All articles by Tynan Barton – Page 71
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Nest appoints fund managers for default fund offering
The National Employment Savings Trust (Nest) Corporation has announced the fund managers appointed for its first five mandates.The funds will provide Nest’s default fund offering.Mandate one: passive global equities. UBS Life World Equity Tracker, managed by UBS Global Asset Management Life Ltd, tracks the FTSE all-world developed index.Mandate two: passive ...
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News analysis: Essential economy drive
Escalating fuel prices are forcing employers to make sure that their company cars are being used as efficiently as possible, says Tynan BartonDrivers saw in the new year with a double increase in fuel price. On 1 January, a rise in fuel duty saw 0.76p/litre added to both petrol and ...
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Unite sues Ford over pension loss
Unite, the union, has lodged a claim in the High Court against Ford Motor Company over the pension rights of employees who transferred to Visteon UK and subsequently lost their jobs and some of their pensions after Visteon UK went into administration.Unite’s lawyers are seeking compensation from Ford for allegedly ...
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April tax changes could create 750,000 more higher-rate taxpayers
Around 750,000 more people will become higher-rate taxpayers from April 2011, according to analysis by the Institute for Fiscal Studies (IFS).Its analysis found the increase in higher-rate taxpayers could occur as a result of a reduction in the level of income at which the higher rate takes effect.According to the ...
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Employees not saving enough for retirement
Nearly six in ten (56%) employees are concerned they are not saving enough for retirement.According to the Employee Outlook: Focus on Pensions survey by the Chartered Institute of Personnel and Development (CIPD), more than half (54%) of employees are not members of a workplace pension scheme.The survey also found there ...
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Employers failing to provide benefits to support mental health
British employers are failing workers with mental health conditions, according to a poll of business leaders by the Shaw Trust.Its research found 80% of employers have no mental health policy. As a result, the charity is urging employers to support staff with schemes such as flexible hours and stress-busting training.Sally ...
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Virgin Trains to host a wellbeing event for employers
Virgin Trains is hosting a wellbeing event for employers in Cheshire and North West England.The day, which will take place at Virgin Trains’ Training Academy in Crewe on 28 January, will involve personal and corporate wellbeing activities employers use to support and develop their employees.The activities include healing and massage, ...
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Inflation index change results in £15bn pension liability windfall for FTSE 100
Many FTSE 100 companies are preparing to record windfall gains to reflect government changes in inflation measures for defined benefit (DB) pensions.According to consultancy Towers Watson, the impact on FTSE 100 pension liabilities, estimated to be in excess of £15 billion, is due to the policy change that allows pension ...
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Employees resolve to get fit in the new year
Nearly three-quarters of employees (73%) have committed to get fit in the New Year, according to research by Aviva UK Health.However, according to its 2011 New Year, New You report, 80% admit past resolutions to make positive changes to their lifestyle have failed by the end of January.The report found ...
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HMRC to curb bonuses after £13m payout
HM Revenue and Customs (HMRC) employees will share in a £13 million bonus payout for performance in 2010.However, HMRC has said bonuses will be curbed this year in line with other public sector organisations.HMRC spent almost £800,000 more on bonuses last year than in 2009, despite mistakes made that saw ...
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Morgan Stanley staff to share $16bn bonus pot
US-based firm Morgan Stanley has set aside a $16 billion (£10 million) bonus pot for staff to share.The investment firm’s 65,542 employees receive an average of $255,000, (£160,000) in pay and bonuses for 2010.Morgan Stanley announced details of the compensation package as it reported its profits had more than tripled ...
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Nest to offer a Sharia-compliant fund choice
The national employment savings trust (Nest) has announced plans to offer fund choice compliant with Sharia law when it launches later this year.Nest has begun the procurement process for a Sharia-compliant fund manager after consulting with stakeholders to determine which fund choices to offer.After Nest conducted research into the characteristics ...
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Medical Care Direct launches healthcare trust for small employers
Medical Care Direct (MCD) has launched a scheme to enable employers with as few as 100 staff to receive the benefits of a healthcare trust fund.Its Health Link scheme offers comprehensive third-party administration, MCD’s treatment sourcing service and stop-loss insurance at a fixed price. Through its treatment sourcing service, MCD ...
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Goldman Sachs awards staff £10bn in pay and bonuses
Goldman Sachs is to award its staff nearly £10 billion ($15.38 billion) in pay and bonuses for 2010.The figures, announced yesterday, will see the investment bank’s 35,700 staff around the world handed a compensation package worth an average of £269,000 ($430,000) per employee.Lloyd Blankfein, chairman and chief executive officer, Goldman ...
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City and Guilds introduces online voluntary discounts
City and Guilds has introduced an online voluntary discount scheme for employees.The vocational qualification awarding body introduced the new scheme when it changed flexible benefits providers to Thomsons Online Benefits in August 2010.The portal, provided by Asperity in partnership with Thomsons, opened to City and Guilds’ 900 UK employees in ...
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Department for International Development renews investment in staff fitness
The Department for International Development (DFID) London and Scotland has renewed its contract with Energy Fitness Professionals (EFP) for management of its fitness centres.The renewal of the contract has been combined with a re-brand of the centres from Wellbeing Centre to Energise.The re-branded centres were launched in conjunction with DFID’s ...
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Female workers feel they are underpaid
Female workers in the UK continue to feel the effects of the gender pay gap, according to new research from MySalaryChecker.com.The research from the salary comparative site revealed the majority of women (80%) in the UK felt they were being underpaid, a third (38%) of whom thought by as much ...
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Pizza Hut appoints Mercer to de-risk pension plan
The trustees of the Pizza Hut (UK) Investment Plan have appointed consultancy Mercer to provide de-risking services as part of an implemented investment solution for its £50 million pension fund.As part of a review of investment governance arrangements, the trustees considered the overall investment objectives for the plan, with an ...
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Pay growth falls as inflation rises
Public and private sector pay has fallen in the three months to December, according to new research from VocaLink, while inflation remains at 3.3%.The Take Home Pay Indices show that private sector earnings fell to 1.1% annual growth in December 2010, a drop from 1.7% in November.Annual public sector pay ...
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Government confirms removal of default retirement age
The government has confirmed the default retirement age (DRA) will be phased out between 6 April and 1 October 2011.The government has today published its written response to its recent consultation on the removal of the DRA and new guidance to help employers adapt.The removal of the regulation means from ...