All Employee Benefits articles in Web Issue – Page 263
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Buyer's guide to voluntary benefits systems (July 2009)
Web technology is increasing the versatility of voluntary benefits schemes, says Stephanie SpicerVoluntary benefits are products and services that are sold to employees via the employer. Third-party suppliers usually allow the employer to offer the items at a discounted price. This can be particularly useful when budgets are tight because ...
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Confessions of a benefits manager: Thanks but no thanks
The phone rings and I jump. It is getting to the point where I am afraid to answer. I take a deep breath and lift the receiver. “This is Mumble Somebody from Mumble Somebody Associates,” they say, so quickly that I can’t catch the name. I think it may be ...
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BT set to pay execs less than rivals
BT has become the first major British employer to announce it will set the base pay of its executives below the average offered at its competitors.The pay plans follow poor financial performance at the telecoms group and growing concern that executive pay proposals will be rejected by shareholders at its ...
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Katharine Photiou joins Mercer's benefits consulting scheme
Katharine Photiou has joined Mercer as a principal in its strategic benefits consulting and delivery team.†Her role is to develop innovative solutions which reshape the benefit packages that Mercer's clients offer their employees – taking advantage of new technologies, current tax efficiencies, increased demand for choice and flexibility, and the ...
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BA staff reject cost-cutting plans
British Airways staff have rejected cost-cutting proposals made by the airline in a meeting with union representatives.Around 2,000 BA staff met at Kempton racecourse yesterday to discuss plans set out by the company to cut employment costs. These included redundancies, pay freezes and unpaid leave.Last week around 7,000 BA employees ...
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Hewitt Associates appoints chief investment officer in DC team
Hewitt Associates, a global HR consulting and outsourcing company, has announced the return of Anne Swift to the company to take on the role of chief investment officer within its UK defined contribution (DC) team.Swift joins Hewitt from BlackRock, where she was a director within the organisation's account management group, ...
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VAT not recoverable on vouchers offered via flex or salary sacrifice
In a case between AstraZeneca and HM Revenue & Customs (HMRC) the Tax Tribunal has ruled that VAT is not recoverable on vouchers employers provide to staff under a salary sacrifice or flexible benefits arrangement.AstraZeneca argued it was entitled to claim back VAT which it had incurred on the purchase ...
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IBM closes final salary pension scheme to future accrual
IBM has announced plans to close its defined benefit pension scheme for existing members as part of efforts to make long-term retirement costs more predictable.IBM, which has 5,000 members in its final salary scheme, has said its decision to close the scheme to future accrual will also help it maintain ...
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FSA granted new powers to vet executive pay deals
The government is set to grant new powers to the Financial Services Authority (FSA) so it can closely scrutinise executive remuneration in the banking sector.In his unveiling of the Financial White Paper, Chancellor Alistair Darling outlined a new system to regulate city pay and bonuses.This will mean the FSA will ...
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Cost cutting is a top priority for pension schemes
The top priority of almost all UK pension schemes over the next two years is to reduce operating costs, according to research published by Hewitt Associates.Its Pension Administration Survey 2009 highlights that the current economic downturn is driving UK pension schemes to clearly prioritise cost and quality in their administration ...
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Cheaters spend more on affairs than on pensions
Employers wanting to ensure their benefits appeal to the unfaithful and adulterous members of their workforce would perhaps be better off providing them with a divorce savings plan over a pension scheme.If research released by IllicitEncounters.co.uk is anything to go by it seems as if those who cheat invest more ...
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Working mothers suffer pay penalty
Working mothers with two children receive an average of a fifth less pay than men, according to new research by the women's rights campaigners the Fawcett Society.Its report, entitled ‘Not having it all: How motherhood reduces women’s pay and employment prospects’ is a new survey of existing research, drawing together ...
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Friends Provident rejects takeover offer from Resolution
Friends Provident Group has firmly rejected an all-share takeover offer from Resolution on the grounds that it is not in the best interests of its shareholders.In a letter to the Board of Resolution, the life insurance firm said the proposed terms of the all-share offer of 0.8 new Resolution shares ...
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Government brings review of default retirement age forward
The default retirement age could change sooner than expected, with the government set to bring forward a review on it by a year.A review of the default age, which currently stands at 65, will now take place in 2010, rather than 2011, as the government seeks to drive economic growth.The ...
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British Airway's pilots vote to accept pay cut
British Airways pilots have accepted a 2.6% pay cut as part of a package designed to save the company £26m a year.The British Airline Pilots' Association (Balpa) confirmed that 94% of pilots voted in favour of the cost reduction package which also included a reduction of 20% in some allowances.Jim ...
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BBC suspends directors' bonuses
The bonuses of the BBC's 10 most senior executives have been suspended indefinitely amid public anger over the size of their salaries.Some of the directors were reportedly awarded more than £100,000 in bonuses last year and Sir Michael Lyons, chairman of the BBC Trust, has said that some salaries had ...
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Axa PPP Healthcare to reduce pay, bonuses and perks
Insurance provider Axa PPP Healthcare is to increase working hours for its senior managers at no extra pay, as well as asking them to choose to either take a pay cut or a reduction in their annual bonus.The firm is making the changes after a review led by its chief ...
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Goldman Sachs sets aside big compensation and benefits pot
Goldman Sachs is set to pay out sizeable compensation and benefits this year despite the recession after it announced strong financial results.The US bank reported a net profit of $3.44bn (£2.1bn) for April to June, and has set aside $6.65bn for pay and bonuses in this quarter. This is on ...
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RSA acquires protection against higher pension costs
Insurer RSA, best-known for its brand More Than, has taken out its own insurance to protect employees in its final salary pension scheme in a deal with investment bank Goldman Sachs.The deal, which covers £1.9bn of RSA’s pension liabilities, would reduce the scheme’s exposure to longevity and market risk, according ...
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Origen research: Age discrimination laws yet to impact on employers
Age discrimination legislation has yet to have an impact on the majority of UK firms, as over 50% do not employ any staff over the age of 65, which rises to 80% in IT telecoms and media, according to research conducted by Origen.The legislation that was implemented in October 2006 ...