All Employee Benefits articles in Web Issue – Page 398
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Government looks to simplify the state pension
Secretary of State for Work and Pensions Iain Duncan Smith has indicated the government is looking at simplifying and increasing state pension, as well as abolishing means testing and pensions credit.Addressing delegates at the Age UK conference, Duncan Smith said the current system was too complex and that means testing ...
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Bosch Group appoints Aon Hewitt as global actuary
Bosch Group has appointed Aon Hewitt as its global actuary from 2012.Aon Hewitt will be responsible for services in Germany and in another 28 countries world-wide. The domestic heating and hot water manufacturer employs 283,500 employees internationally.Aon Hewitt, which has advised Bosch since 2007, will also be managing accounting consolidation ...
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Standard Life launches benefits package for SMEs
Standard Life has launched a benefits package for UK-based small and medium enterprises (SMEs).Its Box of Benefits (Bob) product offers a wide range of benefits including pension, bicycle scheme, dental insurance, hospital cash plan, private medical insurance, travel insurance, childcare vouchers, voluntary benefits, total reward statement and a self-service area.The ...
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NAPF research: Record numbers of final salary plans closed to existing members
A record number of final salary schemes have closed to future contributions from existing members, according to the National Association of Pension Funds (NAPF).The NAPF's Annual Survey showed that one in five (17%) schemes have shut their final salary pension to both new and existing members, representing a rise of ...
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Shilling research: Employees do not regularly monitor pensions funds
Seven out of 10 employees (70%) do not monitor or make changes to their defined contribution (DC) pension fund on a regular basis, according to new research from Shilling Communications.The Shilling Communications: Pension Snapshot, carried out by YouGov, found that of the employees that do not monitor their pension, almost ...
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John Lewis pays out £194.5m bonus pot and offer access to retail bonds
Staff at John Lewis and Waitrose will split a £194.5 million bonus pot in cash, which is equivalent to 18% of pay or the equivalent of more than nine weeks’ pay.The payout comes as parent company John Lewis Partnership (JLP) announced profits on Wednesday 8 March.JLP is also offering its ...
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Review recommends major shake up for police pay
Middle and back-office police roles will not receive additional pay and could see a reduction of up to £3,000 per year in their allowances, as recommended by the first major review into police pay in over 30 years.Part one of Independent Review of Police Officer and Staff Remuneration and Conditions, ...
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Employee Benefits Pensions Summit 2011: Pensions tax relief should be removed
Pensions tax relief should be abolished for all employees and the state pension should be increased by 60%, according to Michael Johnson, research fellow policy group at the Centre for Policy Studies.Johnson made his case to delegates attending the Employee Benefits Pensions Summit, which began at the Four Seasons hotel ...
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Employee Benefits Pensions Summit 2011: Employers are concerned about the delivery of 2012 pension reforms
Employers are more concerned about how they are going to deliver measures to comply with the 2012 pension reforms than they are about the cost of compliance.Speaking in a panel debate at the Employee Benefits Pensions Summit 2011, Neil Carberry, head of employment and pensions at the Confederation of British ...
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Lord Hutton report: Public sector final salary pensions should be replaced by career average schemes
Existing final salary public sector pensions schemes should be replaced by new career average schemes, says Lord Hutton in the final report of the Independent Public Services Pension Commission.The final report follows a comprehensive nine-month review. It sets out a number of detailed recommendations to the government on how public ...
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Employee Benefits Pensions Summit 2011: Nest does not aim to compete with existing workplace pension schemes
The national employment savings trust (Nest) is not intended to replace existing pension schemes such group personal pensions (GPPs), stakeholder schemes and group self-invested personal pensions (Sipps).Speaking at the first day of the Employee Benefits Pensions Summit 2011, Paul Gilbody, director of market engagement at the Nest Corporation, said that ...
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Article
Nasa uses Star Trek music to wake astronauts
The importance of workplace environment – as a key part of an employee’s total reward package – has not escaped Nasa.The international space station uses the Star Trek theme tune as wake-up music for astronauts on board its shuttle Discovery.This means, during their 13-day trip, at 2.23am each day six ...
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Employee Benefits Pensions Summit 2011: Auto-enrolment to see 2.5 million staff join plans
Out of the 7 million additional people expected to start saving for a pension following the introduction of auto-enrolment 2.5 million will belong to an existing workplace scheme.David Haigh, head of workplace pensions reform at the Department of Work and Pensions (DWP) quoted to these figures to delegates at the ...
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Employee Benefits Pensions Summit: BP communicates pension tax changes to high earners
BP has run a communication campaign to ensure high earners are fully aware of changes to pensions tax relief.Addressing delegates at the Employee Benefits Pension Summit 2011 at the Four Seasons hotel in the Hampshire countryside, Susan Hughes, policy manager, UK pensions and benefits at BP, explained that as around ...
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Employee Benefits Pensions Summit 2011: RSA Group engages employees with DC pension
After closing its hybrid defined contribution (DC) scheme in 2006 the RSA Group took a number of measures, including auto-enrolment, to maximise the take up of its replacement stakeholder pension.Jerry Gandhi, group pensions director at the RSA Group, told delegates attending the Employee Benefits Pensions Summit 2011, held at the ...
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Demos research: Squeezed middle most at risk from financial loss when sick
The squeezed middle, those earning between £16,000 and £50,000 per annum, are most at risk to suffer financially if they are unable to work due to sickness or disability, according to a new report from think-tank Demos.The Of Mutual Benefit report stated that as this group of workers would not ...
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Pension Capital Strategies rebrands as JLT Pension Capital Strategies
Pension Capital Strategies, the corporate consulting and pension scheme de-risking firm, has announced a rebrand of the business to JLT Pension Capital Strategies to clearly align with its parent firm JLT Employee Benefits Group.The rebrand comes at a time when JLT Pension Capital Strategies estimates that pensioner buy-outs will grow ...
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Alexander Forbes research: DC pension members are not saving enough
Employees in the private sector who are saving into a defined contribution (DC) pension scheme need to pay in much more to avoid poverty in retirement, according to research conducted by Alexander Forbes.The Alexander Forbes National Pension Index showed that in Britain the average employee in such schemes has lost ...
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Denplan extends product offering
Denplan has extended its corporate product offering with the introduction of the Lucent product range.Lucent plans provide cover for a range of dental treatments at a low cost of up to £5,500 per policy year, which includes cover for dental injuries and dental emergencies.The Lucent range aims to operate a ...
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Canada Life enhances second-opinion service on group risk plans
Canada Life has added online access to existing second-opinion service Best Doctors which is currently provided on its group income protection and group critical illness plans.The new online offering Ask Best Doctors also offers employees a multimedia library designed to help them understand a range of medical conditions, as well ...