Andrew Cashmore and Martin Knight as DC consultants in its defined contribution (DC) pension consulting team in the north of England and Scotland.Cashmore, who has more than 20 years’ experience in pensions, joins from Buck Consultants, where he worked for the past 15 years as senior ...
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Article
Barclays Group adds new shares platform
Barclays Group has introduced a new platform for the administration of its global equity and long-term incentive plans (L-tips).The banking group’s discretionary share plans, which have more than 8,500 participants, will be administered by Barclays Corporate and Employer Solutions (C&ES).Barclays C&ES has formed an agreement with administrator Solium Capital to ...
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Article
Xerox staff access online benefits
EXCLUSIVE: Xerox has seen 60% of its 3,550 staff access its online benefits portal since it was launched in June 2012.Almost all (93%) of that 60% said they would recommend the site to colleagues.The portal provides personalised online total reward statements (TRS), which break down the employee’s reward package; detailed ...
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Article
Over £60 billion invested in underperforming pension funds
Some of the UK’s largest individual pension funds are failing to deliver value for money, according to research by Hargreaves Lansdown.Its Pension investment performance report found that tens of billions of pounds are invested in the UK’s largest pension funds, which have underperformed over the last 10 years.Over the last ...
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Article
Government sets out plans to boost employee ownership
The government has approved plans for a range of activities that aim to grow the employee-ownership sector.These are in response to recommendations made in The Nuttall Review on Employee Ownership, which was published in July.The plans include:Assessing whether to establish an independent Institute for Employee Ownership.An off-the-shelf model for setting ...
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Article
Consultation on share buy back launched
The government has launched a consultation on changes to deregulate the conditions under which organisations can authorise and finance share buy backs.The consultation is based on a recommendation in The Nuttall Review on Employee Ownership, which was published in July.In organisations where employees hold a direct stake, the employer often ...
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Article
Lloyds pilots new staff incentive scheme
Lloyds Banking Group is piloting a new staff incentive scheme, which puts the focus on customer service rather than product sales.The scheme is being piloted by 70 of the bank’s 1,800 UK branches, including Lloyds TSB and Halifax branches.It will run into early 2013, and is part of Lloyds’ quarterly ...
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Article
Incentives would encourage cycling to work
Almost half (48%) of respondents would cycle to work more often if there were extra incentives or rewards for them to do so, according to research by innovation foundation Nesta.The research, which surveyed more than 4,000 UK adults, found that, among employees who already cycle to work, the factors most ...
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Article
One in five workers paid less than living wage
One in five UK workers are paid less than the living wage, according to research by accountancy firm KPMG.The research, commissioned by KPMG from Markit, combines analysis of the Office for National Statistics’ Annual survey of hours and earnings with Markit’s Household finance index survey.It has been published ahead of ...
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AnalysisSocial media plays growing role in recognition schemes
IF YOU READ NOTHING ELSE, READ THIS …Employers are increasingly using social media as an internal communications tool.Popular sites include online billboards, such as Chatter, Jive and Yammer.The low-cost, instantaneous nature of social media-based recognition programmes makes them attractive tools for employers to use, particularly during the economic downturnRecognising and ...
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Case Studies
Virgin Media uses social media-based recognition
The scheme started at Virgin Mobile, where it was managed by an external provider. Staff filled in a form, known as a ‘Shout’, and handed it to a colleague, who pinned it to the back of their desk.When Virgin Mobile was rebranded to Virgin Media in February 2007, the recognition ...
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Article
Interview with Janet Mckenzie, international reward, policy and mobility, The Body Shop
Janet Mckenzie, international reward, policy and mobility manager at The Body Shop, has a unique way to deal with the challenging world of reward and benefits. She likes nothing more than working through any issues that arise with a little culinary experimentation at home.She explains: “If I am wrestling with ...
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Article
Consultation findings on executive pay
The latest move, at the end of September, was the Department for Business, Innovation and Skills’ (BIS) release of consultation proposals on reporting regulations for executive remuneration.The consultation, Directors’ pay: revised remuneration reporting regulations, followed business secretary Vince Cable’s announcement on 23 January 2012 that the government wanted a package ...
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AnalysisEmployee ownership can boost engagement
IF YOU READ NOTHING ELSE, READ THIS…Deputy prime minister Nick Clegg wants more employees to have a stake in their employer.Staff at employee-owned organisations are more engaged in the workplace and more committed to their employer.Employee-owned organisations typically experience lower rates of absenteeism and staff turnover.Employee ownership has been a ...
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Article
Chancellor's employee-owner consultation to end
The consultation will examine how to implement the contract, due to be introduced in April 2013.The proposal, announced in October, has been met with resistance from the industry.Under the plan, all employers would be able to offer the new contract by giving staff between £2,000 and £50,000 in shares, exempt ...
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Article
Employers use auto-enrolment to trigger pension reviews
The top triggers for employers to review pension plans are the cost of auto-enrolment and ensuring they get value for money, said Logan Anderson, head of customer relations at The Pensions Trust.“First of all, it is a budgetary review, but also asking, are we getting value for money for what ...
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Case Studies
AG Parfett and Sons embrace employee ownership
Chairman Steve Parfett says: “It became clear that it was not the right time for the next generation of the Parfett family to take on management of the business, and we had a long and comprehensive review of the various options available to us.”The Parfetts considered a management buyout, an ...
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Analysis
Call for clarity on pension scheme charges
IF YOU READ NOTHING ELSE, READ THIS…The average annual management charge (AMC) on pensions is less than 1%, according to the Department for Work and Pensions.The Association of British Insurers is calling for greater transparency around pension scheme charges.The National Association of Pension Funds plans to publish an industry code ...
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Article
Workplace Savings Quarterly – November 2012
The fourth Workplace Savings Quarterly rounds up the main issues and topics around workplace savings.The report (download PDF, top right) covers:How to prepare staff for the transition to retirementPadraig Floyd: Ignore Clegg’s pension stuntMick McAteer: Auto-enrolment will aid inclusionAlternative savings vehicles are appealing to staffThe difference between active and passive ...