All articles by Nicola Sullivan – Page 34
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Article
Persimmon switches final salary pension to career average
Persimmon has switched its accrual basis for around 420 pension scheme members so it is calculated on career average salaries rather than final salary.The change to career average revalued earnings (Care) accrual is designed to reduce the housebuilder’s exposure to increases in the costs of future accrual of benefits in ...
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Australia lures British workers with exotic jobs
News that an Australian state is trying to lure British workers into exotic jobs, such as a shark tagger, koala catcher and beer taster, raises interesting questions about reward and benefits.Other jobs advertised as part of the South Australian government's campaign to encourage 18 to 30-year-old UK employees to come ...
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Equal pay for women more than 50 years away
Women in management positions will have to wait more than 50 years to achieve equal pay with their male counterparts, according to research conducted by the Chartered Management Institute (CMI) and XpertHR. The CMI's 2010 National Management Salary Survey, based on data collected from 43,312 employees, showed that at the ...
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Staff at AstraZeneca prepare to strike over pension cuts
Employees at one of AstraZeneca's largest factory plants have voted for strike action as it presses ahead with plans to freeze final salary pension benefits.Members of the GMB union at the firm Macclesfield site decided to support industrial action after it emerged the firm was planning to end its defined ...
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Befriending colleagues on Facebook could lead to red faces all round
According to The Protection Gap survey, commissioned by Abbey Legal Protection, 36% of UK employees have been sent a friendship request on Facebook by a colleague, boss or client.The survey shows that one in five workers have photos accessible for colleagues to see on Facebook. More than a quarter of ...
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BBC boss to take pay cut to avert strike
Mark Thompson, the director general of the BBC, is to take a pay cut of around 25% in a bid to avert a strike over changes to the BBC's pensions arrangements.The cut could also see 30 other senior staff members waive generous pension top-up payments. According to the National Union ...
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Courtaulds employee forum examines pension provider and legislation
Courtaulds is using its employee forum to review the performance of its pension provider and assess the impact of forthcoming pension reforms and legislative changes.The forum, which acts as a governance body for the textiles firm’s group personal pension (GPP) plan and comprises employees, union representatives, board members, HR and ...
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News analysis: Will pension inflation index change add up?
Government plans to change the way inflation adjustments on pensions are calculated are causing confusion in the private sector, says Nicola SullivanThe implications of the government's plans to change the way inflation adjustments on pensions are calculated remain uncertain and confusing for private sector pension schemes. Pensions minister Steve Webb ...
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Analysis
How public sector benefits, pay and pensions are being reviewed
If you read nothing else, read this…The coalition government has taken a tough cost-cutting stance on public sector pay and pensions, commissioning independent reviews in each of these areas.It has also imposed a two-year pay freeze for all public sector staff earning above £21,000 a year. Staff earning less than ...
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Pensions Research 2010: Legislation
Employers are starting to get into gear for the 2012 reforms, by Nicola SullivanAs the 2012 introduction of the Pensions Act 2008 comes ever closer, employers must consider what impact it will have on their pension plans. The research suggests employers are keen to ensure the reforms do not mean ...
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One in five fleets fail to recheck driving licences
One in five company car fleets fail to regularly recheck driving licences according to research conducted by by CFC Solutions.Around a fifth of organisations using the firm's licence link software do not have any plans to check if the status of their drivers have changed by gaining more driver penalty ...
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Rugby Football Union converts fleet package
The Rugby Football Union (RFU) has consolidated its fleet provision and entered into a four-year fleet management contract with one provider as part of a drive to cut costs.The new arrangement, which is provided by fleet management firm Masterlease, will see all aspects of the organisation's 167-strong fleet offered by ...
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Airbus staff take up salary sacrifice car scheme
Airbus has achieved a 4.5% take-up among eligible employees for its salary sacrifice car scheme since it was launched in July.Employees can pay for perk cars out of their gross salary, saving on tax and national insurance (NI) on the lease price. On average, staff can save £70 to £80 ...
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The Institute of Mechanical Engineers introduces financial advice service
The Institution of Mechanical Engineers has introduced a financial advice service for its 150 staff and 90,000 members.The service, launched last month in conjunction with AWD Chase de Vere, will include seminars and discussion groups, addressing topics such as retirement planning and savings and investments. There are also plans to ...
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Two thirds of employees have embarrassing mishaps at work
According to research by Home Learning College, two thirds of British workers admit to having an embarrassing mishap at work.In the Home Learning College's research topping the list of embarrassing mistakes for 10% of male staff is calling their boss Mum or Dad. This is closely followed by 9% of ...
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Government proposes annual allowance of £40,000
The coalition government is proposing to implement an annual allowance for pension contributions of £40,000 as alternative to Labour's policy of restricting tax relief on pensions for higher earners.In its report Restrictions of pensions tax relief: a discussion document on the alternative approach the government said it envisaged that the ...
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Employees given chocolate for switching off computers
Council employees in Gloucestershire have been rewarded with chocolate simply for turning their computer off at the end of the day.Cotswold District Council left chocolate bars on the desks of those who had shut their computer down properly and switched their monitors off.The council said the move, costing around £50, ...
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Uniq's recovery plan for final salary pension rejected by regulator
Uniq's plans to tackle its final salary scheme's deficit have not been accepted by The Pensions Regulator.In April, the chilled food manufacturer made an agreement with its trustees that in 2013 it would pay off an minimum of £10 million a year to pay of its part of its £436 ...
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Jeyes appoints fiduciary manager for pension scheme
The £22 million Jeyes Pension Fund and the £2.6 million Jeyes Supplementary Pension Scheme has appointed SEI as fiduciary manager to improve the funding position of the pension scheme.SEI will implement asset and liability matching strategies and create an efficient investment portfolio, as well as develop a strategy to improve ...
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Article
Projected annual income at retirement has fallen
Over the last two years, the projected annual retirement income for a 60 year old has fallen by more than £3,000, while 65 year olds can expect to live on barely half the amount suggested as an acceptable living standard.According to the Aon DC pension index the proposed one-year increase ...