All Employee Benefits articles in Web Issue – Page 299
-
Article
Grove Pensions Solutions launches new service
Grove Pensions Solutions (GPS) has launched new pensions offering aimed at employers with small defined benefit (DB) schemes. †The service Grove Bundled is based on a back-to-basics review of DB service and consultancy models. It works by utilising lower-cost providers, establishing an over-arching risk management regime and tailoring delivery through ...
-
Article
Grays Timber Products employee loses shares case
A decade-long tax dispute about employee share schemes, Gray’s Timber Products Ltd. v HMRC, has had its final legal judgement.The issue at the core of this case was that if shares are acquired from employees for more than their market value then the excess amount is subject to income tax ...
-
Article
Elite workers will be able to demand more pay and benefits by 2020
Employees in technical, professional and managerial roles will be able to demand more in salary and benefits by 2020, according to research by Friends Provident.Its Visions of Britain 2020 report, conducted in conjunction with the Future Foundation, found that future workplaces could be starkly different to those of today, with ...
-
Article
Hymans Robertson research: pension risk transfer market to double
Pension scheme risk transfers deals worth £7.7bn were completed in 2009, and this figure will double in 2010, according to research from pensions consultancy Hymans Robertson.The survey, Managing Pension Scheme Risk Report 2009, showed that the longevity swaps market took off last year with deals covering £4.1bn of pension scheme ...
-
Article
Fitforlife launches stress management tool
A new product has been launched offering ways to combat stress in the workplace.Fitforlife.tel is a structured six-week telephone programme, where a dedicated coach gives employees techniques on managing stress and anxiety, as well as teaching them how to adapt to change.The programme is targeted at individuals who feel their ...
-
Article
Reader’s Digest UK goes into administration over pension fund
Publishing company Reader’s Digest has gone into administration in the UK after The Pensions Regulator (TPR)vetoed an agreement to settle its longstanding pension scheme liability.The decision came after the Pensions Regulator decided not to support an agreement already reached between the US parent company Reader’s Digest Association (RDA), the trustees ...
-
Article
Asda employees to share £26m bonus pot
Asda employees are to share record £26 million bonus pot after its American owner Wal-Mart reported a 22% increase in profits.The bonus, which is 18% higher than last year's pay out, will be shared between staff at the retailer's 371 stores and 21 depots who have been with the firm ...
-
Article
Barber banned from taking home hair clippings for compost
A hairdresser has been banned from collecting his clients’ lopped-off locks to put on his compost heap.Jeff Stone had enjoyed this organic and somewhat unusual perk of his job for around 40 years until it became classified as trade waste.Like other shopkeepers, Stone, who has a salon in Blackburn, will ...
-
Article
Employers unsure if paying higher fees for investment advice is worth it
Employers battle to work out whether paying higher fees for investment management improves fund growth for staff in defined contribution (DC) pensions, according to a survey from PensionDCisionsThe 2010 PensionDCisions US Sponsor Default Survey, also found that evidence was lacking on whether more complex investment management delivered higher returns in ...
-
Article
Buck research: Pension de-risking to accelerate
The transfer of pension scheme liabilities is likely to accelerate over the next three years as companies struggle with deficits, reported a joint survey from Buck Consultants and the Economist Intelligence Unit (EIU).The Future of corporate pensions survey found more than a quarter (27%) of company pension schemes plan to ...
-
Article
Two-tier executive pay emerging from recession
The average total pay of FTSE 100 boards fell by almost 6% last year, excluding share option schemes.Companies which have come strongly through the recession are able to offer better remuneration than those which have struggled, according to research from RTF Navigator, a pay database.Each FTSE 100 board received on ...
-
Article
AA launches consultation on changes to final salary pension
The AA has launched a consultation over proposed changes to its final salary pension scheme.†The consultation, which sets out proposals for a final salary pension cap of 1.5% and a 2.5% cap on career average earnings, will be open for 60 days.AA president Edmund†King said: “All employees received a pack ...
-
Article
Majority of UK employers will seek guidance on pension reforms
Some 90% of UK employers intend to seek out external advice for a better understanding of the impact of the government’s workplace pension reforms due to come into effect in 2012, According to research by the Personal Accounts Delivery Authority (Pada), 67% per cent of small firms will look to ...
-
Article
Consultancy Michael Kirk and Partners rebrands
Employee benefit consultants Michael Kirk and Partners has rebranded, creating a new financial group called Goddard Perry Consulting.Steve Goddard, managing director of the new group, said: “We are very excited about Goddard Perry Consulting a group that can now deliver a wide range of solutions in the corporate arena including ...
-
Article
BMW insures defined benefit pension against increased life expectancy
German car maker BMW has insured its defined benefit (DB) pension scheme against risks related to the life expectancy of 60,000 pensioners.The longevity insurance transaction, relating to £3 billion of pension scheme liabilities, is designed to protect BMW against financial risk.Abbey Life, wholly-owned by Deutsche Bank, will insure longevity risks ...
-
Article
P&MM partners with CPP Group to offer identity protection
P&MM has partnered with life assistance company CPP Group,to launch an identity protection programme.P&MM Lifestyle Solution offers staff unlimited access to their personal credit reports. including credit ratings, credit limits, credit history, loan agreements. This access will allow them to discover whether they have fallen victim to identity fraud.The programme ...
-
Article
Recession impacts value of pension funds’ assets
The worth of self-administered pension funds’ assets dropped to £928bn as stock markets took a dive in 2008, according to a chapter of Pension Trends published by the Office for National Statistics.The value of these assets was £1,093bn in 2007.In 2008, the total income of self-administered pension funds was £58.6bn, ...
-
Article
The Royal Parks to offer employees self-service HR system
The Royal Parks is to introduce a human capital management (HCM) system, which will offer self-service sick leave and holiday requests for staff.The HR system, which is planned to go live this summer and will be provided by COA Solutions, will be integrated into the Royal Park's existing system, enabling ...
-
Article
Two-thirds of DC pension savers are unprepared
More than two thirds (69%) of savers in defined contribution (DC) pension schemes are 'reluctant' or 'unprepared'While 79% are currently participating in their employee’s DC pension scheme, only 14% are confident they will enjoy a comfortable retirement, according to the survey Inside the Minds of UK Participants from investment management ...
-
Article
Contract-based DC pensions hit by falling sales
Group pensions sales have fallen sharply as the recession, unemployment, pay freezes and legislative changes have impacted on the market.Aviva saw its group pension business fall by 55% to £462m from more than £1bn in 2008. Similarly, Royal London saw the present value of new business premiums on Scottish Life ...