All articles by Tynan Barton – Page 50
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Case Studies
CSC offers staff multiple flex windows
All UK staff have a core minimum level of benefits, which fall into four categories: financial, health, lifestyle and protection. The flex scheme gives them the ability to increase the level of benefits they receive.CSC switched flex provider from Hewitt Associates (now Aon Hewitt) to Benefex three years ago. Donna ...
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Case Studies
Flexible benefits give Munich Re staff freedom
Benefits offered to all employees include: buying and selling holiday; life cover which can be flexed down; pension contributions (staff can make contributions or flex down); critical illness cover; dental cover; two health cash plans; childcare vouchers; and private medical insurance (PMI).The flexible benefits are offered to all permanent employees ...
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AnalysisKey points to tell staff about annuities
IF YOU READ NOTHING ELSE, READ THIS…Employers should encourage staff to consider their retirement options five to 10 years before their retirement date.By disclosing information about their lifestyle, for example whether they are overweight or a smoker, employees could get a more beneficial annuity rate.Employees should be encouraged to shop ...
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Opinion
Peter Cooke: Reducing fleet costs
The challenge is to identify the opportunities, take them and then continue to take them, while showing a real cost saving.Essentially, opportunities split into short-term and strategic issues.Short-term fleet cost-management opportunities are typically associated with best practice and are a matter of driver practice, perhaps enhanced if motivated by management. ...
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Case Studies
Home Group builds salary sacrifice car scheme
The social housing provider replaced its company car benefit with a cash payment, which staff can use to pay for a car through a salary sacrifice arrangement.Available to all permanent and fixed-term contract employees, the scheme offers a choice of cars that have a fixed emissions cap of 155g/km of ...
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Article
Tackle global differences with unique strategies
EB Connect 2013: Employers must recognise that there is no one-size-fits all approach to a global reward strategy.Speaking at Employee Benefits Connect on 1 March, Caroline Jowett-Ive, group vice-president reward-human resources at Travelport (pictured), explained that the company’s reward strategy in emerging markets is closely aligned to business strategy, as ...
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Article
New markets require reward compromises
EB Connect 2013: Moving into new markets, whether developing or developed, requires compromises from all parties involved, according to John Beadle, global practice leader, performance and reward at Rio Tinto.Speaking at Employee Benefits Connect 2013 on 1 March, Beadle said that while employers moving into new markets may want consistent ...
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Analysis
What are white-labelled pension funds?
IF YOU READ NOTHING ELSE, READ THIS…White-labelled pension funds are growing in popularity as employers face more pension responsibilities.A white-labelled fund allows an employer to make changes without extensive employee communication.White-labelling can bring an element of future-proofing because employers are not tied to a single investment manager.Pension fund white-labelling is ...
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Case Studies
Financial workshops help educate University of Lincoln employees
The workshops are targeted at three age groups, for employees in their early, mid and late careers. All have the same themes, such as managing finances, setting career and financial goals, and understanding financial terminology.For the early career group, loosely aimed at those up to the age of 35, information ...
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AnalysisTop tips to cut the cost of fleets
IF YOU READ NOTHING ELSE, READ THIS…There are many ways employers can cut their fleet costs, which they can identify by carrying out a policy review.Employers can ask staff to take more responsibility for the way they drive and treat a company car, to help generate cost savings across the ...
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AnalysisTailor pre-retirement education to employee age groups
IF YOU READ NOTHING ELSE, READ THIS…Different generations in the workplace have different financial pressures and varying levels of financial knowledge.It is important to offer financial education to employees of all ages in order to increase their financial awareness.Targeted pre-retirement planning should start at least 18 months to two years ...
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Article
Annuity pricing review sparks debate
The Financial Services Authority (FSA) review into pricing in the annuity market prompted discussions at the Employee Benefits Pensions and Workplace Savings Summit on 31 January 2013.Chairing a panel debate on whether auto-enrolment will lead to better retirement outcomes for employees, Debi O’Donovan, editor of Employee Benefits, raised the issue ...
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Article
Auto-enrolment will improve engagement
More than half (63%) of respondents agree with the idea of auto-enrolment, according to research by the national employment savings trust (Nest).Its Nest insight report, which draws on five years’ worth of research and evidence from a number of sources, including its own research, found that 67% of respondents agree ...
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Analysis
Employers need diabetes-support strategy
IF YOU READ NOTHING ELSE, READ THIS…Five million people in the UK are expected to be diagnosed with diabetes by 2025.Diabetes can cause eyesight, circulation and kidney problems.Employers can support sufferers with benefi ts such as health awareness days and health risk assessments.Five million people in the UK are expected ...
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Article
Jelf appoints Wayne Pontin executive director
Jelf has appointed Wayne Pontin as executive director, mergers and acquisitions.Pontin, who is also currently chairman of the Association of Medical Insurance Intermediaries (AMII), was previously sales director for Jelf Employee Benefits.Pontin’s experience in the health insurance market will help him in his new role in identifying opportunities for growth.Alex ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2012: Alternatives to flex
Employers continue to be keen on standalone tax-efficient benefits, and interest is growing in total reward statements for employees, says Tynan BartonThe economic climate remains in a state of uncertainty, and it is perhaps because of this that one of the main reasons respondents that have considered implementing flex give ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2012: Administration
As the complexity of flexible benefits schemes increases, a growing number of employers are fully or partly outsourcing plan administration, says Tynan BartonImplementing a flex scheme can be a huge administrative task, so responsibilities are often split between in-house and outsourced resources.This year, it is an almost even divide, but ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2012: Impact of legislation
Employers are finally coming to grips with how to adapt their flexible benefits systems to accommodate the arrival of pensions auto-enrolment, says Tynan BartonThe introduction of auto-enrolment from this October will see many employees enter a pension scheme for the first time, with both employers and employees making compulsory contributions.Back ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2012: Tax-efficient benefits
Changes in tax legislation have made employers more wary about certain benefits, but any tax and NI savings are a strong draw in straitened times, says Tynan BartonSome 85% of employers offer tax-efficient benefits through flex, a small drop from the 90% that did so in 2011. In 2008, this ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2012: Benefits on offer
The number of benefits employers offer through flex is increasing, and childcare vouchers continue to top the table for popularity, says Tynan BartonOffering a voluntary benefits plan or tax-efficient benefits through salary sacrifice arrangements remain the most popular precursors to introducing a flexible benefits scheme.In providing flex, employers must strike ...