All Employee Benefits articles in Web Issue – Page 269
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Interserve closes final salary scheme for 900 staff
Interserve is to close its defined benefit pension scheme to future accrual for around 900 employees despite posting a 18.7% increase in interim pre-tax profits.The support services and building company, which employs around 26,900 staff in the UK, will implement the changes for affected members by the end of the ...
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Consultation on the gender pay gap launched
The Equality and Human Rights Commission has launched a consultation on how private and voluntary sector employers with at least 250 staff can measure and report on their gender pay gap.Women working full-time currently earn 17.1% less per hour on average than men, with the gap failing to improve in ...
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Better bonus management critical to company success
More than half of all UK employees benefit from some kind of variable compensation such as bonuses, but many employers are failing to manage this reward effectively.Analysis by Callidus Software has found 62% of the 23.01 million employees have a variable remuneration package, yet 90% of organisations still use manual ...
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Tesco wins award for benefits communication strategy
Tesco has been awarded Communications Strategy of the Year Award at the Employee Benefits Awards 2009 after impressing the judges with its simple and cost efficient approach to promoting perks to its workforce.The retailer’s communication strategy for more than 440,000 employees incorporated a number of different elements, including the use ...
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Companies to spend more on pensions for past employees
FTSE 100 companies are set to spend as much on paying the pension promises to past employees as they are on current employees’ benefits, according to KPMG’s fourth annual Pensions Repayment Monitor.Furthermore, KPMG said that 22% of these large employers face no prospect of clearing pension deficits from discretionary cashflow ...
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BBC scrutinises water provision
News that the BBC is scrutinising the way bottled water and tap water are offered to staff suggests perhaps even a firm's management of the elements can result in worthwhile savings during a recession.It has transpired the broadcaster spends around £406,000 a year on providing bottled water, water dispensers and ...
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Lorica Online partners with P&MM
Lorica Online, the new flexible benefits division of Lorica Consulting, has partnered with P&MM to offer a range of voluntary lifestyle benefits through Lorica's online benefits portal Cube.P&MM's lifestyle benefits scheme offers a range of discounts that staff cannot access on the high street on products and services, such as ...
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Article
Half of defined benefit pension schemes closed to all by 2012
Half of the UK companies that still offer defined benefit (DB) pension schemes expect to have closed these to all employees by 2012, according to research by Watson Wyatt.The survey showed very few schemes will go unchanged, so more than one million employees currently saving for their retirement through a ...
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Recession leaves its mark on directors' remuneration
The country's top companies are increasingly taking notice of investors' views when structuring directors' remuneration packages but there is still room for improvement, according to research conducted by Hewitt New Bridge Street.Around 60% of those surveyed for The 2009 FTSE 100 directors' remuneration reports have responded to the downturn by ...
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HSBC Bank appoints White Eagle for prepaid card programme
HSBC Bank has appointed White Eagle to deliver an internal prepaid card programme for its colleague recognition programme in the UK.Stewart Pyke, Shine programme manager at HSBC Bank, said: "The Shine programme is for HSBC to recognise colleagues who 'have gone the extra mile' for customers in the UK. A ...
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Aon Consulting: UK pension funds return to pre-recession value
The value of the UK’s defined contribution (DC) pension funds has returned to the level they were prior to the recession kicking in in September 2008, according to analysis by Aon Consulting.The funds have overcome fluctuating investment returns during the last turbulent twelve months and a record dip to £344 ...
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South Wales Police outsources pension administration
South Wales Police has appointed Capita Hartshead to provide pensions administration services for its pension scheme.From November, Capita Hartshead will provide administration and payroll services for the 6,200 members of the Police Pension Scheme, which is currently administered by the County Council.Steve Birks, public sector operations director at Capita Hartshead, ...
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Simplyhealth appoints board chairman
Ken Piggott has been appointed as chairman of the board at Simply Health having been a non-executive director since 2005.In his new role Piggott will help drive the success of the business and continue to support the firm’s commitment to support healthcare charities and causes by working with its charitable ...
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Equal numbers of private and public sector employers freeze pay
Equal numbers of public and private sector employers have frozen pay during the economic downturn, according to the latest Chartered Institute of Personnel and Development (CIPD)/KPMG Labour Market Outlook (LMO) survey.The report reveals that that one in five public sector employers have frozen pay awards for the time being, the ...
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The AA appoints Specsavers to provide eye care vouchers for staff
The AA has switched its corporate eyecare supplier to Specsavers Corporate Eyecare and are offering visual display unit (VDU) vouchers to all of their 2,000 administrative staff.The VDU voucher costs covers the eye examination as well as VDU glasses if needed. The voucher system also enables the AA to comply ...
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Sodexo launches online voluntary benefits scheme
Sodexo has launched an online voluntary benefits product for employers to offer to staff.TheBene£itsWebsite provides benefits and services in categories such as car, health, home, money, travel, shopping, lifestyle and legal matters. Some of the brands and retailers offered through the scheme include Halfords, Vision Express, APH, Fitness First, The ...
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The Pensions Corporation does not rule out the possibility of flotation
The Pensions Corporation has rejected claims it is considering an initial public offering (IPO) in the near future and has said it plans to grow its business by working with trustees and sponsors.A spokesman, however, did not rule out the possibility and said the Pensions Corporation, which insures pension fund ...
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Employee Benefits Awards raises £9,000 for Samaritans
Donations from employers and advisers entering the 2009 Employee Benefits Awards amounted to £9,000.Suki Dale, senior corporate fundraiser at Samaritans, said: “You've raised a fantastic £17,000 [over the past two years] and increased awareness of Samaritans service, particularly our Worklife training programme so, thanks again Debi, to you and your ...
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NHS faces pressure to invest in employees' health and wellbeing
An independent review has called for the NHS to invest in employee health and wellbeing in order to improve patient care and increase effectiveness and efficiency.The review, which was commissioned by the Department of Health and led by occupational health expert Steve Boorman, highlighted some of the health problems facing ...
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The GSMA launches online total reward statements and flexible benefits
The GSMA has launched online total reward statements and flexible benefits in order to enhance employees’ understanding of their benefits package and array of choice, while also maximising the value of its reward spend.The international organisation that represents the interests of the mobile communications industry teamed up with Thomsons Online ...