All articles by Tom Washington – Page 23
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90% of employers worried about cost of defined benefit pension
Almost all (90%) of UK employers offering a defined benefit (DB) pension scheme are worried about the impact the perk is having on business.According to PricewaterhouseCoopers' (PwC) fourth annual pension survey, employers are worried that trustees will demand extra cash funding for the pension, at a time when the business ...
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Employers urged to support Stress Down Day
Employers are being urged to address the problem of workplace-related stress on Friday 6 February in support of Samaritans’ ‘Stress Down Day.’As part of the national fundraising initiative, the charity has suggested bosses could charge employees to switch off email for the day or to visit relaxation areas in the ...
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Linklaters overhauls pensions with auto-enrolment and new contribution structure
Linklaters has overhauled its pension arrangements by introducing auto-enrolment for new employees, salary sacrifice on pension contributions and a new contribution structure. The move follows staff feedback saying that the previous structure was difficult to understand.A third of the law firm's 2,500-strong UK workforce has signed up to the new ...
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Workers fear job losses
More than a quarter (27%) of UK employees would be prepared to work 80 hours a week in order to keep their job during the recession, while 19% would take a cut in salary. According to Cyber-Ark's The Global Recession and Its Effect on Work Ethics survey, nearly half (46%) ...
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UK workers not confident on retirement savings
More than half (59%) of UK workers are not confident that they will have enough money during retirement, according to research by Club Vita. The Years Ahead report revealed that 47% of those surveyed are relying on their own personal efforts to provide financial support for their retirement, while one ...
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Staff miss out on perks
New research from Canada Life Group Insurance has revealed that more than two-thirds (69%) of employees did not receive any form of employee benefit from their employer in 2008, up 3% on the previous year. However, more than half (53%) of the 1,058 UK residents surveyed said they consider benefits ...
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FTSE share options tumble
Almost three-quarters of FTSE-100 companies' employee share options are now underwater, according to research published by law firm Norton Rose.The study found that of the FTSE-100 companies which granted sharesave (save-as-you-earn) options in 2007, 72% of their share prices have fallen to such an extent that the options they granted ...
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Pension schemes most commonly-offered benefit
A pension plan is the most commonly-provided benefit offered by employers to staff, followed by investment in training and development, which remains a priority for organisations despite the economic downturn.According to the Chartered Institute of Personnel and Development's (CIPD) 2009 Annual Reward Management Survey, 95% of employers offered a pension ...
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Analysis
Employers adapting defined benefit pensions to avoid scheme closure
Employers are increasingly having to adapt defined benefit pension schemes to avoid their total closureMarks and Spencer's (M&S) move to limit the cost of its defined benefit (DB) pension scheme has highlighted the pressures currently faced by many large employers. The retail giant, which closed its DB scheme to new ...
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Buyer's guide to flex admin systems (February 2009)
Reduced costs and improved technology means employers can now expect more from flexible benefits administration systems, says Tom WashingtonImplementing a flexible benefits plan can be a time-consuming and costly task for any employer. Behind every flex programme is its administration system - a cog in the machine that because of ...
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Analysis
Tailor financial education to suit employees' life stages
Segmenting the workforce to suit every stage of employee’ lives is one way of targeting financial education effectively, says Tom WashingtonIn reality, providing completely bespoke, personalised financial education for each employee is impossible, as their needs will be so varied. Offering one-to-one meetings with an independent financial adviser is the ...
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Analysis
Developments in green fleet
The stumbling blocks to employers running a green fleet have been steadily removed thanks to manufacturers' improved technology and a wealth of tax incentives, says Tom WashingtonSince the government introduced a CO2 emissions-based benefit-in-kind (BIK) tax aimed at cutting pollution in 2002, the fleet market has been slowly evolving to ...
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Case Study: Tesco
Tesco recognises the varying needs of its 280,000-strong workforce by targeting workers approaching retirement and graduates fresh out of university with tailored information.It holds approximately 25 pre-retirement seminars a year, which include speaker presentations, question and answer (Q&A) sessions and opportunities for one-to-one meetings with an independent financial adviser.Together these ...
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Case Studies
Case Study: Simply Health Group
The Simply Health Group tailored savings provision to better suit its varied 1,200-strong workforce after realising that staff were not joining its group personal pension (GPP) scheme due to other priorities.To provide an alternative, the healthcare firm launched schemes to help staff save for a home or pay off student ...
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Interview with Annamaria Lusardi, professor of economics at Dartmouth College
Providing financial education to staff can indirectly impact performance, Annamaria Lusardi, professor of economics at Dartmouth College, tells Tom WashingtonFor many employees, making the right decisions when it comes to their personal finances, particularly in terms of savings and investments, is a tough task. This is often due to a ...
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Abbey and Cancer Research UK launch financial education
Abbey and Cancer Research UK have launched financial education programmes to help employees manage their money during the recession.Cancer Research UK's scheme will first roll out its initiative to a group of 60 employees this month and has scheduled further sessions to take place throughout the year. The charity will ...
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Employers in the dark over cost of reward
Employers are in the dark about the cost of their reward spend, according to new research by the Chartered Institute of Personnel and Development (CIPD).Its Annual Reward Management Survey found that 46% of employers are not aware of their total remuneration spend, including employee benefits, base pay, variable pay and ...
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Civil servants expected to claim pension for 29 years
Civil servants are expected to claim their pensions for two extra years, with the average 40-year-old male now expected to enjoy 29 years of retirement benefits when he reaches 60.The Civil Superannuation Resource Accounts for 2007/8 reveal that male life expectancy has remained steady for women, but men in the ...
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Corus announces British Steel pension cuts amid 2,500 UK job losses
Corus will close the British Steel defined benefit (DB) pension scheme to new members as well as cutting 3,500 jobs from its global workforce in order to cut costs amid falling demand for steel.Although the DB scheme is in a healthy position, currently fully funded and running at a surplus ...
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Renault Formula One Team launches flexible benefits
Renault’s Formula One Team has launched a flexible benefits scheme and voluntary discounts for staff, with options that include tickets to F1 races and discounts on Renault cars.The scheme was launched to 500 staff in November last year following an employee survey that revealed only 31% of the workforce thought ...