All Employee Benefits articles in Web Issue – Page 394
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Alternatives to flex
A quarter of employers do not think they have enough benefits to bring in flex, and standalone tax-efficient perks via salary sacrifice are popular, says Nicola SullivanOne-fifth (20%) of employers that have not yet considered implementing flexible benefits say they will do so in the future. This has changed little ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Administration
More employers are outsourcing the administration of flex, and measuring the success of their scheme is becoming a greater priority, says Nicola SullivanAlthough the proportion of respondents that manage their flex plan fully in-house has continued to fall, it is still the most popular way to administer a scheme. Six ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Impact of legislation
Forthcoming pension reforms and changes to high earners pensions tax relief have affected attitudes to flex, but some employers are still unsure, says Jennifer PatersonA significant number of employers still do not know how the 2012 pension reforms have affected the way they view pensions in relation to flex. In ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Tax-efficient benefits
With government tax changes on the way, more and more employers are keen to cash in on tax and NI breaks through flexible benefits, says Jennifer PatersonOffering perks with tax- and national insurance (NI) breaks has become a popular way to redirect cash back into a flexible benefits scheme. Popular ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Benefits on offer
Voluntary benefits are increasing as the main precursor to flex, while childcare vouchers and bikes for work continue their rise in popularity, says Jennifer PatersonMaking the transition to flexible benefits requires a change in how staff think about their perks. The manner in which benefits are offered or communicated before ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Structure
The trend for employees to be able to trade their benefits up or down continues, and many staff are active in making changes to their package, says Nicola SullivanHow flexible benefits schemes are structured has remained fairly consistent in recent years, although the definition of flex has changed quite a ...
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Article
Employee Benefits/Towers Watson Employee Benefits Research 2011: Attitudes
As the recession is replaced by the age of austerity, many employers are looking to flex as a cost-efficient way to keep employees motivated, says Jennifer PatersonOnce again, the most commonly cited advantage of running a flex scheme is that it enables staff to tailor benefits to suit their needs ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Key findings
The survey, carried out in January 2011, is based on 379 responses from Employee Benefits' readers and users of www.employeebenefits.co.ukKEY FINDINGS38% see flexible benefits schemes being integrated into wider reward platforms in the future36% will consider introducing salary sacrifice around pensions within flexible benefits as a result of the incoming ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011
Download a PDF of the Employee Benefits/Towers Watson Flexible Benefits Research 2011†Key findingsAttitudesStructureBenefits on offerTax-efficient benefitsImpact of legislationAdministrationAlternatives to flex†Editor's commentWill flexible benefits schemes as we know them still exist in years to come? This question is currently the subject of much debate as product and provider evolution in the ...
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Article
Employee Benefits/Towers Watson Flexible Benefits Research 2011: Sponsor's comment: Adapting to a world of change
Jacqueline Otten, director of flexible benefits consulting at Towers Watson, says flex can play an important role in the changing benefits landscapeRecently, I have often had the feeling that everything is on the move, changing, transitioning around us - and the benefits world is no exception. New legislation and changes ...
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Case Studies
Case study: University of Lincoln studies retirement age implications for benefits
The University of Lincoln has 1,300 staff, 30% of them aged over 50. The organisation is reviewing its benefits package to account for any impact of the removal of the default retirement age.Ian Hodson, reward and benefits manager at the university, says: “I see the removal of the DRA in ...
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Case Studies
Case study: Nationwide embraces age diversity
About 13% of Nationwide Building Society’s staff are aged over 50. It introduced flexible retirement to age 75 in 2005, ensuring benefits that were applicable before the normal retirement age applied if an employee stayed on after 65.Nationwide extended the benefits that were available to age 75 and self-insured benefits ...
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Analysis
Salary sacrifice can ease impact of national insurance rise
If you read nothing else, read this... From 6 April, national insurance contributions (NICs) will increase by 1% for employers and employees. Offering tax-efficient benefits such as childcare vouchers, bikes for work and pension contributions via salary sacrifice arrangements can help mitigate the impact of the NI increase. Employers are ...
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Article
Sage pilots occupational health service
Business software supplier Sage UK is piloting an occupational health scheme to help staff with musculoskeletal problems and has used its switch in childcare voucher providers to communicate the tax changes due to come into effect on 6 April.The health scheme, to be launched in the spring and provided by ...
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Article
3G switches GPP provider to cut management charge
3G is switching providers for its group personal pension (GPP) to reduce its annual management charge (AMC).When the mobile phone firm introduces a new GPP, to be provided by Aviva on a commission basis in April, it will see its AMC fall from 0.8% to 0.55%.Seth Russell, director of reward ...
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Article
Act now to mitigate national insurance rises
Employers should act now to mitigate the impact of the increase in national insurance (NI) contributions from 6 April.Staff will see an increase of 1% in the level of NI they pay on earnings, from 11% to 12% below the upper earnings limit and from 1% to 2% above it. ...
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Article
Kwik Fit staff play cards
Kwik Fit Financial Services (KFFS) has seen more than 50% take-up of a gift card it has added to its flexible benefits scheme.The retail gift card, provided by Edenred, contain points that can be spent like cash in UK retail and leisure outlets. The firm’s 1,000-plus staff can use their ...
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Article
Yorkshire Water changes course on staff statements
Yorkshire Water has switched providers for its total reward statements.The utilities firm, which has provided total reward statements for its 2,400 staff for four years, switched to Benefex because it felt it was time to work with a new partner to ensure a higher level of accuracy.The company provides paper ...
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Article
Aspire Housing builds more choice for employees
Aspire Housing has launched a flexible benefits scheme to give its employees more choice around their rewardThrough its Choices scheme, provided by Lorica, Aspire’s 500 staff can sacrifice salary in return for benefits, including private medical insurance, a health cash plan, health screening and dental insurance. Also included in the ...
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Article
Relief as HM Revenue and Customs clarifies tax rules for deferred bonuses
Employers are relieved after HM Revenue and Customs confirmed legitimate deferred bonus schemes will not be hit by new tax avoidance rules.The Finance Bill, published in December, introduced legislation to tackle the use of employee benefits trusts (EBTs) to avoid, defer or reduce tax liabilities. The legislation will ensure an ...