All articles by LouronPratt – Page 19
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ArticleThe Pensions Regulator forces former chief executive to pay £286,852
The Pensions Regulator (TPR) has forced the former chief executive of Yateley Industries to pay £286,852 to compensate members of a charity pension scheme that he defrauded.Pattrick McLarry, aged 72, who was CEO of Yateley Industries for the Disabled, a charity dedicated to supporting vulnerable adults, stole over £250,000 from ...
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Case StudiesSiemens uses pensions education to increase contribution levels
Global technology organisation Siemens launched a pensions education strategy for its 15,000 employees in January 2019 to increase the number of staff that contributed to their pension savings.Siemens found that, under its money purchase defined contribution (DC) pension scheme, 83% of its employees were predicted not to reach the Department ...
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OpinionSteven Hull and Rosamund Wood: The pensions industry needs to generate interest among young employees
With the country entering economic recession, the Chancellor’s Kickstart scheme will provide much needed support for some young people seeking jobs in what may otherwise be an impossible market. For those aged over 22, these jobs will also come with the benefit of pension contributions, as the minimum wage paid ...
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AnalysisWill the Kickstart scheme encourage more young people to start saving into pensions?
Need to know: The government's Kickstart scheme will pay 100% of the wages of employees aged 16 to 24, with those over the age of 22 being automatically enrolled into a workplace pension scheme.This scheme could be the first opportunity for younger employees to contribute into pension savings.Employers have the ...
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OpinionIskander Fernandez: Will furlough fraud be the next big scandal?
The furlough scheme has provided vital respite for UK firms struggling to pay wages as a result of Covid-19 (Coronavirus) pandemic, currently accounting for up to 80% of an employee’s wages, to a cap of £2,500 a month.However, wherever there is a complex system, there are loopholes, and some may ...
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Case StudiesJohn Lewis recommunicates health insurance to staff during Covid-19
Throughout the Covid-19 (Coronavirus) pandemic, John Lewis has recommunicated its group risk insurance benefits to its 83,000 employees.The employer recommunicated its private medical insurance, life assurance, and financial assistance options to employees by utilising its in-house support phone helpline in March 2020 to support employees who were looking for more ...
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ArticleNorthern Ireland Assembly increases pay allowances for staff
The Northern Ireland Assembly has increased the salary of staff working under the members of the legislative assembly (MLA), aligning their pay with employees who work in the Assembly.Effective from 1 April 2021, grade one staff will see their annual salary rise from £18,00 to £23,490-£24,960, grade two staff from ...
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ArticleNational Joint Council increases council staff pay by 2.75%
National Joint Council (NJC) has awarded all local government staff with a 2.75% pay increase.Employees will see their pay backdated to April 2020 after the employees' representatives GMB and Unite agreed to the terms. The offer was rejected by Unite, however, in line with the constitution of the NJC, the ...
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ArticleGerman government extends Covid-19 pay scheme
The German government has extended its short-term allowance scheme until the end of 2021 to further support employees during the Covid-19 (Coronavirus) pandemic.The wage scheme, known as 'short-time work' or 'Kurzarbeit' in German, set to end at the end of March 2021, however, due to the ongoing spike of Coronavirus ...
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ArticleLawn Tennis Association becomes living wage employer
British governing body, Lawn Tennis Association (LTA), which employs 800 staff, has announced its commitment to pay all employees rates that at least match the living wage. Following this commitment, the trust has gained accreditation as a living wage employer.The living wage, which is calculated each year to meet the ...
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ArticleThe top 10 most read stories: 20 August – 26 August
The top 10 most read stories between 20 August – 26 August were... Supreme Court rules that inheritance tax should not be applied to pension transferGett offers 1,000 employees a four day working weekSalesforce extends homeworking policy until July 2021Linklaters introduces long-term flexible working policy for 5,200 employeesUniversity of East ...
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Article
Poll: Are you extending your organisation’s remote-working policy?
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ArticleAspen Snowmass employees write and produce original song
Something for the weekend: Employees at skiing organisation Aspen Snowmass came together to write and produce a song during the Covid-19 (Coronavirus) pandemic.Heading up the team of musical maestros at Aspen is chief operating officer Matt Jones who is no stranger to the music industry, having worked a tour manager ...
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ArticleDechert to give newly qualified solicitors 3% pay rise
Global law firm Dechert has increased the pay of its newly qualified solicitors in its London office, effective September 2020.Employees will receive a 3% pay rise, increasing their basic salary from £116,000 to £120,00 per year, an increase of £4,000.Dechert has taken a different approach to other law firms such ...
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ArticleAirbnb extends remote working policy until August 2021
Travel business Airbnb has extended its remote working policy until August 2021 to support the health and wellbeing of its 6,300 employees during the Covid-19 (Coronavirus) pandemic.Despite its offices reopening this month, the organisation has given its workforce the flexibility to choose whether they would like to return to the ...
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ArticleThe Department for Work and Pensions publishes consultation on pension climate risk
The Department for Work and Pensions (DWP) has published a consultation, setting out proposals for larger occupational pension schemes and authorised master trusts to publish their climate risk financial disclosures.The consultation, published 26 August 2020, recommends that trustees of large occupational pension schemes must have effective governance, strategy, risk management ...
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Article70% of employers would pay for employees' Covid-19 tests
Seven in ten (70%) of employers are willing to pay for Covid-19 (Coronavirus) tests if an employee should request one, according to research by Huma.The survey of over 5,000 UK employees and 2,000 UK businesses, published in August 2020, also found that almost half (45%) of workplaces are ready to ...
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ArticleCommonwealth Bank increases paid leave for parents of stillbirth
Commonwealth Bank (CBA) has increased its paid parental leave for any of its 52,000 employees who suffer from a stillbirth.The bank is increasing the parental leave for primary carers to 12 weeks of paid leave, while secondary carers will have access to four.This is in addition to the flexible parental ...
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ArticleHitachi UK completes £275 million pensions buy-in transaction
Hitachi UK has agreed to a £275 million buy-in transaction for its defined benefit (DB) pension scheme with Legal and General Assurance Society (Legal and General).This is the first transaction between Hitachi UK and Legal and General, which covers the remaining uninsured deferred members and retirees, since Hitachi's first buy-in ...
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OpinionLiam Goulding: Are employers and trustees working in harmony?
Employers have been facing unprecedented challenges in recent years, and this year in particular as a result of Covid-19 (Coronavirus). With the potential for significant reductions in cash flows and deepening funding strains for defined benefit (DB) schemes, trustees will be scrutinising employers more closely than ever in order to ...