All articles by Tynan Barton – Page 75
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GSK agrees £900m pension buy-in deal with Prudential
Trustees of two of GlaxoSmithKline’s (GSK) pension plans have entered into bulk annuity contracts with Prudential.The contracts have an aggregate value of approximately £900 million and cover around 15% of GSK’s UK defined benefit pensioner liabilities.Under the terms of the agreement, Prudential will take on responsibility for a portion of ...
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B&CE and Partnership team up to offer enhanced annuities
B&CE Benefit Schemes has joined forces with Partnership, the provider of financial products for people with health and lifestyle conditions, to offer enhanced annuities.Employers in the construction industry offering benefits provided by B&CE will have direct access to enhanced rates by a one page medical questionnaire, which will enable them ...
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E.On measures staff engagement with flexible benefits plan
E.On has measured employee satisfaction with its flexible benefits scheme using a staff survey.The survey revealed 87% of the energy firm’s employees were satisfied with its My Choice flexible benefits scheme, provided by Benefex, and 74% instantly recognise the branding of the scheme.After implementing total reward statements (TRS) earlier this ...
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Local government backs higher pension contributions
The majority (75%) of local government pension experts believe there is a strong case for increasing contributions from council staff, according to the National Association of Pension Funds (NAPF).The NAPF’s Local Authority Pensions Poll found 83% of respondents also agreed that Lord Hutton’s proposals in his review of public sector ...
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Asda staff to receive £16m festive bonus
Asda is to present employees with a £16 million festive bonus to thank them for their hard work throughout 2010.The ‘Christmas Thank You’ package includes a £20 Asda gift card, a free festive meal and a 20% discount on a range of Asda products.The package will be available to each ...
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Nuffield Health gains share of corporate fitness sector
Nuffield Health has announced the acquisition of corporate fitness business, Bladerunner.The combined business will provide onsite corporate fitness facilities including memberships to private gyms, and mobile therapists and physiotherapists.Bladerunner’s contracts for almost 100 onsite gym facilities in offices and schools complements Nuffield Health’s corporate wellbeing business, which operates nearly 100 ...
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Killing classes to take place this weekend
‘Killing classes’ will take place in Slough this weekend for civilians who want to learn military and police close combat techniques.Reality fighting expert Tim Larkin has spent 20 years running close combat training programmes and has trained senior executives at Goldman Sachs, JP Morgan and Credit Suisse.The Target Focus Training ...
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FSA seeks disclosure on banks’ pay policies
The Financial Services Authority (FSA) has published a consultation document on the disclosure of remuneration of financial services firms.The FSA will ask banks to disclose information on their remuneration policies and pay-outs on an annual basis, according to the requirements of set out in the Capital Requirements Directive (CRD3).Information to ...
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Lorica launches flexible benefit product
In January Lorica will launch a new fixed cost flexible benefit product aimed at small and medium enterprises (SME).Cube Uno, the sister product of Lorica’s flex solution Cube, will comprise of seven pre-populated benefits, total reward statements and a discount scheme with around 600 discounts available to employees.The Cube Uno ...
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FTSE 100 pensions deficit amounts to £66bn
The total deficit in the pension schemes of the FTSE 100 is estimated to be £66 billion, according to the latest analysis from Pension Capital Strategies (PCS).The FTSE 100 and Their Pension Disclosures report found that this year’s position shows a marked improvement from 2009, with an £8 billion decrease ...
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Kas Bank develops stress test for pensions
Kas Bank has developed a stress test to give trustees a better understanding of how resilient their pension scheme would be in times of extreme economic crisis.The new service examines the likely impact of several worst-case scenarios in terms of the funding level of a scheme.The test, which can be ...
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Robertson Cooper research: Personal resilience is key to wellbeing
Personal resilience is key to wellbeing according to research from business psychology firm Robertson Cooper.The i-resilience online survey of the working population found that the majority of respondents (81%) are confident that they can recover well when things go wrong, however only less than half (48%) believe they flourish when ...
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Grid launches new members resource area on website
Group Risk Development (Grid) has launched a new area on its website to help members get more out of their membership.The new member’s area includes a library of communications, minutes and other materials, as well as access to exclusive research from Grid.Members will also be able to view the Service ...
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Canada Life increases claims service provision
Canada Life has increased eligibility for its group income protection (GIP) claims management service (CMS) by lowering the qualifying premium to £50,000 a year.CMS Connect was previously only available to GIP clients with premiums in the £75,000 to £100,000 a year range.The service provides an additional level of employer and ...
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Payroll professionals unprepared for 2012 pensions reforms
Over two thirds (67%) of payroll professionals said they are not ready for the 2012 pensions reforms, according to a new survey from the Institute of Payroll Professionals (IPP).The online poll also revealed that only a quarter (25%) of respondents are aware of what needs to be done and the ...
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Retail sector pay rises stuck at recession levels
Pay increases in the retail sector are failing to recover from recession levels, according to Hay Group.Its Retail Sector Report also found an increasing use of performance-related pay in the sector, although retailers are making bonuses more difficult to earn.The report revealed retailers predict salary increases of 1.9% over the ...
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Employers struggle to balance health and wellbeing with financial priorities
Employers are facing the same workplace health challenges as they were a year ago, in trying to balance the cost of investment in health and wellbeing with financial priorities of the business.Aviva UK Health’s fourth annual Health of the Workplace Report found that while business leaders recognise the importance of ...
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Majority of directors have experienced a pay cut
The majority of private sector directors received a pay cut in real terms in 2010, according to a survey by the Institute of Directors (IOD).Its annual Directors Rewards survey found nearly half (46%) of directors have had either a pay freeze or a pay reduction in cash terms in 2010.The ...
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Buyer's guide to critical illness cover
Key factsWhat is critical illness insurance?It provides a lump sum paid out by the insurer to an employee upon diagnosis of a critical illness, as defined within the insurance policy.Where can employers get more information?The Group Risk Development website has more information on group critical illness for employers.The Association of ...
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East Midland Trains launches voluntary benefits scheme
East Midland Trains is launching a voluntary benefits scheme as part of its third birthday celebrations.The scheme, provided by LogBuy, will enable the firm's 2,025 staff to buy goods and services at discounts, as well as nominating local businesses where they would like to receive discounts, such as restaurants and ...