All articles by Tom Washington – Page 12
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Companies to spend more on pensions for past employees
FTSE 100 companies are set to spend as much on paying the pension promises to past employees as they are on current employees’ benefits, according to KPMG’s fourth annual Pensions Repayment Monitor.Furthermore, KPMG said that 22% of these large employers face no prospect of clearing pension deficits from discretionary cashflow ...
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Better bonus management critical to company success
More than half of all UK employees benefit from some kind of variable compensation such as bonuses, but many employers are failing to manage this reward effectively.Analysis by Callidus Software has found 62% of the 23.01 million employees have a variable remuneration package, yet 90% of organisations still use manual ...
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FSA introduces remuneration code of practice
The Financial Services Authority (FSA) has today introduced a new code setting out how employers should mitigate risk when rewarding staff with pay and bonuses.The code states that firms should not enter into contracts with employees which provide guaranteed bonuses for more than one year. It is also expected that ...
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Cardif Pinnacle holds health and wellbeing events for staff
Financial services firm Cardif Pinnacle is holding two health and wellbeing events for its 550 Borehamwood-based employees this month.The company will hold the two day-long events across two sites and has invited its healthcare and wellbeing providers to promote the perks on offer.Jelf Employee Benefits, its supplier of risk benefits, ...
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O2 launches online summer discounts store for staff
O2 Telefonica UK has launched a bespoke online discounts store which enables its employees to purchase a range of products and services at discounted rates.All of O2’s 14,000 UK employees have access to the Summer ‘Staycation’ Deals site. Many of the offers on the website will help put the fun ...
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Friends Provident teams up with FNZ to launch new corporate platform
Friends Provident has announced it is teaming up with investment administrators FNZ to deliver a new corporate wealth management platform.The partnership will provide Friends Provident with the capability to offer an enhanced workplace platform for its customers. This platform [also referred to as a corporate wrap] will be delivered during ...
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E.On sees 96% of staff switch to pensions salary sacrifice
Energy company E.On has seen 96% of eligible staff transfer into its newly-introduced pension salary sacrifice option which allows them to pay less national insurance and enjoy an increase in their net pay.670 employees have chosen to join the E.On Pension Plan for the first time this year, branded as ...
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Employee share ownership take-up falls to 16 year low
Employee participation in share ownership schemes has plummeted to a 16 year low, according to accountancy group UHY Hacker Young.The number of UK employees who were granted options under a save as you earn (SAYE) share option scheme was 520,000 in 2007-08, the lowest figure since 1993-94. This is now ...
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Article
Minimum pay for apprenticeships increased
The minimum pay rate for apprenticeships has been increased from £80 to £95 a week, following a fall in the number of young people joining the schemes.Apprentices under the age of 19 and older workers in the first year of an apprenticeship are exempt from the minimum wage. The TUC ...
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Article
John Lewis Partnership launches cycle-to-work scheme
John Lewis Partnership has launched a cycle-to-work scheme for its 70,000 UK employees to help them be more environmentally friendly and to boost staff wellbeing.The retail firm, which owns Waitrose food stores and John Lewis department stores, launched the salary sacrifice scheme last month and employees have until 4 September ...
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Lorica Consulting launches Lorica Online and new benefits portal
Employee benefits consultancy Lorica Consulting has announced the launch of a new subsidiary business, Lorica Online, along with a new and dynamic online flexible benefits portal.Lorica Online launches as a business that will specialise in building, running and delivering software solutions into the employee benefits market beginning with Cube, and ...
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Bluefin launches mobile benefits platform
Bluefin Corporate Consulting has launched an online benefits portal which interacts with mobile phones and other handheld devices as well as PCs and laptops.The technology will sit on Bluefin's online employee benefits portal Orbit, which has also been recently revamped. It enables the sending of information to members regarding pension ...
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Abbott launches flexible benefits and online total reward statements
Global healthcare and medical research firm Abbott has launched a flexible benefits plan and online total reward statements (TRS), as well as revamping its voluntary benefits.The scheme, branded Abbott Life, went live for the company's 2,000 UK employees in June and was implemented by Vebnet. The voluntary benefits plan is ...
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O2 appoints BlackRock to provide DC fund
Telefonica O2 UK has appointed BlackRock as its investment-only provider to manage £30 million in assets in its defined contribution (DC) pension plan.The DC part of the O2 Pension Plan has around 3,000 members who will now be able to choose BlackRock funds.The multi-asset BlackRock DC Diversified Growth Fund is ...
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Bankhall perks up pensions, holidays and launches flexible benefits
Bankhall has launched an online flexible benefits scheme, and has improved its pensions and holiday perks.The supplier of support services to financial advisers had previously provided its staff with a set of core benefits depending on grade, which included a minimum holiday entitlement of 20 days a year, rising to ...
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JLT Online Benefits launches integrated employee benefits system
JLT Online Benefits has launched an online integrated benefits management system.The system uses a single database of staff information, which is uploaded by the organisation. This can then be linked with a variety of perks, including pensions, flexible benefits plans, and risk and healthcare perks. Charlie Carrick, sales director at ...
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Case Studies
Employer profile: Telefonica O2 UK
As a leading player in a highly-competitive market, Telefonica O2 is keen to connect its staff to distinctively different reward, says Tom WashingtonLooking down over the hundreds of headset-wearing customer service staff working in Telefonica O2 UK’s vast Runcorn call centre brings the task of a reward manager sharply into ...
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Aon Consulting research: Pay rise preferred to perks
Nearly half of UK workers (47%) would welcome the chance to trade down their benefits in order to increase their pay.According to the Benefits Omnibus survey by Aon Consulting, which canvassed 1,300 working adults, 47% were more concerned about the immediate future and ensuring they had as much take-home pay ...
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Caroline Jowett-Ive moves to Travelport
Former Virgin Management group reward manager Caroline Jowett-Ive has moved to travel industry technology provider Travelport to take up the position of global vice-president reward. Jowett-Ive had worked for Virgin, in various roles, for just over five years.
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Pensions research: Investment strategies
Although a number of employers educate staff about defined contribution investment options, most staff are in a default fund, says Tom WashingtonWithout education, few employees can have a good understanding of the investment options available through their employer’s defined contribution (DC) plan. Over the years, employers have increasingly taken this ...