All Employee Benefits articles in Web Issue – Page 270
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Unum enhances group income protection products
Group risk provider Unum has made a number of enhancements to its group income protection (GIP) products which will see the maximum levels for basic benefits and employer funded contributions increase.The maximum basic benefit per member is increasing to £350,000 from £300,000 per annum and for employer’s pension fund contributions ...
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JLT Benefit Solutions launches pension administration service
JLT Benefit Solutions has launched a new administration service to help employers who are running an employee transfer value (ETV) and other pensions exchange exercises.The service covers every stage of the exchange process, from contacting members and providing them with the information and advice they need to make a decision ...
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Debi O'Donovan, editor of Employee Benefits: Fairness in reward is crucial
A key theme that emerging for many reward managers if that of fairness. After years of large City bonuses, eye popping executive pay and an ever-widening gap between the earning power of footballers, fund managers and top TV stars versus the ordinary person in the street, we are now seeing ...
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Anti-smoking Wandsworth Council uses tobacco firms to boost pension
An employer that wants to ensure its benefits provision is closely married with its corporate social responsibility strategy will probably not want to take a leaf out of Wandsworth Council's book.It has transpired the council's pension fund managers have invested £4.6m in British American Tobacco and hold £2.3m of shares ...
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Aon research: Pension schemes seek greater risk management
Pension schemes are beginning to adopt broader risk management practices to help achieve strategic goals during the volatile times, according to Aon Consulting.The risk management and employee benefits consultant is employing enterprise risk management (ERM) within a growing number of pension schemes. Rather than focusing solely on the financial risks ...
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Pensions funding deficits set to balloon
Pension funding levels are far worse than the already poor accounting figures suggest and many companies will need to increase future pension contributions to meet their liabilities, according to Barclays Capital.Its research found that deficits had increased significantly over the last year as a result of depressed asset values and ...
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Confidence in pension savings returns
The number of scheme members requesting their projected pension based on their current savings plan has fallen by 9% since last quarter, according to the latest figures from Aon Consulting's Pensions Admin Tracker.While the equity markets claw back previous losses and talk of economic recovery increases, pension savers are displaying ...
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Aim-listed firms increase executive pay by 10.8%
CEOs of firms listed on the Alternative Investment Market (Aim) were awarded salary increases averaging 10.8% in the last financial year boosting their average basic salaries to £198,706, according to research by Incomes Data Services (IDS).The Executive Compensation Review annual survey: ‘Directors’ Pay in Smaller Companies: Aim, Fledgling & SmallCaps ...
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Increased support for staff with mental health problems
The government has announced that thousands of people with mental health problems will get extra support managing their condition to remain in the workplace.The move comes after government-led pilot schemes, run in conjunction with mental health charity Mind, have been shown to be 90% successful in helping employees with fluctuating ...
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Code of conduct for pay consultants does not go far enough
A code of conduct for consultants and advisers that deal with executive pay falls short of what is required to curb excessive remuneration policies, according to Association of British Insurers (ABI).The ABI has criticised the code, which was drafted by seven leading employee benefits consultancies, for not going far enough ...
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Xafinity launches new pension provision
Xafinity has launched a low-cost pension product called the Xafinity Pensions Trust (XPT) in response to the volatile performance of equity markets and pension scheme members' fears about their retirement income.The pension scheme combines the governance attractions of a trust-based pension with the low-costs normally associated with contract-based defined contribution ...
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Article
Former Zavvi staff could lose out on benefits
Former staff at entertainment chain Zavvi Retail could go without redundancy pay outs and accrued benefits they are owed after the firm went into administration last December.According to the company's administrator Ernst & Young, the 222 staff concerned had transferred to Head Entertainment, a new chain set up in February ...
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Employers yet to wake up to the benefits of pension salary sacrifice
Most companies are not yet taking advantage of the significant cost savings salary sacrifice programmes can generate, according to reward consultants Mercer.Results from a recent Mercer web briefing reveal that many of the 200 participants offer salary sacrifice for childcare vouchers, but only 27% offer pension salary sacrifice. However, over ...
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Royal Bank of Scotland scales back final salary pension benefits
The Royal Bank of Scotland (RBS) is restricting its defined benefit (DB) final salary pension scheme in order to control risks and rising costs.The bank has informed 60,000 staff that pensionable future increases in salary will be capped annually to 2% or at the rate of inflation (CPI), whichever is ...
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Logica relaunches payroll giving scheme
Logica has relaunched a workplace giving scheme to its 6,000 staff as part of the Geared for Giving Campaign.The IT and business services company responded to a letter from MP Anne Snelgrove, who launched the Geared for Giving Campaign last year in the House of Commons.The scheme enables employees to ...
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Legal and General launches new benefits website
Legal and General has launched a website, which combines its corporate pension and group protection websites and will house information and services relating to the new corporate individual savings accounts (Isas).The new Workplace Benefits website has also been designed to make it easy for customers to access the online services ...
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Michael C. Fina launches new instant rewards offering
Michael C. Fina has launched a new employee rewards package that can be used to instantly recognise staffs' achievements in the workplace.Available as either a gift card or as voucher cheques, Spark rewards have been designed to provide organisations with a simple and effective means of offering their staff instant ...
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One in five workers increase pension contributions in the past year
Almost one in five (18%) workers have increased the amount they contribute to their defined contribution (DC) pension since last year, according to research by Aon Consulting.The latest results from Aon’s Employee Omnibus Survey of 4,046 respondents suggests employees are nearly four times as likely to have increased their contributions ...
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Article
Costain could close final salary pension scheme
Construction and engineering group Costain has proposed to close its final salary pension scheme to current members amid fears that it has become too risky and costly run.The firm, which was involved in the redevelopment of St Pancras station in London, is coming to the end of a consultation with ...
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X Factor star entertains Kwik Fit Insurance employees
X Factor star Laura White helped employees at Kwik Fit Insurance mark 10 years with the company at a celebration night at the Turnberry golf resort.A total of 52 employees from the Lanarkshire-based insurance intermediary attended the event, which was hosted by Clyde 1 radio presenter Suzie McGuire.During their overnight ...