All Employee Benefits articles in Web Issue – Page 343
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European Court confirms VAT due on retail vouchers in salary sacrifice
The European Court of Justice (ECJ) has ruled that employees must pay VAT on retail vouchers bought via salary sacrifice schemes.In the case of AstraZeneca (C-40/09) the ECJ ruled that the employer must account for VAT on vouchers bought by staff through a salary sacrifice scheme. However, AstraZeneca is entitled ...
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Axa awarded friend of pension quality mark status
Axa has become the latest corporate benefits business to be awarded ‘Friend of the Pension Quality Mark’ (PQM) status.The PQM, launched by the NAPF in September last year, recognises high quality defined contribution pension schemes and acts as a quality indicator of an employer’s pension arrangement for current and potential ...
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TUC: Public service pensions affordable and sustainable
TUC evidence to Lord Hutton’s pensions review published today says that public service pensions are both affordable and sustainable.Recent changes negotiated by unions to raise pension ages and ‘cap and share’ the costs of increasing longevity, taken together with the Budget imposition of consumer price index (CPI) rather than retail ...
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Jelf Employee Benefits appoints Steve Herbert
Jelf Employee Benefits have appointed Steve Herbert as head of benefits strategy.Herbert’s role is to further extend Jelf’s already significant reach in the employee benefits market through a new series of seminars and workshops designed to inform and assist Jelf corporate clients, social media, appearances in industry leading events and ...
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Palmer and Harvey appoints pensions actuary
The Staff Superannuation Fund of Palmer and Harvey and its adhered subsidiaries has appointed Barnett Waddingham, the firm of actuaries.†Palmer and Harvey is the largest delivered wholesaler in the UK employing 3,500 staff. It has a wide customer base serving small independent retailers through to large retail multiples with a ...
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Debi O'Donovan, editor of Employee Benefits: Changing times can open up opportunities
The ramifications for employee benefits of the change in government are only just beginning to be felt because of the raft of tax changes.At one level the changes have come quickly, but at another level we urgently need even faster confirmation of any further changes the new government plans to ...
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Daily Mail and General Trust launches pensions website
Daily Mail and General Trust (DMGT) has launched a new website to help staff understand the broader financial context of their pension decisions.To promote the launch of its timeformoney.co.uk site, DMGT is inviting employees to enter a competition to win a free financial makeover worth £1,000 from leading financial advisers, ...
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PruHealth completes acquisition of Standard Life Healthcare
PruHealth has completed its acquisition of Standard Life Healthcare.The acquisition will boost PruHealth's market share to 11%, demonstrating its commitment to the UK market and making it the fourth largest private medical insurance (PMI) provider in the UK.Neville Koopowitz, previously chief executive officer (CEO) of Discovery Health, has been appointed ...
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LCP survey: private sector pension policy driven by finance
Since the beginning of 2009, nearly a quarter of FTSE 100 companies with significant UK defined benefit pension schemes have made changes to limit or prevent the build-up of further open-ended liabilities.According to Lane Clark and Peacock’s 17th annual Accounting for Pensions research very few FTSE 100 companies still offer ...
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National Friendly staff pledge to raise £10,000
National Friendly employees have pledged to raise a minimum of £10,000 over the next 12 months in support of The Lily Foundation which supports research into mitochondrial disease and other metabolic disorders.Money raised by Staff at the specialist healthcare insurer will go towards screening programmes and will help the charity ...
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Axa partnership to expand in Asian healthcare market
Axa PPP International and Axa Asia General Insurance have joined forces to boost Axa’s healthcare operations in Asia.The partnership will enhance Axa’s product, service and distribution capability in Singapore, Malaysia, Indonesia, Thailand, Hong Kong and China, where Axa has a well-established presence in both the life and general insurance markets.As ...
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Fine Tubes appoints BBS to manage final salary pension
Fine Tubes has appointed BBS Consultants and Actuaries to manage its final salary pension scheme.BBS will provide actuarial, administration and consultancy services to the trustees of Fine Tubes’ Retirement Benefits Scheme, which provides final salary benefits to over 500 current and former employees.Roger Johnson, chairman of the trustees of the ...
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Kia Motors launches incentive compensation management system
Kia Motors UK has launched an incentive compensation management system.The Kia Incentive Management System will be used to help boost salesforce motivation and performance by improving the speed, accuracy and visibility of incentive payments.Through the system, which is provided by Merced, Kia will be able to: View all payments onlineDownload ...
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Apcoa launches eyecare benefits
Parking management service firm Apcoa has launched corporate eyecare benefits, provided by Specsavers, to meet its requirements under the health and safety Display Screen Equipment Regulations.Of its 2,500 employees, around 100 are classed as users of display screen equipment. This includes those using traditional PCs, CCTV monitoring personnel and those ...
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Women's double shift of work a myth
Feminists are wrong to claim that men should do a larger share of the housework and childcare because on average, men and women already do the same number of hours of productive work, argues LSE sociologist Catherine Hakim in a special issue of Renewal: a journal of social democracy.She said ...
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IPP research: Pay freezes will push public sector staff to the private sector
Nearly two-thirds (64%) of respondents think the two-year public sector pay freeze for staff with a salary of more than £21,000 will encourage movement towards the private sector, says a survey from the Institute of Payroll Professionals (IPP).The research also found nearly half (46%) of respondents feel the pay freeze, ...
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A tenth of FTSE 100 pension plans greater than market value
One in ten FTSE 100 organisations have pension plans that are greater than their market value.According to research from Pension Capital Strategies (PCS), a division of insurance broker Jardine Lloyd Thompson, over the last 12 months, the total disclosed pension liabilities of the FTSE 100 have risen from £378 billion ...
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Cycle-to-work alliance launched
An alliance has been launched between Halfords, Evans Cycles and Cyclescheme to promote the benefits of cycling to work as a way to encourage healthier lifestyles, reduce carbon emissions and improve employee engagement.The Cycle to Work Alliance will work with the new government, parliament and the wider policy-making community.Dominic Church, ...
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Hewitt New Bridge Street research: Executive directors’ bonuses rise
While FTSE 100 organisations have continued to demonstrate some restraint when setting executive salaries, the 2010 FTSE 100 Directors’ Remuneration report from Hewitt New Bridge Street shows that bonuses have increased.The annual report shows the median total remuneration for the highest paid director in the FTSE 100 is just under ...
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BBC boss to take pay cut to avert strike
Mark Thompson, the director general of the BBC, is to take a pay cut of around 25% in a bid to avert a strike over changes to the BBC's pensions arrangements.The cut could also see 30 other senior staff members waive generous pension top-up payments. According to the National Union ...