All articles by Nicola Sullivan – Page 39
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North Lanarkshire Council offers staff financial advice
North Lanarkshire Council has launched a financial advice service as part of efforts to look after the health and wellbeing of its 18,500 employees.The service, launched last month, offers independent financial advice to staff through seminars and one-to-one meetings. Advice is provided on a number of areas, including savings and ...
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Computershare moves acquired EES employees into group personal pension scheme
Computershare Investor Services has harmonised its pensions provision after acquiring HBOS Employee Equity Solutions (EES).The firm has integrated staff from the employee share plan administrator's legacy defined benefit and defined contribution (DC) schemes into its group personal pension (GPP) plan. Of EES's 397 staff, 371 have chosen to join their ...
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Employers are not prepared for auto-enrolment
Only a small proportion of employers have taken steps to prepare for auto-enrolling employees into a workplace pension which they will be required to do from 2012, according to research conducted by Mercer.The employee benefit consultancy's survey of trustees, pensions managers and pension administrators showed that less than a third ...
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Almost 20% of final salary schemes closed to future accrual
Almost 20% of UK final salary pension schemes are now closed to future accrual, according to research by Hewitt Associates.Its survey of 154 schemes also showed the number of plans being frozen in this way could double over the next year.Some employers are considering retaining a final salary scheme but ...
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GKN unveils plans to reduce final salary pension deficit
GKN has unveiled a plan to reduce the future funding liabilities of its open defined benefit (DB) pension scheme by an estimated £80 million.The automotive and aerospace parts maker has agreed to create an asset-backed cash payment scheme, which will see £30 million per annum going into the pension fund ...
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Pointon York launches new self invested personal pension
Pointon York Sipp Solutions has launched a new corporate self invested personal pension (Sipp) which offers a greater range of investment options for employees, managers and directors.Created in partnership with Old Broad Street Research (OBSR) and Praemium, the product SelectCSipp has a three-tiered structure.The first tier, features risk profiling, matching ...
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Clarification on VAT treatment of retail vouchers
The Advocate General has said employers may recover value-added tax (VAT) when it is charged to them on retail vouchers.The Advocate General's Opinion, which the European Court will consider before it gives a final ruling later this year, acknowledged that the European Commission may want to consider whether the UK ...
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City bonuses forecast to rise to £6.8 billion
The bonus payout by the City for 2010/11 is forecast to rise to £6.8 billion, up from £6.0 billion in the last fiscal year according to the Centre for Economics and Business Research (CEBR).The CEBR has revised its earlier forecast by £100 million to £6.8 billion due to increased recruitment ...
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Good communication will minimise 'levelling down' of pensions
Two-thirds (65%) of independent financial advisers (IFAs) believe active promotion of quality pension schemes is necessary to minimise levelling down of corporate pension provision ahead of auto-enrolment in 2012, according to research conducted by Aegon.The survey Corporate Advice - The Changing Landscape also found 61% of advisers thought generating an ...
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Travel disruption puts pressure on payroll departments
The ban on flights in response to the volcanic ash cloud also has serious implications for employers' payroll departments.Payroll staff have had to decide whether the unplanned absence of stranded staff affects their annual holiday allowance or should be treated as unpaid or paid leave.Lindsay Melvin, chief executive of the ...
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Top 10% of workers see wages increase over the past decade
The top 10% of workers in the UK have their annual wages rise by 3% over the past decade according to research from the London School of Economics (LSE).Its report Bankers' Pay and Extreme Wage Inequality in the UK from the Centre for Economic Performance (CEP) at LSE showed that ...
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Half of employers in favour of keeping current default retirement age
Half of employers believe the default retirement age should be kept at its current level of 65 years, according to research conducted by law firm DLA Piper.However, nearly one in three (30%) of the 545 UK business leaders working for organisations with a turnover of above £1 million that responded ...
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State Street Corporation teams up with PensionsFirst Analytics
Financial services provider State Street Corporation has formed a strategic alliance with risk management and advisory firm PensionsFirst Analytics (PFA).This will enable State Street to offer PFA's newly-enhanced service for the management of defined benefit (DB) pension risk.PFA's web-based service PFaroe provides an actionable view of plan assets and liabilities ...
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Employee Benefits Pensions Summit: Employers must address tax changes for higher earners to remain competitive
Organisations have to be pro-active in light of the cuts to tax relief affecting the pension pots of higher earners to remain competitive.This was the message that Jeremy Mindell at Henderson Global Investors construed to delegates attending his presentation at the Employee Benefits Pensions Summit held at Pennyhill Park in ...
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Pensions Summit: hard hitting action needed to get employees saving
Robust financial education programmes, the promotion of share schemes and hard hitting advertising campaigns are all needed to minimise the impact of an ageing population and get today’s workforce saving for enough for their retirement.These were the views expressed by employers and pension experts during a panel debate on pension ...
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Leading reward managers attend Employee Benefits Pension Summit 2010
More than 50 leading reward managers from the UK’s most prominent organisations have gathered at the Employee Benefits Pensions Summit 2010 this week.Shell, IBM, GlaxoSmithKline and Sony are among the companies at the event, Shaping the Future of Workplace Retirement Savings, which is being held at Pennyhill Park in Surrey. ...
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Pensions Summit: UK compares favourably to other OECD countries on pensions
In the UK the gap between income earned during working life and pension paid out during retirement is greater than that of all other developed countries.While retirement earnings in the UK are low, the country has been praised for offering people access to diversified retirement pension income streams made up ...
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Finalists announced for Employee Benefits Awards 2010
Boots UK, Centrica and Virgin Media are among the top employers that have been listed as finalists for the Employee Benefits Awards 2010.The winners will be presented with their prizes at a glittering awards ceremony which will take place on June 25 at the London Hilton on Park Lane.The award ...
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Chief executives of NHS trusts receive 6.9% pay increase
Chief executives of NHS trusts received an average pay increase of 6.9%, earning close to £600,000 last year.According to a report on NHS boardroom pay published by Income Data Services (IDS) the median salary for a chief executive of a NHS foundation trust stood at £157,500 for the year to ...
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Unum makes changes to group income protection products
Unum has announced a range of enhancements to its group income protection (GIP) products including the inclusion of an option that allows all costs associated with a worker being absent due to illness or injury to be covered under one policy.The provider's associated business cost option covers a range of ...