All Employee Benefits articles in Web Issue – Page 359
-
Article
Employees sacrificing benefits for cash lump sum
More than a third (38%) organisations have witnessed a growing trend for employees to sacrifice their benefits over the last two years – including financial protection benefits such as income protection, life insurance or pension contributions – for a cash lump sum. According to research by Unum, almost one in ...
-
Article
Three more organisations gain Payroll Quality Partnership accreditation
McKesson, Epson Telford and NHS Payroll Services Northumbria Healthcare NHS Foundation Trust have all been awarded the Institute of Payroll Professionals' (IPP) Payroll Quality Partnership (PQP) accreditation.The objective of the PQP is to enable payroll professionals to provide their customers with the highest level of value and service possible through ...
-
Article
Bankers' pay faces tougher regulation
Bankers’ pay faces a crackdown as a result of proposals drawn up by the Committee of European Banking Supervisors (CEBS).The measures include proposals to cap senior bankers’ pay and limit the size of bonuses. For the highest-earning individuals the cash elements of any payout will be capped at 20%. The ...
-
Article
Tribunal rules that UBS bonus scheme shares are not forfeitable
A ruling by the first tier tax Tribunal has found in favour of HM Revenue and Customs (HMRC) on the tax treatment of a UBS AG employee bonus scheme involving forfeitable shares.UBS AG awarded shares in a special purpose vehicle (SPV), which could be sold for cash, resulting in an ...
-
Article
Marcia Reid of Finchers Consulting
Back in the 80’s I worked for an American healthcare company who paid fantastic wages (golden handcuffs), but provided few benefits apart from Private Medical Insurance. At a staff forum, the finance director was asked what he considered should be offered as staff benefits. He smiled wryly and said ‘continued ...
-
Article
Royal National Rose Society pension scheme appoints Pitmans Trustees
The Royal National Rose Society pension scheme has appointed Pitmans Trustees as independent trustee to its final salary retirement and death benefits scheme.Chief executive of the gardening charity, Roz Hamilton, said: “We decided to appoint a professional trustee on the advice of our accountants who were strong supporters of having ...
-
Article
Majority of City staff expect to receive a bonus this year
The majority (88%) of professionals in the City expect to receive a bonus in the 2010/11 bonus round, according to Morgan McKinley Financial Services’ Bonus Survey.Of that number, 73% expect their bonus to be up to 30% of their base salary. Almost half (48%) expect their bonus to be higher ...
-
Article
Filmology pairs up with Apollo Cinemas to offer corporate incentives
Filmology has formed a partnership with Apollo Cinemas to market its cinema vouchers to the promotions, incentives and corporate hospitality sectors.Apollo Cinema vouchers will now be available to the corporate market to be used as part of incentive reward programmes and in sales promotion campaigns devised and managed by Filmology.Apollo, ...
-
Article
SPC research; Early access to pensions would boost the economy
Around £65 billion could be injected into the economy if employees were granted early access to tax free pensions cash sums from the age of 50, according to a study conducted by The Society of Pension Consultants (SPC).The research also highlighted that a further a £2 billion a year could ...
-
Article
Aviva research: Majority of employees would emigrate to improve health and wellbeing
Over three quarters of employees would consider moving abroad to help improve their health and wellbeing, according to new research from Aviva UK Health.The research found that 40% of UK workers would move abroad to improve their health and wellbeing, and 36% believe other countries offer a healthier environment and ...
-
Article
Callcredit launches total reward statements and benefits website
The statements, which were launched at the beginning of September with NorthgateArinso, give all 680 employees sight of the benefits they currently receive, as well as those that they could take up, such as basic salary, incentive payments, introduce-a-friend recruitment bonus, pension, group life assurance, healthcare cash plans, childcare vouchers ...
-
Article
Oxfam launches workplace donation scheme
Oxfam will introduce a workplace charity stock donation scheme on 14 October.The scheme, called Oxfam Collects, aims to bring in an extra £1 million worth of donated clothing, books, music and other unwanted goods directly through offices and workplaces across the UK.Oxfam is aiming to work with up to 100 ...
-
Article
Tax-free pensions contributions limit to be announced tomorrow
The government is due to announce the tax-free annual pension contribution limit to tomorrow.Many expect that the announcement will confirm that the annual allowance will be £40,000.Also expected in the announcement is clarification on the valuation factors applied for defined benefit (DB) schemes that will work out what the deemed ...
-
Article
Treasury cuts annual allowance to £50,000
The Treasury has confirmed the annual allowance for tax-privileged pension saving will be cut from £255,000 to £50,000.Mark Hoban, financial secretary to the Treasury, also announced the lifetime allowance will be slashed from £1.8 million to £1.5 billion.The move, designed to raise £4 billion per annum to reduce the record ...
-
Article
Postal Services Bill 2010 lays out plans for Royal Mail pension
The government has proposed to create a new government pension scheme and to transfer to it rights which members of the Royal Mail Pension Plan (RMPP) have accrued up to a cut off date to be determined by secondary legislation made under the Postal Services Bill 2010 as part of ...
-
Article
BHSF introduces personal accident insurance
BHSF has introduced personal accident insurance.The health cash plan underwriter had traditionally placed group personal accident insurance with various other underwriters. However, with the acquisition of Network Insurance Brokers, BHSF decided it was a logical step.Peter Maskell, chief executive at BHSF, said: “The move was complex and would not have ...
-
Article
Treasury to increase defined benefit valuation factor
The Treasury has confirmed that it will increase the factor used for valuing benefits against the annual allowance from 10 to 16.Currently, for final salary pension schemes, any increase in benefits over the course of the year is currently compared with the annual allowance by multiplying it by a factor ...
-
Article
NAPF to close defined benefit scheme to new members
The National Association of Pension Funds (NAPF) is to close its defined benefit (DB) pension scheme to new members.The scheme will remain open to existing members. A trust-based defined contribution (DC) pension scheme will be set up for all new employees.A spokesperson at the NAPF said: "In common with other ...
-
Article
Welplan appoints Xafinity Claybrook for pensions administration
Welplan has appointed Xafinity Claybrook to run pensions administration for its defined contribution scheme.The project will improve member services, such as access to information over the web, and achieve efficient service delivery through greater automation.Bruce Kirton, chief executive of Welplan, said: “We are driving the business forward and preparing for ...
-
Article
BT and Royal Mail sign pledge to help staff with arthritis
Employers including BT, Royal Mail and the Work Foundation have committed to Arthritis Care’s ‘Employer’s Pledge’.The charity is challenging firms to improve the working conditions of thousands of employees with arthritis.The Employer’s Pledge, which so far covers 190,000 employees, is a statement of commitment which sets out suggestions of best ...