All articles by Tynan Barton – Page 70
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Article
UK pension deficits reach £1,334 billion
UK corporate pension liabilities have grown to £1,334 billion, based on assumptions as at 31 December 2010, according to the Xafinity Corporate UK Pension Scheme model.Continuing pressure from longer life expectancies and falling yields has driven these liabilities up by over £500 billion in just two years.December 2010 brought some ...
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Global pension fund assets reach record high
Global institutional pension fund assets in the 13 major markets increased by 12% during 2010 to reach a record high of $26 trillion, according to research from Towers Watson.Its Global Pension Assets Study found the UK is the third largest pensions market, accounting for 9% of total pension fund assets ...
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Spinnaker Master Trust appoints HS Admin to administer DC pension
Spinnaker Master Trust, an occupational defined contribution (DC) pension scheme for non-associated employers, has appointed HS Admin to carry out all its administration.HS Admin, which was acquired by Goddard Perry Consulting in October 2010, has confirmed that pricing will range from a 0.25% to 1% annual management charge.Steve Goddard, managing ...
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Clear Path Analysis research: Interest in bulk annuity transactions growing
UK pension schemes have seen a growth in willingness to enter into a bulk annuity type transaction, according to research from Clear Path Analysis.The research for Clear Path Analysis’ upcoming annual report, Pensions de-risking: longevity hedging and buying out, found that 31% of UK based pension schemes claim preparing for ...
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Amey changes track on flexible benefits and voluntary perks
Amey is to outsource its flexible benefits scheme, switch voluntary benefits provider and introduce financial education workshops for its 11,500 staff.The public services provider is moving its flex scheme online with Thomsons Online Benefits, having previously managed the scheme in-house.Mark Bradshaw, HR director, reward at Amey, said: “We will have ...
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Alliance Medical issues total reward statements
Alliance Medical has rolled out total reward statements to increase staff understanding of its benefits provision.The statements, provided by Thomsons Online Benefits, give information about the value of cash elements, such as base salary, bonus and overtime, as well as non-cash benefits such as income protection, pension and private medical ...
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Analysis
Retirement savings: Corporate wrap products
These are early days for the UK corporate wraps market, so what is available and what is in the pipeline? Tynan Barton rounds up what the providers have to offerThe corporate wrap market is still in its infancy, with several providers having entered the market and many more yet to ...
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Home Retail Group updates voluntary benefits website
Home Retail Group is updating its voluntary benefits website to offer employees more flexibility in accessing their rewards information.The website will offer Home Retail Group’s 52,000 employees access to over 4,000 discounts and offers on the go, through multiple channels including phone, internet and card.The retailer, which owns Argos and ...
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Analysis
Airbus reaches for the sky with staff benefits
Case study: Airbus flex scheme is ‘fantastic’Tim Flook, integrator, materials and processes, joined Airbus in 1990. His role in engineering structures requires him to manage the work and deliverables for the A400M military transport aircraft. Flook liaises with chief engineers and architects to ensure the work is delivered on time ...
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Government issues new contracted out rebate rates for DB pensions
The government has announced details of the contracted-out rebate rates for defined benefit (DB) pensions schemes.If an individual is contracted out of the State second pension, the employer and employee pay national insurance (NI) contributions reduced in total by 4.8%.To create the new 4.8% rate, employer rebates are falling from ...
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Just a third of employers actively monitor pay equality
Gender pay gaps may be ignored in organisations, as only a third of employers have measures in place to monitor pay.According to The State of HR Survey by law firm Speechly Bircham and King’s College London, although 84% of employers stated there was no material gender pay inequality in their ...
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Private sector pension deficits fall by more than £120 billion
The deficits of private sector defined benefit (DB) pension schemes have reduced by more than £120 billion, according to the latest monthly index from Pension Capital Stategies (PCS).PCS estimated that as at 31 January 2011, the deficit for all UK private sector pension schemes was £62 billion, compared to £183 ...
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Canada Life research: Staff unaware of financial support when sick
Employees are unaware of the level of financial support they may be entitled to if they were unable to work due to sickness, according to research by Canada Life Group.The research found that one in five (19%) employees did not know how long their employer would continue to pay their ...
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Crutes to launch flexible benefits scheme
Law firm Crutes is to launch a flexible benefits scheme to give staff more choice and control with their benefits.Crutes has appointed Portus Online to develop the scheme which will launch in the spring.Tim Robinson, commercial director at Crutes, said: “As professional advisors, our people are absolutely crucial to our ...
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PWC research: Asset management compensation rises
Compensation in asset management firms has risen as fund performance shows signs of improvement, according to research from PricewaterhouseCoopers (PWC).PwC’s annual asset management report found compensation costs as a percentage of net revenues have increased by over 4% over the last financial year.Annual bonus spend as a percentage of pre-bonus ...
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Commission launches inquiry into pensions failings
An independent commission has been launched to investigate why the pensions system is failing so many working people in the UK.The Workplace Retirement Income Commission (WRIC), led by Treasury Select Committee chairman Lord McFall, will look at what barriers exist to workplace retirement savings for both employers and staff.The WRIC, ...
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Scottish Widows launches corporate Isa
Scottish Widows has launched a corporate individual savings account (Isa) on its workplace savings platform, Mymoneyworks, to increase choice and flexibility for employees looking for additional savings vehicles.The corporate Isa consists of a self-select stocks and shares Isa, and self-select funds Isa, both provided by Halifax Share Dealing, part of ...
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School closures insurance launched for working parents
Towergate Insurance has launched School Closures Insurance to protect working parents from loss of earnings and additional childcare costs.More and more employers have introduced adverse weather policies which can mean staff lose pay for taking days off to look after their children as a result of bad weather.The insurance policy, ...
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Ceridian renews contract hire and fleet management contract
HR and payroll services provider Ceridian has extended its contract with Leasedrive Velo to supply contract hire and fleet management services.The contract covers a fleet of around 100 contract hire cars and 120 cash-for-car drivers. It predominantly uses models from manufacturers Audi, BMW and Volkswagen.Doug Sawers, managing director of Ceridian ...
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CFC Solutions: Speeding and mobile phone use are most common company car offences
Exceeding the speed limit and using a mobile phone while driving top the 10 most common driving offences committed by company car and van drivers, according to research from CFC Solutions.The research, based on users of CFC Solution’s licence checking software, found that the exceeding the speed limit on a ...