All articles by Nicola Sullivan – Page 5
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Article
Pay growth grinds to a halt for NHS senior executives
Pay growth for senior NHS board directors has ground to a halt with pay for chief executives frozen over the last year, according to figures from Incomes Data Services (IDS).The NHS boardroom pay report showed that the median total pay for chief executives across all English NHS trusts during the ...
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Article
The Queen's Speech: Single-tier state pension moves a step closer
The government’s proposal for a new single-tier statement pension was included in the Queen’s Speech.The single-tier state pension, announced in the Budget Report, will be set at around £140 a week.During her speech the Queen said: “My government will bring forward measures to modernise the pension system and reform the ...
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Article
The Queen's Speech: Shareholders to be given more power to reject excessive executive pay deals
The government is set to bring in legislation to strengthen shareholders’ power to reject excessive boardroom pay packages.It is planned that the measure, outlined in the report Executive pay: Consultation on enhanced shareholder voting rights, will be brought in under The Enterprise and Regulatory Reform Bill. Final details on the ...
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Article
PSA Peugeot Citroën introduces online monthly pension updates for pensioners
PSA Peugeot Citroen has launched online monthly updates for pensioners as part of efforts to reduce costs and protect the environment.The car manufacturer’s online updates and accompanying website, are provided by Shilling Communication. Data can be loaded onto the website every month, and pensioners only have access to information that ...
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Article
Hargreaves Lansdown partners Staffcare on corporate wrap
Hargreaves Lansdown and Staffcare have joined forces to create a workplace savings and flexible benefits package.Hargreaves Lansdown has licensed Staffcare’s software for its corporate wrap proposition, which will also include total reward statements, flexible benefits and auto-enrolment administration facilities.Alex Davies, managing director, corporate and pensions at Hargreaves Lansdown, sais: Our ...
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Article
Tree surgeon finds high-flying workplace companion
Employees working alone may not get the same opportunities to boost their wellbeing by chatting with fellow colleagues as those in traditional workplaces. However, tree surgeon Michael Hickling is far from lonely in his job after he found a chatty companion that is not afraid of heights.When Hickling is harnessed ...
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Article
European Court ruling clarifies holiday entitlement for employees off work due to illness
The European Court of Justice has further clarified the issue of employees carrying over untaken leave and how much holiday those absent from work due to illness should receive.In 2 May's judgement of the German case Neidel vs Stadt Frankfurt Am Main, the European Court rejected a claim made by ...
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Article
The Mercers' Company enters into pension scheme buyout
The Mercers' Company has entered its staff pension scheme into a buyout arrangement with the Pension Insurance Corporation.The transaction, on which Barnett Waddingham advised, covers around £35 million in liabilities and almost 150 members of the livery organisation's defined benefit (DB) pension scheme.Alexander Graham, chairman of The Mercers' Company pension ...
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Article
Quarter of small firm respondents have not heard of group income protection
A quarter of small firm respondents have never heard of group income protection (GIP) products according to research conducted on behalf of Legal and General.The Legal and General group protection product research 2012, conducted by Reed Business Insight, also showed that of the 400 respondents, two-fifths had only heard of ...
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Article
Government launches mutual joint-venture arrangement to administer civil service pensions
The government has launched a mutual joint-venture arrangement to administer the Civil Service Pension Scheme.The mutual joint-venture model, which was announced by Francis Maude, minister for the Cabinet Office, gives employees a 25% ownership stake, representation at board level and a share in profits.The arrangement, MyCSP, will be contracted by ...
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Analysis
Pension pools make a splash
?High-profile examples of pooled pension schemes in the public sector have triggered debate about whether similar arrangements could also be used more frequently in the private sector.Last month, London Councils announced it was looking into plans to create a pooled pension fund to reduce administration costs and divert up to ...
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Article
Pension risk-sharing call receives mixed response
Pensions minister Steve Webb’s latest call to achieve a better balance of pension-saving risk between employers and employees, by creating defined ambition pension arrangements, has received a mixed reaction.Webb said the government is investigating cash-balance style arrangements, whereby an employer guarantees to deliver a fixed pension pot at retirement but ...
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Article
EXCLUSIVE: Capital One raises £3,500 for charity awarding staff for fitness and volunteering activities
Capital One has raised around £3,500 for charity by rewarding employees who got involved with volunteering and fitness activities.The donations were made as part of the annual Sports Relief campaign, which took place between 23 and 25 March.Capital One made donations on behalf of each employee that took part in ...
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Analysis
London Overground gets staff set for Olympics
Case study: Cashing in on travel savingsRobert Bowers, a newly-recruited conductor at London Overground, values the company’s defined benefit (DB) pension scheme and travel discounts. He is also interested in paying pension contributions via salary sacrifice, which results in savings on tax and national insurance (NI).Bowers, who joined London Overground ...
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Analysis
How will the pension reforms impact on annual management charges?
If you read nothing else, read thisAuto-enrolment and the other pension reforms have put the spotlight on annual management charges (AMCs).Employers may be faced with higher AMCs for existing scheme members if they decide to use their current pension scheme for auto-enrolment.The national employment savings trust (Nest) will offer an ...
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Article
Employees want to snooze on the job
News that nearly half of office workers would willingly swap their lunch break for an afternoon nap may encourage employers to offer sleep-inducing perks, such as bean bags or pillows, in the workplace.Of the 1,000 employees surveyed by website Dealjungle.com, 46% believed that a nap at lunchtime would improve their ...
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Article
Supreme Court case ruling could allow employers to set own retirement age
The Supreme Court has rejected an appeal made by an employee at law firm Clarkson Wright and James who was told he had to retire at 65.The judges upheld the previous decision taken by the Court of Appeal that the business reasons behind the employer’s decision to retire Leslie Seldon ...
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Article
UK employees may need to work at least 11 more years for adequate retirement
Almost half (45%) of employees over the age of 50 may need to work and save for 11 or more years to achieve their target replacement rate of retirement income, according to a study by the Pensions Policy Institute.However, the report, Extending working lives, also found that if employees aged ...
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Article
Hundreds of Qrops delisted following legislation change
HM Revenue and Customs (HMRC) has taken hundreds of qualified recognised overseas pension schemes (Qrops) off its register following the enforcement of new legislation this month.HMRC’s most recent register, published on 12 April, showed that around 310 schemes, which had appeared on the previous register, had been dropped. Jurisdictions affected ...
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Article
West Midlands Integrated Transport Authority completes £272m pensions buy-in
West Midlands Integrated Transport Authority (WMITA) has completed a £272-million pensions buy-in.The authority, carried out the move with the support of Prudential, Mercer and law firm Squire Saunders.Geik Drever, director of pensions at the West Midlands Pension Fund, said: “This transaction forms an important part of the WMITA fund’s risk ...