All Employee Benefits articles in Web Issue – Page 320
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Marks and Spencer announces £800m plan to fill pension deficit
Marks and Spencer Group and its pension fund trustees have agreed a funding plan worth £800 million to make up some of the shortfall in the retailer's UK defined benefit pension scheme.The announcement of the funding plan follows the completion of the triennial actuarial valuation, which showed a deficit of ...
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Steve Webb appointed pensions minister
Steve Webb has been appointed pensions minister.The Liberal Democrat MP, who was elected in 1997, was previously a spokesperson for the party on the environment, energy, food and rural affairs. From June 2001 to May 2005 he was the spokesperson on works and pensions, and returned to the role in ...
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British Horseracing Authority appoints Mercer to manage its pension fund
The trustees of the British Horseracing Authority’s (BHA) pension scheme have appointed Mercer to consult on its £40m pension fund.The contract includes the development of a de-risking investment strategy and subsequent implementation.Steve Broughton, chairman of the trustees at BHA, said: “We conducted a thorough due diligence exercise of the Mercer ...
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Half of organisations do not carry out annual employee engagement surveys
Only 59% of UK organisations carry out annual or half-annual employee engagement surveys, according to a poll conducted by employee communication consultancy Caburn Hope.Three-quarters (78%) of respondents confirmed they have conducted some form of employee feedback or employee engagement survey, but only 19% of these were on an ad-hoc basis.Chris ...
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Mind launches workplace mental health and wellbeing campaign
One in 10 workers have sought support from their doctors and 7% have started taking anti-depressants for stress and mental health problems directly caused by the pressures of the recession on their workplace.The findings, from a populous poll of 2.050 workers by the mental health charity Mind, have led it ...
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UK bankers earn more than Swiss counterparts
Senior bankers still typically earn twice as much after tax in London than in rival financial centres Geneva and Zurich, according to research by financial recruitment specialist Selby Jennings.This is despite the new 50% tax rate for workers earning more than £150,000 per annum which came into force this April.For ...
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Charity staff want ethical pensions investment
Nearly three quarters (72%) of charity workers believe ethical investment is one of the most important attributes for their pension scheme.The 'Survey Report on Charity Worker's Views on Responsible Investment' conducted by The Pensions Trust, found the pensions pot at retirement is the most important attribute of a pension for ...
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Technology to manage pension scheme risk is a priority
Pension scheme and insurance risk managers believe that heightening pressure from The Pensions Regulator (TPR) and new obligations placed on insurers provides an opportunity to upgrade cross-organisation risk technology, according to research conducted by Clear Path Analysis.The survey Risk Technology for Pension Schemes and Insurers showed that 72% of insurance ...
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J Sainsbury injects millions into pension scheme
J Sainsbury has reached a revised funding agreement with its pensions trustees to increase its annual payments from £38m to £49m for the next ten years.The supermarket chain will establish a new property partnership with the pension scheme, which will address £600m of the organisation’s £1,227m deficit.Properties to a value ...
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Employee-owned companies underperform in Q1 of 2010
Employee-owned companies underperformed in the first quarter of 2010 compared to the FTSE All-Share companies, according to the UK Employee Ownership Index (EOI) report.The report, published by law firm Field Fisher Waterhouse, showed that employee-owned companies’ share prices were only up 3.2% in the quarter in comparison to the FTSE ...
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Half of UK employees are consulted on voucher preferences
More than half (53%) of employees are consulted on which vouchers they would prefer to receive as a reward or incentive, according to a poll by The Voucher Shop.Paul McRae, business development manager at The Voucher Shop, said: “Consulting with employees on which vouchers they would like to receive is ...
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Metropolitan police chief says bonuses should be scrapped
Bonuses for all police officers should be scrapped, according to the police commissioner Sir Paul Stephenson.Stephenson told The Daily Telegraph the bonus culture in the service should be overhauled because it could warp policing priorities, failed to motivate officers and damaged public confidence.Bonuses in the service, thought to cost more ...
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Employers deem work-life initiatives integral to total reward
More than half (59%) of multinational organisations consider work-life initiatives as a staple of total rewards.According to The State of Total Rewards Integration survey by WorldatWork and Mercer, which polled 741 multinational organisations, when asked to define total reward, the majority of respondents included work-life balance, such as flexible work ...
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Aviva research: Majority of UK adults to work beyond retirement age
Almost 70% of UK workers plan to stay in employment past their current standard retirement age but few are financially prepared for when they do leave work.Aviva’s Real Retirement Report research reveals that that those on a countdown to retirement (aged 55 to 64) have falling household incomes and low ...
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UK faces £1.2 trillion pension shortfall in individual retirement income
The UK faces a £1.2 trillion personal pension shortfall in individual retirement income equivalent to 80% of UK's GDP in 2008, according to research conducted by Hewitt Associates.The figure, taken from a survey of 2,000 people conducted in conjunction with YouGov, is based on current level of contributions to a ...
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Microsoft named as the best place to work in Europe
Microsoft has been named as the best place to work in Europe for the third year in a row.The firm won the Best Large Workplace in Europe 2010 award at a gala ceremony at the Great Place to Work Institute's European conference in Madrid.Microsoft caught the eye of the judges ...
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University of Edinburgh appoints Aon Consulting to manage pensions
The University of Edinburgh has appointed Aon Consulting as its actuarial consultant and pension administrator.The University currently employs more than 10,000 staff and has more than 5,000 members in its pension schemeJon Gorringe, finance director at the University of Edinburgh, said: “We considered a number of advisers which could provide ...
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Staff pension contributions fall by £1 billion
Employee pension contributions have fallen by £1 billion over the past year, according to figures from HR Revenues & Customs (HMRC).According to the Pensions Trends analysis issued by the Office for National Statistics, contributions have fallen from £6.3 billion in 2007/08 to £5.3 billion in 2008/09, the second time there ...
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Victory Housing Trust adds new payroll outsourcing service
Victory Housing Trust has appointed Frontier Software to provide a payroll outsourcing service.The payroll services contract will allow direct access to the trust’s dedicated HR and payroll database giving immediate access to payroll information.Reports, financial systems and banking interfaces are also available. The service includes payslips that are emailed or ...
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Hays staff raise money for charity
A team of employees from recruitment firm Hays took part in a physical challenge to raise money for charity Action for Children.The ‘Beat the Moon’ challenge in the Lake District involved cycling nine miles, followed by a nine mile trek to the summit of Scafell Pike, then a canoeing stint ...