All Employee Benefits articles in Web Issue – Page 246
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Budget 2009: HMRC to specify sharesave bonus rates
Legislation, to be introduced in the Finance Bill 2009, will transfer the process of specifying bonus rates and early leaver rates on sharesave plans and of authorising savings providers from HM Treasury to HM Revenue & Customs (HMRC).When bonus interest rates change, the legislation will allow HMRC to specify that ...
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Budget 2009: Accommodation to be improved for armed forces staff
Chancellor Alistair Darling has earmarked £150 million cash to improve accommodation for employees in the armed forces.This money will be used to upgrade and rebuild the accommodation of 600 service men and women, and their families.This year's Budget also contained a measure that is designed to stop attempts to avoid ...
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Budget 2009: Tax relief on pensions for high-earners to be reduced
Higher-rate tax relief on pension contributions for those earning more than £150,000 a year will be restricted from April 2011.In his Budget speech, Chancellor Alastair Darling announced that the 40% higher rate of tax relief will gradually taper down to the basic rate of 20% for those on incomes over ...
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Budget 2009 update: Impact on pensions
The government's proposed changes to pension tax relief could result in a shake-up of high-level remuneration plans, according to experts.In his Budget speech, Chancellor Alistair Darling revealed that pensions tax relief for those earning more than £150,000 will gradually be tapered from 40% until it is 20% for those who ...
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Budget 2009: Sharesave changes to cut administrator costs
The slashing of the time period in which interest rate changes take effect on sharesave schemes will cut the high costs that were hitting administrators over the past year.The changes, which will come into effect on 29 April 2009 as part of the Finance Bill 2009, mean that the minimum ...
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Relationship counselling on offer for Australian cricketers and their partners
The wives and girlfriends of Australian cricketers have been invited to relationship counselling sessions to reduce the stress associated with long-distance relationships.The sessions are open to both the cricketers, who are due to embark on a tour of England this summer, and their partners and will be held at a ...
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More than half of UK businesses plan to freeze pay
More than half of British businesses plan to freeze salaries this year, while more than one in ten plan to cut staff pay, according to research published by the British Chambers of Commerce (BCC).The report, which surveyed 400 UK companies, revealed 58% of firms are planning a salary freeze, with ...
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Private medical insurance coverage rises despite recession
Lastest figures from the Association of British Insurers (ABI) show that the number of people covered by private medical insurance (PMI) continued to rise in 2008 despite the UK economy going into recession.†In 2008, a total of 6,224,000 people were covered by either personal or corporate PMI, with a further ...
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Employers set to conduct equal pay audits under Equality Bill
Employers could be required to report on the amounts they pay male and female employees under a clause included in the new Equality Bill.The government has said it will make it compulsory for firms with more than 250 employees to report on the gender pay gap by 2013 if sufficient ...
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Fifth of pension plans going into PPF are from the Midlands
Nearly 20% of schemes that have entered into the Pension Protection Fund (PPF) are failed Midlands based companies.This is an over representation compared to the rest of the nation and this figure is likely to rise due to the looming closures of car and manufacturing production plants, according to Aon ...
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Alliance Boots considers closing final salary pension scheme
Alliance Boots is considering closing its final salary scheme to existing employees as part of a wider review of the firm's HR policies.Stefano Pessina, the firm's executive chairman, has described the current pension arrangements as unfair due to the large costs involved in providing the benefit to a small proportion ...
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Asda launches online gift card management
Asda has launched an online management system that enables plastic gift cards to be used by employers as easily as paper gift vouchers.The gift card management system (GCMS), developed by Jordan Media for Asda Business Rewards, offers increased flexibility for Asda gift cards in the incentive, reward and employee benefits ...
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Hymans Robertson hires Barry Mack as head of governance and plan management.
Hymans Robertson, the independent benefits and investment consultancy, has hired Barry Mack to the new position of head of governance and plan management.Mack will be responsible for developing and promoting the firm’s governance and plan management services, including new business generation and firm-wide thought leadership.Mack joins Hymans Robertson from Mercer, ...
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Toshiba introduces employer-paid healthcare cash plan
Toshiba has introduced a healthcare cash plan for its 320 Plymouth-based staff to help improve health and wellbeing.The Japanese-owned electronics firm will fund one level of cover on Westfield Health's Foresight Plan for all employees, who then have the option of upgrading to a higher level of cover by paying ...
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Food from Britain in first public sector pension buyout
Food For Britain has become the first public sector organisation to offload the liabilities of its defined benefit pension scheme through a bulk annuity buyout arrangement.The move, which will see the Pension Insurance Corporation insure Food For Britain's Retirement Benefit Scheme's £20m liabilities, comes at a time when the food ...
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Whitbread to defer payments to cut pension deficit
Whitbread is to defer pension deficit top-up payments for three years after announcing its pension fund shortfall has risen to £388 million in its triennial valuation.The leisure group, which has announced its underlying pre-tax profit for the year to 26 February is up 12% at £228m, has struck a deal ...
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Pada and DWP launch consultation on personal accounts rules
The Personal Accounts Delivery Authority (Pada) and the Department for Work and Pensions (DWP) have launched a consultation on the draft scheme order and rules for personal accounts.Pension industry professionals, employers, and potential members and organisations that represent their interests have been invited to submit their views on the government's ...
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Theatre tokens celebrates 25th anniversary
Theatre Tokens, the theatre vouchers that can be exchanged for theatre tickets at over 230 theatres nationwide, is celebrating its 25th anniversary.Theatre vouchers when used in motivation, recognition and incentive schemes have proven extremely popular with employers that want to add a cultural and entertainment experience to the benefits and ...
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Lloyds Banking Group to merge Scottish Widows and Clerical Medical
Lloyds Banking Group will merge its Scottish Widows and Clerical Medical intermediary businesses under the Scottish Widows brand.From 1 July, Scottish Widows and Clerical Medical will combine to provide a single intermediary sales force and product proposition. It is intended that, over time, the Clerical Medical brand will no longer ...
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Bright Horizons acquires Teddies Nurseries from Bupa
Bright Horizons, provider of employer-sponsored childcare and early education, back-up care, and work-life solutions, has acquired Teddies Nurseries from Bupa.This creates the largest network of nurseries in the UK.The Bright Horizons network, now including Teddies Nurseries, comprises 147 nurseries in the UK and Ireland, which not only provides care to ...