All articles by Nicola Sullivan – Page 25
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Employee Benefits Pensions Summit 2011: Pensions tax relief should be removed
Pensions tax relief should be abolished for all employees and the state pension should be increased by 60%, according to Michael Johnson, research fellow policy group at the Centre for Policy Studies.Johnson made his case to delegates attending the Employee Benefits Pensions Summit, which began at the Four Seasons hotel ...
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NAPF research: Record numbers of final salary plans closed to existing members
A record number of final salary schemes have closed to future contributions from existing members, according to the National Association of Pension Funds (NAPF).The NAPF's Annual Survey showed that one in five (17%) schemes have shut their final salary pension to both new and existing members, representing a rise of ...
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Government looks to simplify the state pension
Secretary of State for Work and Pensions Iain Duncan Smith has indicated the government is looking at simplifying and increasing state pension, as well as abolishing means testing and pensions credit.Addressing delegates at the Age UK conference, Duncan Smith said the current system was too complex and that means testing ...
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Mercer launches fund range for workplace savings product
Mercer has developed a range of tailored funds for its workplace savings product as part of efforts to improve retirement outcomes for members.The funds have been designed around three groups of member behaviours and are labelled to reflect their risk and return profile rather than the asset classes held in ...
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Heinz takes steps to manage high earners pensions tax changes
Heinz UK and Ireland is developing a strategy to help high earners manage April’s changes to pensions tax relief and is planning to set up a bonus sacrifice arrangement for all staff.The firm hopes to have the bonus sacrifice arrangement, being designed in conjunction with Ernst and Young, in place ...
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Analysis
Cisco applies technology expertise to benefits
Case study: Executive insight is valued at CiscoSmall business development manager Lauren Godfrey has worked at Cisco for three years. The 25-year-old is responsible for recruiting and developing new partners to increase Cisco's market share in the small business area.Godfrey says she values the support she receives through the firm's ...
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Close Asset Management research: Staff unaware of pension tax change
Most employees are unaware of next month’s changes to pensions tax relief, according to research by Close Asset Management.†Of the 2,000 employees who responded to the Close Asset Management Pensions Tax Relief Survey, 77% said they did not know the annual tax-free allowance for pension contributions would be reduced from ...
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News analysis: Will pay restraint ease?
With inflation and the cost of living on the rise, many workers will be looking to their employer for a decent pay increase this year, says Nicola SullivanAs employers begin to lift pay freezes and reintroduce salary rises for staff, questions are being asked as to whether many are going ...
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Relief as HM Revenue and Customs clarifies tax rules for deferred bonuses
Employers are relieved after HM Revenue and Customs confirmed legitimate deferred bonus schemes will not be hit by new tax avoidance rules.The Finance Bill, published in December, introduced legislation to tackle the use of employee benefits trusts (EBTs) to avoid, defer or reduce tax liabilities. The legislation will ensure an ...
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Kwik Fit staff play cards
Kwik Fit Financial Services (KFFS) has seen more than 50% take-up of a gift card it has added to its flexible benefits scheme.The retail gift card, provided by Edenred, contain points that can be spent like cash in UK retail and leisure outlets. The firm’s 1,000-plus staff can use their ...
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3G switches GPP provider to cut management charge
3G is switching providers for its group personal pension (GPP) to reduce its annual management charge (AMC).When the mobile phone firm introduces a new GPP, to be provided by Aviva on a commission basis in April, it will see its AMC fall from 0.8% to 0.55%.Seth Russell, director of reward ...
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Employee Benefits/Towers Watson Flexible Benefits Research 2011: Alternatives to flex
A quarter of employers do not think they have enough benefits to bring in flex, and standalone tax-efficient perks via salary sacrifice are popular, says Nicola SullivanOne-fifth (20%) of employers that have not yet considered implementing flexible benefits say they will do so in the future. This has changed little ...
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Employee Benefits/Towers Watson Flexible Benefits Research 2011: Administration
More employers are outsourcing the administration of flex, and measuring the success of their scheme is becoming a greater priority, says Nicola SullivanAlthough the proportion of respondents that manage their flex plan fully in-house has continued to fall, it is still the most popular way to administer a scheme. Six ...
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Employee Benefits/Towers Watson Flexible Benefits Research 2011: Structure
The trend for employees to be able to trade their benefits up or down continues, and many staff are active in making changes to their package, says Nicola SullivanHow flexible benefits schemes are structured has remained fairly consistent in recent years, although the definition of flex has changed quite a ...
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Rail regulator sets out criteria for bonuses at Network Rail
Bonus payments to senior managers at owner of Britain's rail network Network Rail Infrastructure should be based on their ability to make long-term management decisions, beat efficiency targets, and act accountably and transparently, according to rail regulators.In a letter to Steve Russell, chairman of the remuneration committee at the Network ...
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Foundry worker paid £2.3 million for overtime
All employees would clamour to do overtime if a few extra hours turned them into millionaires.This was the case for foundry worker Adam Young, whose employer, turbine-blade makers Alcoa Howmet, paid him overtime at £161,000 an hour instead of £11. This boosted his monthly salary from £2,000 to £1.3 million ...
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Government provides further details on changes to pensions tax relief
The government has announced how the facility for meeting high annual allowance charges from pensions benefits will work in practice.Mark Hoban, financial secretary to the Treasury announced that schemes will have a considerable amount of time to complete the payment process with additional flexibility being given during the first year.Employees ...
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Critical Software Technologies is commended for health and wellbeing
Critical Software Technologies, based in Southampton, has been commended for demonstrating a commitment to the health and wellbeing of its employees.Healthcare provider Simplyhealth recognised the firm's efforts by presenting it with its Healthy Workplace award.Jayne Veazey spokesperson for Critical Software Technologies, said the firm ensures that the offices are stocked ...
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Damovo launches group personal pension scheme
Communication technology firm Damovo has launched a group personal pension (GPP) plan. The scheme, which will be provided by Goddard Perry Consulting, will have 220 members.Goddard Perry Consulting will also provide workplace advice and face-to-face communication relating to the pension for the firm’s employees.Steve Goddard, managing director of Goddard Perry ...
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Mercer adds financial education to its workplace savings product
Mercer has partnered with Life Academy to offer financial education seminars for employees approaching retirement. The seminars have been added to Mercer's workplace savings product.The seminars will help employees plan and manage their finances for retirement, including their pensions benefits, savings and investments. Tax and estate planning, and buying an ...