All articles by Katrina McKeever – Page 2
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Article
RBS Group axes profit-share scheme
RBS Group has axed its profit-share bonus scheme as part of a wider a government agreement over the future of pay and reward at the bank.The existing profit-share share bonus scheme, worth 10% of salary, will not be paid for 2008 and will be axed for all future years.However an ...
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Article
ITV freezes pay for senior staff
ITV has frozen pay for its senior employees at a time of falling advertising revenues.The broadcaster has told the board, senior leadership, and all employees earning over £60,000 a year they will not receive a pay rise this year.It has also announced it will impose below inflation pay rises on ...
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Article
Employers allowed to renegotiate pension fund deficit payments
Employers battling to repair pensions deficits may be able to renegotiate their repayment plans, according to new guidance issued by The Pensions Regulator (TPR).TPR has recognised that in the current economic climate it needs to apply the scheme funding system pragmatically and may need to renegotiate previously agreed plans.David Norgrove, ...
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Article
Unum revamps its group income protection
Unum has revamped its group income protection (IP) products in order to cut costs and appeal to a wider business audience.The changes came into force on 2 February for new and existing customers and cover both policy conditions and pricing.Changes include an immediate reduction in the pricing structure on all ...
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Article
Pension Protection Fund takes a further three schemes under its wing
In January the Pension Protection Fund (PPF) took a further three pension schemes under its protection.The schemes were: the Project Office Furniture Retirement Benefit Plan; Davies and Newman Pensions Plan and the Newton Derby Pension and Life Assurance Scheme.The Project Office Furniture Retirement Benefit Plan was run by the Workspace ...
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Article
Indian zoo workers strike over pay and healthcare benefits
Employees at an Indian zoo, which breeds tigers, panthers and crocodiles, have launched a strike over pay and health care benefits.According to reports, casual workers said that their job involves risks, so they believe they should receive health and social security benefits.However authorities claim to have arrangements in place should ...
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Article
Consultation on tips for waiters ends
The government consultation into tips and service charges ended on 11 February, amid strong public support for waiting staff to get 100% of their tips.Hotel and restaurant workers want to make it illegal for employers to use employees' tips to top up pay to meet minimum wage levels.A group of ...
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Article
Barclays to slash 2008 bonuses by half
Barclays has announced it will halve the amount it pays out in employee bonuses for 2008.It will also review its bonus structure.John Varley, Barclays' chief executive, said the changes reflected the bank's payment for performance policy.He spoke as Barclays posted its annual reports for 2008, which showed a 14.8% drop ...
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Article
Snow-stranded HSBC employees sleep in the office
HSBC created a makeshift hotel for employees at its Canada Square headquarters on the night of 2 February, as transport networks in London ground to a halt leaving workers stranded.A spokesman for the bank said: “About 100 people at Canada Square were stranded and unable to get home.“We sourced a ...
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Article
HM Treasury lowers sharesave bonus rates
HM Treasury has lowered the bonus rates payable on sharesave (save-as-you-earn) schemes in response to falling market swap rates.The new rates will come into effect on 17 February 2009 and are lower than those introduced in December 2008Employees who sign up to plans after this date will now receive a ...
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Article
Vivendi 2008 Pensioners' Scheme enters buyout agreement with Met Life Assurance
Vivendi 2008 Pensioners’ Scheme has entered into an agreement with MetLife Assurance to secure its pensioners’ benefits through a bulk annuity contract.The buyout means MetLife Assurance will assume responsibility for paying benefits to members of the media and communications firm’s pension scheme.Steve Godson, independent trustee of the Vivendi 2008 Pensioners’ ...
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Article
BT launches group self-invested personal pension to 20,000 employees
BT has launched a group self-invested personal pension (Sipp) plan for its 20,000 employees currently in trust-based defined contribution (DC) plans.The telecoms firm will open the Sipp in April 2009, following a comprehensive review and consultation process of all its existing UK pension arrangements.The first employees joining the new scheme, ...
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Article
The Law Society revamps pay and perks
The Law Society has introduced performance-related pay, a flexible benefits scheme and pensions salary sacrifice for its 1,400 staff, following a 15-month-long project to overhaul perks.Annual pay increases, previously linked to length of service, will now be reviewed against objectives set according to employees' job roles. Bonuses for high performers ...
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Article
Coca-Cola Enterprises switches childcare voucher provider
Coca-Cola Enterprises has switched its childcare voucher provider from Accor to You At Work, which also provides its flexible and voluntary benefits schemes for staff.Sheila Cathrow, human resources officer at Coca-Cola Enterprises, said the move was made so that most of its benefits were provided by the same company. “We ...
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Article
IPD offers holiday trading benefit
IPD has launched a holiday trading scheme to allow its 200 employees to buy or sell up to three days' annual leave each year.The real estate performance analysis firm provides staff with a core 25-day holiday allowance, from which employees can trade days down in return for a cash allowance ...
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Article
Acco Brands Europe offers holiday purchase scheme
Acco Brands Europe has launched a holiday purchase scheme for its 500 UK employees to encourage a positive approach to taking holidays among its workforce and to make savings during the recession.The office supply firm initially piloted the benefit for three months from October to December last year, during which ...
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Analysis
How employers can prepare for 2012 pension reforms
Updated on 10 Decemember 2012:For the most up-to-date facts, analysis and news please go to our dedicated pensions auto-enrolment section.Read Special report on auto-enrolment (written December 2012)Updated on 15 January 2012:Read updated reports on how to prepare for the 2012 pension reforms:News:Government confirms new staging dates for auto-enrolment (written January ...
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Analysis
Remunerating international benefits advisers
How employers can expect to pay benefits brokers, whether by commission or fees, is likely to reflect the idiosyncrasies of the country in which they are buying perks, says Katrina McKeeverBenefits consultants and brokers often play a key role in helping international benefits professionals to source products and services in ...
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Article
Legal & General launches GIP product for DC pension
Legal & General has launched a group income protection product for employers that run defined contribution (DC) pensions to cover employees forced to retire early on grounds of ill health.Workplace Recovery pays an agreed income either directly to the employee or to the employer, if ill health forces them to ...
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Article
Heath Lambert launches off-the-peg benefits product
Heath Lambert has launched an off-the-peg total reward and benefits solution for employers.Its Benefits Box product offers a menu-style service that enables employers to select the type of benefits and level of cover they require for their staff at a fixed price.The service has been designed with small- to medium-sized ...