All articles by Nicola Sullivan – Page 48
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Xafinity launches new pension provision
Xafinity has launched a low-cost pension product called the Xafinity Pensions Trust (XPT) in response to the volatile performance of equity markets and pension scheme members' fears about their retirement income.The pension scheme combines the governance attractions of a trust-based pension with the low-costs normally associated with contract-based defined contribution ...
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Code of conduct for pay consultants does not go far enough
A code of conduct for consultants and advisers that deal with executive pay falls short of what is required to curb excessive remuneration policies, according to Association of British Insurers (ABI).The ABI has criticised the code, which was drafted by seven leading employee benefits consultancies, for not going far enough ...
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Increased support for staff with mental health problems
The government has announced that thousands of people with mental health problems will get extra support managing their condition to remain in the workplace.The move comes after government-led pilot schemes, run in conjunction with mental health charity Mind, have been shown to be 90% successful in helping employees with fluctuating ...
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Anti-smoking Wandsworth Council uses tobacco firms to boost pension
An employer that wants to ensure its benefits provision is closely married with its corporate social responsibility strategy will probably not want to take a leaf out of Wandsworth Council's book.It has transpired the council's pension fund managers have invested £4.6m in British American Tobacco and hold £2.3m of shares ...
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Unum enhances group income protection products
Group risk provider Unum has made a number of enhancements to its group income protection (GIP) products which will see the maximum levels for basic benefits and employer funded contributions increase.The maximum basic benefit per member is increasing to £350,000 from £300,000 per annum and for employer’s pension fund contributions ...
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The Pensions Corporation does not rule out the possibility of flotation
The Pensions Corporation has rejected claims it is considering an initial public offering (IPO) in the near future and has said it plans to grow its business by working with trustees and sponsors.A spokesman, however, did not rule out the possibility and said the Pensions Corporation, which insures pension fund ...
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Simplyhealth appoints board chairman
Ken Piggott has been appointed as chairman of the board at Simply Health having been a non-executive director since 2005.In his new role Piggott will help drive the success of the business and continue to support the firm’s commitment to support healthcare charities and causes by working with its charitable ...
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South Wales Police outsources pension administration
South Wales Police has appointed Capita Hartshead to provide pensions administration services for its pension scheme.From November, Capita Hartshead will provide administration and payroll services for the 6,200 members of the Police Pension Scheme, which is currently administered by the County Council.Steve Birks, public sector operations director at Capita Hartshead, ...
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Recession leaves its mark on directors' remuneration
The country's top companies are increasingly taking notice of investors' views when structuring directors' remuneration packages but there is still room for improvement, according to research conducted by Hewitt New Bridge Street.Around 60% of those surveyed for The 2009 FTSE 100 directors' remuneration reports have responded to the downturn by ...
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BBC scrutinises water provision
News that the BBC is scrutinising the way bottled water and tap water are offered to staff suggests perhaps even a firm's management of the elements can result in worthwhile savings during a recession.It has transpired the broadcaster spends around £406,000 a year on providing bottled water, water dispensers and ...
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Tesco wins award for benefits communication strategy
Tesco has been awarded Communications Strategy of the Year Award at the Employee Benefits Awards 2009 after impressing the judges with its simple and cost efficient approach to promoting perks to its workforce.The retailer’s communication strategy for more than 440,000 employees incorporated a number of different elements, including the use ...
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Interserve closes final salary scheme for 900 staff
Interserve is to close its defined benefit pension scheme to future accrual for around 900 employees despite posting a 18.7% increase in interim pre-tax profits.The support services and building company, which employs around 26,900 staff in the UK, will implement the changes for affected members by the end of the ...
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Only a quarter of staff are aware that retirement age will increase
Only a quarter of employees are aware that minimum retirement age is set to rise from 50 to 55 in April 2010,according to research conducted by Aon Consulting.The survey of 4,046 employees across the UK also showed that less than a third (31%) of workers aged between 45 and 54 ...
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Friends Provident agrees acquisition deal with Resolution
Friends Provident is to recommend a new acquisition deal made by Resolution to shareholders.It previously opposed an earlier offer made by Resolution in July on the grounds that it was 'wholly inadequate' to compensate shareholders.The new deal, worth around £1.87bn, offers 0.9 new Resolution shares for each Friends Provident share ...
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Best Doctors enters flexible benefits market
Employers can now offer a medical information and second opinion service provided by Best Doctors as part of their flexible benefits package.Employees with access to this benefit are given specialist medical advice from top consultants, who can provide them with a definitive second opinion based on the most up-to-date medical ...
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Sex discrimination warning to employers making redundancies
Firms making redundancies could leave themselves open to sex discrimination claims if they fail to consult properly with employees who are on maternity leave and are affected by restructuring.The right to statutory maternity pay should be guaranteed for employees on maternity leave, whether they are made redundant or not. During ...
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Regis launches flexible benefits for senior managers
Hairdressing firm Regis International has introduced a flexible benefits scheme for its senior managers in the UK as part of efforts to consolidate perks after a spate of acquisitions and to increase employee loyalty.Implementing flex was Regis's first step towards consolidating 14 different benefit schemes that it inherited through a ...
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Vodafone increases employee sharesave take-up
Vodafone has increased take-up of its employee sharesave scheme after enabling staff to apply by sending a text message.The mobile phone company has seen a 12% year-on-year increase in the number of staff signing up for sharesave, with 27% of applications being made via text message.Employees who applied by text ...
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Robert Cross joins Northgate Information Solutions as group reward manager
Robert Cross has left his role as reward manager at T-Mobile to become group reward manager Northgate Information Solutions. Cross, who started his new job in July, joined T-Mobile in 2005 after previously spending several years as a consultant.
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Equity Insurance Group appoints Ricky D'Ash
Equity Insurance Group has appointed Ricky D'Ash as remuneration specialist. D'Ash joins the insurer from IT company Unisys, where he was global rewards manager for more than three years.