All Employee Benefits articles in Web Issue – Page 256
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Aegon pulls out of group risk market
Aegon UK is withdrawing from the group risk market which it has said has limited prospects and lack of profitability for its business.The firm, which also offers pensions, life insurance, asset management and financial advice, will cease to provide group life, group critical illness and group income protection products to ...
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Standard Life launches new health insurance product
Standard Life has announced the launch of a new, flexible and cost-efficient personal health insurance product.The product allows individuals to build a plan that is tailored to their specific needs. All policies are built around a core module which provides full cover for in-patient and day-patient treatment, hospital charges, consultants’ ...
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BP to close final salary pension scheme for new staff
BP will close its final salary pension scheme to new employees from April 2010 as part of a long-term cost savings plan. The FTSE 100 firm is the latest in a long line of high-profile employers to slash defined benefit (DB) pension benefits. It will instead offer a defined contribution ...
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Pension buyout market will halve
The pension buyout market will halve as the full force of the financial crisis hits home, according to a report published by Lane Clark & Peacock (LCP).It said the market for transferring pension scheme risk to an insurance company will fall to £4 billion this year, half of the £7.9 ...
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Kellogg's boosts pension take-up to 97% of workforce
Kellogg's has increased take-up rates of its workplace pension from 60% to 97% after introducing auto-enrolment and implementing a new scheme with gradually escalating contributions. The firm's new scheme, provided by Axa, allows employees to start off their contributions at 3% with an employer contribution of 5%. This moves up ...
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Barclays scraps final salary scheme
Barclays has announced plans to close its final salary pension scheme to almost 18,000 existing members.Long-serving employees who joined before 1997 will no longer accrue benefits from the scheme. A hybrid arrangement consisting of a cash balance scheme, or a defined contribution (DC) scheme will be offered in its place.In ...
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The Daily Mail and General Trust appoints actuary
Media group The Daily Mail and General Trust (DMGT) has appointed Hewitt Associates to provide actuarial services for it pension schemesHewitt will provide a range of support to these schemes, including guidance on funding, risk management advice and monitoring of funding levels.Andy Cox, managing director of Hewitt in the UK, ...
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Employee Benefits Summit 2009: Benefits globalisation requires flexibility
Global benefits strategies must be flexible enough to reflect local cultures, said Debra Corey, senior director compensation and benefits for Europe, Middle East and Africa (EMEA) at Quintiles at the Employee Benefits Summit in Monte Carlo.This can result in the provision of some unusual benefits. In India, for example, employers ...
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Employee Benefits Summit 2009: RBS invests in reward to aid recovery
Continuing to invest in employee reward is just as important during difficult times to help businesses recover, although they may come under public scrutiny for doing so, said Jim Cowan, senior consultant, remuneration and benefits at Royal Bank of Scotland (RBS).Speaking in an open forum at the Employee Benefits Summit ...
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Employee Benefits Summit 2009: Rising stress will damage company productivity
Rising employee stress caused by the effects of the recession will damage company productivity.Speaking at the Employee Benefits Summit 2009 in Monte Carlo, Will Cavendish, director of health and wellbeing at the Department of Health, warned that the impact of the recession including a fear of redundancy is leading to ...
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Employee Benefits Summit 2009: Total reward under the spotlight
In the current economic climate, total reward is coming under the spotlight as employers re-examine their motives behind offering the many benefits added during the good times and the way variable pay has been used.Speaking at the Employee Benefits Summit in Monte Carlo, Duncan Brown, reward director at the Institute ...
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Employee Benefits Summit 2009: Employers overcome myths surrounding pensions reform
Leading reward professionals have a good understanding of the new pension obligations placed on employers that will come into effect in October 2012.In an interactive poll that took place in the opening keynote conference session of the Employee Benefits Summit in Monte Carlo, 20% of delegates said they were very ...
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Employee Benefits Summit 2009: Raising the retirement age will exacerbate the recession
Raising the retirement age will exacerbate the recession, said Roger Nightingale, global economist, speaking today to leading UK reward professionals at the Employee Benefits Summit 2009 in Monte Carlo.Increasing the retirement age will result in more people aged over 65 competing for jobs and an expanded workforce. This, he explained, ...
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Morrisons shuts final salary scheme
Supermarket chain Morrisons has closed its defined benefit (DB) pension scheme to future accrual, affecting around 10,000 existing staff.Employees in the pension plan will be switched to a scheme based on career average earnings, rather than final salary, in August. The DB scheme was closed to new recruits in 2003.It ...
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The Brookshire Grocery Company rewards staff that buy its food
The Brookshire Grocery Company has gone to extraordinary lengths to promote its brand among employees who will be rewarded with generous cash prizes if they can prove they are avid buyers of the firm's products.During the next three months the Texas-based firm will continue with its initiative, dubbed the 'Partner ...
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Local government executive reward worth half of that in the private sector
The reward packages of chief executives working in local government are worth around half (51%) of those enjoyed by their private sector counterparts according to research conducted by PricewaterhouseCoopers.The research found that even if bonuses in the private sector were slashed as a result of the downturn the local government ...
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Tradeteam raises £30,000 for good causes
Employees at drinks logistics company Tradeteam have raised £30,000 for charities across the UK.The employees, from across its 28 distribution centres, walked, ran, climbed, decorated, mucked out and dressed up to raise £15,000 for local and national causes.The final total reached £30,000 thanks to Tradeteam’s ‘raise and match’ scheme which ...
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Sales professionals pay outstrips that of colleagues
Both basic pay and bonuses are rising for sales professionals making these employees some of the best paid in business, according to The Chartered Institute of Marketing’s latest Croner Sales Rewards study.The average basic pay of sales staff exceeded that of their colleagues in marketing, finance and HR across most ...
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One Housing Group introduces integrated HR and payroll system
One Housing Group will implement an integrated HR and payroll system as part of efforts to grow its business, attract and retain talent and improve administration.As part of a seven-year deal with NorthgateArinso, the housing provider will manage its recruitment processes online. Both employees and managers will have access to ...
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Police Federation members provided with second-opinion service
Police constables, sergeants and inspectors belonging to The Police Federation will be provided with access to a second medical-opinion service.The service, provided by Best Doctors, has been added to employees' existing insurance package offered by George Burrows, to give the staff association's members and their families access to the opinions ...