All Employee Benefits articles in Web Issue – Page 375
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Government launches consultation on public sector pension contributions
The Treasury has launched a consultation on the discount rate used to set unfunded public sector pension contributions.The government announced in November's Comprehensive Spending Review that it would consult on this issue, in response to a recommendation in the interim report of the Independent Public Service Pensions Commission. The Commission ...
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Baring too much is damaging to careers
Flesh-flashing employees who take dress-down Fridays a little too literally could be damaging their career.Research suggests that women wearing low-cuts tops could be risking more than being ogled at by the photocopier.Inappropriate dressers could even lose their job, dispelling the myth that showcasing one’s assets can propel them up the ...
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Cebs publishes guidelines on bankers’ pay
The Committee of European Banking Supervisors (Cebs) has published its final guidelines on bankers’ pay and bonuses.Cebs has revised its initial proposal in order to address the main issues, namely proportionality, equity-linked and other instruments of variable remuneration, distribution of those instruments and retention periods.In a statement Cebs said: “As ...
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Morgan Lloyd Sipp Services launches two group Sipps
Morgan Lloyd Sipp Services has launched two group self-invested personal pension (Sipp) products – the Morgan Lloyd Directus and the Morgan Lloyd Qualitas.The Directus is a basic group Sipp product offering a value for money alternative with traditional investment opportunities.The Qualitas group Sipp provides a framework in which more pension ...
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CBI urges rethink on removal of default retirement age
The Confederation of British Business (CBI) has urged the government to clarify its position on the rules around the default retirement age (DRA) and respond to businesses' concerns over its removal.The CBI warned that employers will face huge uncertainty and greater risk of tribunal claims if the government does not ...
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The Pensions Regulator wins dispute in Lehman Brothers and Nortel Networks case
The Pensions Regulator has won its legal challenge with the administrators for Lehman Brothers and Nortel Networks.In November the administrators of 20 insolvent companies launched a case to challenge The Pension Regulator’s ability to impose an order that requires them to provide financial support for underfunded pension schemes.Justice Briggs ruled ...
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Allied Irish Bank cancels bonus payouts
Allied Irish Bank (AIB) will not pay out bonuses to its top staff.The decision came after a letter from Ireland’s finance minister Brian Lenihan warned the bank that state support was conditional on the non-payment of the bonuses.The board of Allied Irish Banks met on the evening of 13 December ...
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Shilling Communication staff support charity in Nepal
Employees from Shilling Communication have returned home from a charity project in Nepal.The staff spent 10 days working with international anti-poverty agency ActionAid building houses for Nepalese people freed from Kamaiya, a traditional system of bonded labour in Southern Nepal.Kevin Shilling, chief executive officer at Shilling Communication, said: “[Corporate] social ...
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Government calls for evidence on early access to pension savings
Financial Secretary to the Treasury Mark Hoban MP has called for evidence on whether early access to pensions savings could encourage people to make higher pension contributions.The government wants to receive evidence on the potential benefits and risks of allowing early access to pension savings and how it could be ...
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Kalamazoo Reynolds launches pensions salary sacrifice
Kalamazoo Reynolds has added a salary sacrifice arrangement to its group personal pension (GPP) scheme.Following the launch, which took place in September, membership has increased from 75% to 84%, with 64% of existing pension members increasing their personal contributions to the scheme.The automotive dealership, which is part of the Reynolds ...
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Jaguar Land Rover employees support environmental issues in Kenya
Jaguar Land Rover employees have participated in an environmental support initiative in Kenya as part of the firm’s employee engagement programme.The scheme saw 11 employees spend two weeks providing support for Earthwatch scientists studying the endangered Grevy’s Zebra.Earthwatch, the environmental charity, surveyed the employees at the end of the programme ...
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JLT Benefit Solutions and Scottish Widows launch pension product
JLT Benefit Solutions (JLT) has launched a group personal pension (GPP) scheme called RetireSure Essentials which will be administered by Scottish Widows.The scheme has been developed to provide services that are usually typical of larger defined contribution (DC) arrangements available to smaller employers.It comprises scheme governance with annual reporting, an ...
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Grant Thornton staff chose Cancer Research UK as official charity
Grant Thornton staff have chosen Cancer Research UK as the firm’s official charity. The charity was voted in as the chosen beneficiary until summer 2012, with staff pledging to raise £125,000 during the period.Offices across the UK were filled with employees supporting the charity by wearing red and donating to ...
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ONS: Workers' pay is on the increase
Employees' pay is increasing, according to figures from the Office of National Statistics.The data showed that average earnings growth including bonuses increased by 2.2% during the three months to October. Growth in average earnings for regular pay excluding bonuses also increased from the September 2010 rate of 2.2% to 2.3% ...
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Increase in maximum compensation for unfair dismissals
The maximum compensation that the Employment Tribunal can award employees for unfair dismissal, and the basis upon which statutory redundancy payments are calculated, will increase from 1 February 2011 through the Employment Rights (Increase of Limits) Order 2010.The increase will not apply in exceptional cases.The following will relate to dismissals ...
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BT Group cannot raise prices to plug pension deficit
BT Group has been told it cannot increase regulated wholesale prices to plug its pension deficit.Communications regulator Ofcom confirmed on 15 December its decision not to change the way it treats BT’s pension costs when setting regulated wholesale charges for telecoms services, including broadband and landlines.This follows an initial consultation ...
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Local government pension deficit could total £100 billion
The Local Government Pension Scheme in England could now total £100 billion, according to new research from an independent pension consultant.John Ralfe’s survey of local authorities’ accounts found that the deficit may have more than doubled in the past three years from £42 billion in 2007, and is now equal ...
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Aviva launches total reward statements
Aviva is targeting the workplace savings market with the launch of total reward statements.The online statements will be offered alongside group personal pensions to give employees a better understanding of the benefits provided by their employer.The total reward statements will carry individual employers’ branding, and include personalised details of salary, ...
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Misconceptions of office terminology could damage workplace planning
Misunderstandings over common office terminology could have a disastrous impact on workforce planning.Research by Reabur.com shows that 13% of employees thought that 'annual leave' meant time off for the whole year. If left unenlightened this would cause more workplace disruption than the 6% who thought it meant time out for ...
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Fewer employees expect a pay rise in 2011
A smaller proportion of employees expect a pay rise next year, according to research conducted by the Chartered Institute of Personnel and Development (CIPD)Out of the 3,000 respondents that took part in the 2010 employee attitudes to pay survey 58% expect a pay rise next year, a significant worsening in ...