All articles by Tom Washington – Page 21
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Private sector pay falls for first time in eight years
Private sector pay has fallen for the first time since official records began eight years ago while public sector pay continues to rise, according to data from the Office of National Statistics (ONS).With pay and bonuses being frozen in the economic downturn, the average weekly wage for a private sector ...
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AWD Chase de Vere Consulting launches salary sacrifice service
AWD Chase de Vere Consulting has launched a service to help employers introduce salary sacrifice schemes with greater ease.The employee benefits and pensions consultancy will work closely with employers to assess the suitability of salary sacrifice before assisting with the implementation of the scheme. The service has been designed to ...
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Financial Services Authority sets out new rules on banking sector remuneration
The Financial Services Authority (FSA) has said that employers could be financially penalised if they fail to comply with its proposed new plans on remuneration in the banking sector.In its review of the global banking crisis, the FSA said pay policies, and forms of remuneration such as bonuses will be ...
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Former RBS chief executive Goodwin received GBP3m pension advance
The former chief executive of the Royal Bank of Scotland Group (RBS) Sir Fred Goodwin has received a £2.7million advance on his £16.9m pension pot.Goodwin has reportedly withdrawn the money as the government looks for ways to claw back the benefit, worth £693,000 a year.Treasury Minister Lord Myners told MPs ...
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Half of employees consider their pension fund to be safe
Almost half (43%) of UK employees consider their occupational pension fund to be safe, according to research published by JLT Benefit Solutions (JLT).The research, however, also showed that 25% of employees are not able to accurately assess the financial security of their pension, which implies they do not sufficiently understand ...
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The Equality and Human Rights Commission calls for equal pay reform
The Equality for Human Rights Commission (EHRC) has called for a radical equal pay reform ahead of the government's upcoming Equality Bill, due to be published this spring.The EHRC, the body responsible for safeguarding equality in the UK, said that Britain's equal pay laws are outdated and reliant on individual ...
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JLT Benefits Solutions launches pension accuracy test
JLT Benefit Solutions (JLT) has launched a pension 'Validator', a new data testing product for testing the accuracy of pension scheme data.The product provides schemes with a data quality certificate which clearly outlines the results in various areas as well as recommendations to improve the quality of the scheme data ...
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John Lewis Partnership announces bonuses
John Lewis Partnership has announced that all of its 69,000 employees will receive a cash bonus worth 13% of their annual pay, a 7% decline from last year.The retail firm, which owns John Lewis department stores and Waitrose, has said employees will share a £125.5 million bonus pot. This amounts ...
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RBS injects GBP800m into pension schemes
The Royal Bank of Scotland Group (RBS) is to inject more than £800 million of tax-payers' money into its employees' pension schemes which have fallen into deficit after investing in RBS shares.According to its annual report, the bank plans to invest £807m in order to fund its various pension schemes. ...
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European Court of Justice rules in favour of UK retirement age
The European Court of Justice (ECJ) has ruled that the UK's compulsory retirement age of 65 years is not in breach of EU legislation.The case against the legislation, Age Concern England v Secretary of State for Business, Enterprise and Regulatory Reform, had been made by charity Age Concern which, through ...
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Council jobs at risk following pay rise
Council workers have been warned that their jobs are at risk following a decision to award them a pay rise.Acas, the independent conciliation and arbitration service, has awarded local government staff a pay increase of 2.75%, an increase of 0.3% from the 2.45% that was awarded last October.Acas was initially ...
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RBS chairman awarded £1.5m of share options
Sir Philip Hampton, chairman of the Royal Bank of Scotland Group (RBS), has been awarded £1.5million of share options, on top of his £750,000 salary.The bank, which was criticised last week for paying out former chief executive, Sir Fred Goodwin, a £693,000 annual pension, awarded Sir Philip options for around ...
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United Utilities revamps flex communication
United Utilities has revamped communication of its flexible benefits plan by staging a series of roadshows and redesigning the brochure to make the scheme more engaging.Changes were made to its Your Choices flexible benefits brochure, which was then sent to all 9,000 UK employees' home addresses.Reward manager Graeme Mooney said ...
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RSA launches flex scheme to boost staff engagement
Royal & Sun Alliance Insurance Group (RSA) has launched a flexible benefits scheme, online total reward statements and a pension calculator for its 8,000 UK staff in a bid to boost engagement.The scheme, which went live in January, allows staff to select from a range of 18 benefits each year ...
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Shire switches provider for GPP scheme
Shire has switched to Norwich Union as provider for its group personal pension scheme.The pharmaceutical firm made the change in February after a representative committee of employees expressed concern about the effect a restructure at former provider Friends Provident in January 2008 might have on its pensions business.Alan Brown, Shire's ...
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Marriott revamps voluntary perks
Marriott Hotels has revamped its voluntary benefits package to make it more relevant to the needs of its workforce, following a staff survey.In the employee benefits survey last summer, staff were asked which perks they would like to be offered. The three most popular suggestions were implemented in January, and ...
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Buyer's guide to group self invested personal pensions (Sipps) (March 2009)
Self-invested personal pension plans offer staff more investment choice and greater control, says Tom WashingtonThe popularity of group self-invested personal pension plans (Sipps) has risen steadily over the past few years. Much like other occupational pension schemes, group Sipps are individual contracts that allow staff to save for retirement in ...
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Case Studies
Employer profile: Easyjet
Budget airline Easyjet is navigating economic turbulence by keeping costs under control, and that philosophy extends to its employee benefits, says Tom Washington.It is hard to miss budget airlines. Their bargain-basement prices and in-your-face marketing campaigns have not only made the likes of Easyjet and Ryanair household names, but have ...
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Bankers are well rewarded, research shows
Investment banks continue to offer a generous reward package despite the financial crisis.Private medical insurance (PMI) is the most commonly-offered perk in the sector, provided by 93% of respondents, according to Aon Consulting's Banking sector report, which surveyed 34 investment banks. More than half (55%) also cover employees' families.The majority ...
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Employers concerned over pensions' value for money
Most employers do not think they are getting value for the money they spend on pensions provision.According to PricewaterhouseCoopers' Fourth annual PWC pensions survey, 83% of employers are either very or somewhat concerned about the lack of value they get for their money.More than three-quarters (79%) of respondents are also ...