All articles by Nicola Sullivan – Page 22
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Marks and Spencer reduces pension scheme deficit
Marks and Spencer's pension scheme has moved into surplus following the introduction of assets as part of its funding plan.The retailer’s full-year results for 2010/2011 showed that at 2 April 2011 the net retirement benefit surplus was £168.5 million, compared to a previous deficit of £366.5 million.The fall in liabilities ...
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Pensions minister Steve Webb urges for crackdown on enhanced transfer values
Pensions minister Steve Webb has urged for a crackdown on the use of enhanced transfer values (ETVs) when employees move from final salary pensions to defined contribution schemes.Webb, who met with industry representatives and The Pensions Regulator this week, is concerned about employers offering staff large cash lump sums or ...
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Government unveils plans to increase the number of employees using payroll giving
The government has unveiled plans to significantly increase the proportion of employees who make donations through their employers' payroll.In its white paper on charitable giving and volunteering, the government announced that it will run a year-long national profile-raising campaign.As part of the campaign, the government will work with the Institute ...
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Barnett Waddingham research: Employers and trustees doubt sustainability of PPF
Sponsors and trustees continue to have doubts about the sustainability of the pension protection fund (PPF) as a standalone entity, according to research conducted by Barnett Waddingham.Many of the respondents to the actuarial and consultancy firm's third annual PPF survey said that the methods for assessing the levy are not ...
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Dental care provided to prison guard dog
Employers might be surprised to discover that dental benefits are not only appreciated by the human members of their workforce.In Australia, a prison guard dog called Axel has been fitted with titanium teeth after he shattered his real teeth while biting into his bed board.Not only does the four-legged employee ...
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London Underground makes five-year pay offer
London Underground (LU) has made a revised five-year pay offer to trade unions which would see staff get a 4.5% pay increase this year, followed by a rise of inflation plus 0.25% increase in the four subsequent years.A further guarantee has also been given that London Underground would not take ...
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The Pension Protection Fund to adopt new levy framework
The Pension Protection Fund (PPF) will adopt a new framework which will see it fix levy rules for three years and average funding levels so that short-term volatility in the financial markets is not reflected in the measure of underfunding risk.In addition, investment risk will be reflected in the levy ...
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NAPF publishes new guide to help pension funds understand foreign exchange
The National Association of Pension Funds (NAPF) has published a guide to help pension funds better understand foreign exchange and how to cope with its risks. Many pension funds hold investments outside the UK, particularly in Europe, the United States and the far East. These can provide higher returns, but ...
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High Pay Commission research: Executive pay is grossly unequal
Wage disparity between the UK’s high earners and the rest of the working population is grossly unequal, according a report from the High Pay Commission.Its report More for less: what has happened to pay at the top and does it matter? found that the top 0.1% of UK earners will ...
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Flight attendants given lessons in martial arts
Self-defence lessons are not an obvious employee benefit but for flight attendants wanting to fend off the wandering hands of drunken passengers they make perfect sense. Chinese attendants are being given classes in the martial art Wing Chun, which will enable them to knock their aggressor out cold within seconds.Flight ...
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Virgin Media staff to cash in on sharesave scheme
Virgin Media’s first sharesave scheme could bring significant returns for employees when it matures on 1 July 2011 after a three-year savings period.More than 2,000 staff have taken part in the scheme, provided by Yorkshire Building Society. When the scheme was launched in 2008, Virgin Media’s share price stood at ...
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Interview with John Robinson, conduct and capability manager at Humberside Police
Developing an effective attendance management process for employees has been a key focus for John Robinson as conduct and capability manager at Humberside PoliceJohn Robinson, conduct and capability manager at Humberside Police, has enjoyed a fruitful career in HR.In the late 1960s, aged 18, he joined glass manufacturer Pyrex in ...
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Standard Chartered considers adding sharesave plan to corporate wrap platform
?Standard Chartered is considering adding a sharesave plan and a range of investment funds for higher-rate taxpayers to its corporate wrap platform.The bank wants to provide more options for staff affected by tax changes, including the cut in the annual tax-free pension contribution allowance from £255,000 to £50,000.David Curtis, group ...
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BDO Investment Management rebrands
Wealth management and benefits provider BDO Investment Management has rebranded as Broadstone Pensions and Investments.The name was chosen as part of efforts to improve standards in financial services, while increasing clarity and transparency.David Pitman, chief executive officer of Broadstone Pensions and Investments, said: "This is more than a change of ...
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Pension scheme deficits fall for private sector schemes
Pension scheme deficits for private sector schemes in the UK have fallen from £166 billion to £73 billion, according to JLT Pension Capital Strategies.The consultancy's monthly index showed, as of 30 April 2011, assets for all schemes stood at £1,010 billion, compared to £925 billion for the same period in ...
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Mercer research: European pension funds concerned about inflation
European pension funds are increasingly worried about the potential impact of inflation shocks on their portfolios as markets remain volatile, according to research conducted by Mercer.The consultancy's annual European Asset Allocation Survey of more than 1,100 European pension funds found that 80% of respondents are now more concerned about the ...
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Lorica changes name and rebrands to reflect increase in services
Employee benefits provider and consultancy Lorica has changed its name to Lorica Employee Benefits and re-branded to reflect the firm's increase in services.In the last two years it has added flexible benefits and actuarial risk divisions to its range of services. Its six core offerings are now: corporate pensions (workplace ...
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Cadence Market Strategy research: Employees value flexible working
Almost half of employees cite flexible working as their top choice to improve health and wellbeing, according to research conducted by Cadence Market Strategy.Out the 1,087 employees that responded to its annual Health and Wellbeing Survey, 42% said that flexible working was their favourite benefit.Dan Doherty, a spokesperson for Cadence ...
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Oracle boosts take-up of group personal pension plan
?Oracle has boosted take-up of its group personal pension (GPP) plan after a communications campaign.The IT firm, which brought in the GPP last year to replace a trust-based defined contribution (DC) scheme after consolidating several legacy pension schemes from acquired organisations, has seen membership of the GPP rise from 77% ...
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Lex Autolease research: Majority of employees would choose a salary sacrifice company car
Eight out of 10 employees would sacrifice a portion of their salaries to opt into a company car scheme, according to a survey by Lex Autolease.More than three quarters (78%) of grey fleet drivers, who use their own car for business use, said they would opt for a salary sacrifice ...