All Employee Benefits articles in Web Issue – Page 382
-
Article
PruHealth to launch new corporate healthcare plans
PruHealth is to launch new business and corporate healthcare plans on 1 March 2011.This will be its first product launch since the company acquisition of Standard Life Healthcare in August 2010.The new plan will enable employers to take out core cover and then choose from a range of enhancements, such ...
-
Article
Medical Care Direct launches healthcare trust for small employers
Medical Care Direct (MCD) has launched a scheme to enable employers with as few as 100 staff to receive the benefits of a healthcare trust fund.Its Health Link scheme offers comprehensive third-party administration, MCD’s treatment sourcing service and stop-loss insurance at a fixed price. Through its treatment sourcing service, MCD ...
-
Article
BBC cuts senior manager pay bill by 13.6%
The BBC has cut its senior manager pay bill by 13.6%, and is planning to make further reductions before the end of 2011 to deliver the 25% reduction in the pay bill that was agreed with the BBC Trust.The organisation published salary details for its 462 permanent licence fee-funded senior ...
-
Article
Nest to offer a Sharia-compliant fund choice
The national employment savings trust (Nest) has announced plans to offer fund choice compliant with Sharia law when it launches later this year.Nest has begun the procurement process for a Sharia-compliant fund manager after consulting with stakeholders to determine which fund choices to offer.After Nest conducted research into the characteristics ...
-
Article
Morgan Stanley staff to share $16bn bonus pot
US-based firm Morgan Stanley has set aside a $16 billion (£10 million) bonus pot for staff to share.The investment firm’s 65,542 employees receive an average of $255,000, (£160,000) in pay and bonuses for 2010.Morgan Stanley announced details of the compensation package as it reported its profits had more than tripled ...
-
Article
Remuneration Consultants Group appoints non-executive directors
The Remuneration Consultants Group (RCG) has appointed two independent non-executive directors, William Claxton-Smith and Philippa Hird.The RCG, which develops the voluntary code of conduct for executive remuneration consultants, now comprises an independent chairman, two non-executive directors and four elected representatives of member firms.Claxton-Smith was head of corporate governance at Insight ...
-
Article
UBS to change prescriptive dress code
News that financial services firm UBS is reducing its 44-page dress code, which stipulates what colour lingerie and stockings are acceptable for female retail employees, illustrates that the submissive perfection of the Stepford wife is unlikely to be adopted by working women.The existing code, which applies to retail employees based ...
-
Article
Barclays set to overhaul pay
It has been reported that Barclays is planning a radical overhaul of pay as part of a strategic review.Reports from the BBC and the Financial Times said the bank is looking at using convertible bonds, known as CoCos, to pay a large proportion of the bonuses for more than 1,000 ...
-
Article
HMRC to curb bonuses after £13m payout
HM Revenue and Customs (HMRC) employees will share in a £13 million bonus payout for performance in 2010.However, HMRC has said bonuses will be curbed this year in line with other public sector organisations.HMRC spent almost £800,000 more on bonuses last year than in 2009, despite mistakes made that saw ...
-
Article
Financial Services Authority freezes pay for second year
The Financial Services Authority (FSA) has frozen pay for the second year in a row.The news was communicated to the regulator’s employees via email from chief executive Hector Sants. A similar email was sent out last year to say there would be no pay increases in 2010.In a statement, the ...
-
Article
Employees resolve to get fit in the new year
Nearly three-quarters of employees (73%) have committed to get fit in the New Year, according to research by Aviva UK Health.However, according to its 2011 New Year, New You report, 80% admit past resolutions to make positive changes to their lifestyle have failed by the end of January.The report found ...
-
Article
Teachers may strike over pension reform
The Association of Teachers and Lecturers (ATL) action committee has voted to make preparations for a national ballot of the union's members over pensions changes which the government is seeking to impose. The changes include a 3.4% increase in pension contributions by 2014.Dr Mary Bousted, general secretary of ...
-
Article
Friends Provident appoints new CEO and vice chairman
Friends Provident has appointed Andy Briggs chief executive officer (CEO).He will replace Trevor Matthews who will assume the role of vice chairman. This follows Matthews' conclusion that, in view of his personal intention to return with his family to Australia within the next three years and the substantial agenda of ...
-
Article
Henderson Insurance launches employee benefits division
Henderson Insurance has created a new employee benefits division.Henderson Employee Benefits will combine the firm’s Denney O’Hara business, which was acquired in spring 2010, with Henderson’s previous healthcare and employee benefits arm.Brian Denney, chairman of Henderson Employee Benefits, said: “I am delighted with the commitment Henderson have already shown to ...
-
Article
Inflation index change results in £15bn pension liability windfall for FTSE 100
Many FTSE 100 companies are preparing to record windfall gains to reflect government changes in inflation measures for defined benefit (DB) pensions.According to consultancy Towers Watson, the impact on FTSE 100 pension liabilities, estimated to be in excess of £15 billion, is due to the policy change that allows pension ...
-
Article
URS/Scott Wilson harmonises flexible benefits schemes
URS/Scott Wilson is in the process of harmonising its flexible benefits package.The global design and engineering firm was acquired by URS in September 2010.The two businesses will keep their pension schemes separate but intend to consolidate the rest of the benefits package. Enrolment for the harmonised scheme will open at ...
-
Article
Employers not prioritising pension changes ahead of 2012
Two-thirds (60%) of UK organisations do not see making changes to their defined contribution (DC) scheme as a priority in 2011, despite the proposed introduction of automatic enrolment in 2012.According to new research by consultancy Aon Hewitt, a quarter of employers (23%) have yet to consider the implications at all, ...
-
Article
Staff want employers to inform them of default retirement age changes
The majority (70%) of employees feel it is their employer’s responsibility to keep them informed of the government’s legislation on the default retirement age (DRA).A report by Close Asset Management, which surveyed 2,000 UK employees, also found 20% would look to their employers for advice. The legislation, which will eliminate ...
-
Article
The Assessment and Qualifications Alliance closes final salary pension
The Assessment and Qualifications Alliance (AQA) has closed its final salary pension scheme. The AQA undertook a consultation process with employees and their union representatives, which lasted 74 days.Management at the AQA rejected money-saving proposals put forward by staff unions that would have enabled the final salary pension scheme to ...
-
Article
Nearly half of UK finance sector has received increased bonus
Nearly half (49%) of UK bankers and finance professionals received a bonus increase last year, according to a survey from eFinancialCareers.com.The research, which surveyed 2,511 financial professionals in the UK, US, Hong Kong, Singapore and Australia, found that bonuses levels in London were among the highest in the financial centres ...