All Employee Benefits articles in Web Issue – Page 390
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Virgin Experience Days launch a mobile version of website
Virgin Experience Days has launched a mobile version of its website which employers can offer to staff through their motivation and incentive schemes.The site also links to global positioning system (GPS) technology enabling users to check the distance from their location to experiences and activities they are interested in.Chris Smith, ...
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Prudential research: Two-thirds of workers will postpone retirement
Nearly two thirds (62%) of those who had planned to retire in 2011 would consider postponing their pension and continuing to work in order to boost their retirement income, according to Prudential’s Class of 2011 research.This figure has increased since last year when 57% of those questioned said they would ...
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Commerzbank fights appeal over €400m bonus pool
Commerzbank has asked the UK Court of Appeals to throw out claims made by over 100 of its investment bankers who argue they are owed a share of discretionary bonuses from a €400 million pool.The bankers were employed by Dresner Kleinwort’s investment banking division which was taken over by Commerzbank ...
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Prudential taken to court over DB pension plan
Prudential has been taken to court by the trustees of its employees’ retirement fund.The financial services firm changed its practices in 2006 to plug a £379 million deficit in its defined benefit (DB) pension plan.Broadly, while the trustee must apply increases required by statute to certain elements of pensions in ...
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Aon Hewitt research: DC pension pots shrink
The projected retirement income for members of defined contribution (DC) schemes has fallen in the past year, according to the Aon Hewitt DC Index.The index found that the projected annual retirement income for 60 year olds has fallen by £751 from £11,216 to £10,465.A 65 year old’s projected retirement pot ...
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Loomis UK appoints Mercer to provide pensions administration
Loomis UK has appointed Mercer to provide administration services for its pension schemes.The provider of cash-handling services for banks, retailers and other commercial enterprises has made the appointment as part of an initiative to streamline its pension provider arrangements and reduce costs.It follows Mercer’s appointment last year to provide implemented ...
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Russian custom officials broadcast lavish lifestyle on YouTube
In Russia, where luxury imports like cars and wine are notoriously expensive, a mock rap video made by custom officials celebrating the lavish lifestyle that comes with their government jobs has raised some eyebrows.The video posted on YouTube, which shows champagne-quaffing officials surrounded by scantily clad women and driving around ...
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Government announces review into sickness absence system
The government has announced a major review into the current sickness absence system to reduce the cost of ill-health to the economy.Announced at the same time as news of the government’s Welfare Bill was delivered, the review will explore new ways of how the current system can be changed to ...
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Technip appoints Capita to provide occupational health services
Technip, the oil and gas engineering, technologies and services firm, has signed a three-year contract with Capita to provide a range of occupational health services for 3,000 employees.Using Capita’s Wellness Assessment Surveillance Portal (Wasp), Technip will be able to undertake health surveillance via a set of questionnaires.The portal will provide ...
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XpertHR research: Private sector pay rises set to increase
Employee pay rises in the private sector are set to increase, according to research from XpertHR.The report, which looked at 99 pay awards settled in the three months to the end of January 2011, found that the median basic pay deal in the three months to the end of January ...
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O2 staff vote to increase pension contributions to save final salary scheme
Members of O2's final salary pension scheme have voted to increase their contributions to prevent it from closing.A ballot of employees belonging to the Communication Workers Union (CWU) saw 94% backing proposals which would enable them to retain their final salary pension scheme.A 60-day consultation exercise will now begin, allowing ...
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Grid research: Employers unprepared for removal of pre A-day rules
Employers are unprepared for the removal of the earnings cap and other pre A-day rules on 6 April 2011, according to research from Group Risk Development (Grid).The Group Risk Employer Research study found that a third (32%) of employers are undecided about what action to take when pre A-day rules ...
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Johnson Fleming launches DC pensions adviser guide
Johnson Fleming has launched a guide to help employers select a pensions adviser prior to the 2012 pension reforms.Its Guide to appointing a defined contribution (DC) pension adviser includes a sample tender document that could save an employer’s time when it undertakes a pension scheme adviser review.Many employers will conduct ...
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Legal and General launches cash individual savings account (Isa)
Legal and General has launched a corporate cash individual savings account (Isa).Its WorkSave cash Isa accepts contributions directly from payroll and can be topped up online using a debit card. The minimum regular contribution is £50 per month.Working with HBOS, Legal and General is offering investors 1% interest on their ...
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Asda pays out £26.9m bonus pot to staff
Staff at Asda stores and depots across the UK will share a £26.9 million bonus pay out this week.As Asda’s parent company Walmart prepares to announce its full year results today, the UK supermarket chain has confirmed that staff with over six months service at Asda will receive their portion ...
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Deferred bonuses not subject to new tax avoidance rules
HM Revenue and Customs (HMRC) has confirmed that legitimate deferred bonus schemes will not be subject to its new tax avoidance rules.The Finance Bill, published in December, introduced legislation to tackle arrangements that use employee benefits trusts that seek to avoid, defer or reduce tax liabilities. The legislation will ensure ...
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Herbert Smith adds to flex and voluntary benefits schemes
Herbert Smith has added home emergency insurance and a discounted gym membership to its benefits package.The home emergency insurance, which is provided by Home 3 and is available through the law firm's flexible benefits scheme, covers plumbing, drainage, heating, electricity/gas supply, security, glazing and pest issues that can arise in ...
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Towergate Financial and HSBC launch pension scheme for SMEs
Towergate Financial and HSBC have launched a new pension scheme for small- and medium-sized enterprises (SMEs) to meet an employer’s duties under the forthcoming pension reforms due to come into effect from 2012, including auto-enrolment and the National employment savings trust (Nest).Called Workplace Pension in a Box, the scheme has ...
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Stormchild Ventures launches flexible benefits product
Stormchild Ventures has launched a flexible benefits product called i-Flex.The scheme is designed for organisations on a smaller budget such as small- and medium-enterprises (SMEs). It offers access to core benefits including salary sacrifice for computers, cars and bikes for work, as well as healthcare and childcare vouchers.The i-Flex scheme ...
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Aviva launches support service to help expats manage health
Aviva UK Health has launched an information pack to help expatriates manage their own health.My Health Passport is available as a downloadable version to capture information such as employees' personal details, blood group, illnesses and GP and insurance provider contact details, and also as a printed booklet containing more comprehensive ...