All Employee Benefits articles in Web Issue – Page 400
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UK Employee Ownership Index: Employee-owned firms outperformed FTSE
Employee-owned organisations outperformed FTSE All-Share organisations in 2010, according to the UK Employee Ownership Index (EOI) published by law firm Field Fisher Waterhouse.The share prices of employee-owned firms were up 16%, while the share prices of the FTSE All-Share firms were up only 11%.The EOI monitors the share price performance ...
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Towers Watson research: Quarter of FTSE 100 firms offer only DC pensions
Defined contribution (DC) pension plans are the predominant form of pension scheme among FTSE100 employers.According to the Towers Watson FTSE 100 Defined Contribution Pension Scheme Survey, a quarter (25%) noly offer DC schemes to all employees, an increase from 15% last year.Around 90% of these employers offer a DC scheme ...
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Pensions buyout deals totalled £8.1 billion in 2010
Pensions buyout deals totalled £8.1 billion in 2010. According to JLT Pension Capital Strategies' (PCS) Buyout Market Watch, late activity in the fourth quarter of 2010 saw £1.6 billion of deals being completed, contributing to an overall increase of 8% from 2009.The £8.1 billion includes a £3 billion longevity swap ...
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Government accepts pay review bodies recommendations for public sector
The government has accepted the recommendations of pay review bodies for public sector pay awards for 2011-12 in line with the announcement made in the Budget in June 2010. Employees covered by the bodies who earn £21,000 or less will receive a pay increase of £250 for 2011-12.Those earning over ...
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Aviva relaunches Get Active website
Aviva has relaunched its Get Active website to include discounted gym membership, and hints and tips to help lead a healthy lifestyle.Members of Aviva’s private medical insurance (PMI), cash plan and group risk products are able to access cheaper health club membership at Curves, a specialist women’s health and fitness ...
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IFF research: 47% in public sector think they are worse off than private sector
When it comes to perceptions of pay and financial reward, 47% of public sector workers think they are worse off than private sector staff, but 35% of private sector staff think the public sector is ahead on remuneration.This is according to the Attitudes to Work study conducted by IFF Research, ...
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NAPF research: West Midlands least confident about retirement savings
More than half (62%) of employees in the West Midland are not confident they will have enough money in their retirement compared to 55% across the UK, according to a survey from YouGov and the National Association of Pension Funds (NAPF).The survey also found only 44% in the West Midlands ...
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MPs agree to freeze their salaries at £65,738
MPs have agreed to freeze their salaries at £65,738 to put them in step with two-year pay freezes across the public sector.The Senior Salaries Review Body, whose recommendations have been implemented since 2008, had suggested a 1% rise.However, MPs pay will be frozen, for the period beginning 1 April 2011, ...
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Sewell Group adds to benefits scheme
Sewell Group has added payroll giving, volunteering days and bikes for work to its benefits package for its 300 employees.The development, construction and facilities management firm launched its in-house reward package Sewell Select in January 2010 following a complete review of its benefits offering. The programme combines flexible and voluntary ...
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Royal Mail’s share scheme will have no value at maturity
Royal Mail staff have been informed that their employee share scheme will be virtually worthless when it matures next year.The ColleagueShares scheme, which was launched in 2007 and will mature in 2012, was set up by former chairman Allan Leighton and former chief executive Adam Crozier as a phantom equity ...
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PMI/Towers Watson research: Pension scheme members want information in one place
The majority (84%) of pensions scheme managers agree that members want to be able to see all their pensions in one place to be able to realistically assess their total retirement income.The same proportion (84%) agree pensions schemes should do more to promote pensions websites.The findings are from the joint ...
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Aries launches revaluation table for indexation change
Aries Pension and Insurance Systems has devised a revaluation table for pension schemes impacted by the government’s shift from the Retail Price Index (RPI) to the Consumer Price Index (CPI).The firm has produced an RPI Revaluation Table for 2011 using the same underlying calculation method employed by the Department of ...
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A third of GPs would quit if pension age rises
More than a third of GPs plan to quit if the government’s proposed changes to the NHS pension scheme come into force that will see the retirement age rise to 65.According to a poll of 200 GPs by the magazine Pulse, 28% of respondents would take advantage of the 24-hour ...
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Budget 2011: Personal tax allowance to increase by a further £630
The personal allowance for under 65s will be increased by a further £630 in April 2012.This increase, in addition to the £1,000 increase due to come into force from this April, will mean the personal allowance will stand at £8,105 in 2012-13.This year’s personal allowance increase occurs alongside the switch ...
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Budget 2011: Government to consult on merging income tax and NI
The Chancellor George Osborne has announced the government will consult this year on options for integrating the operation of income tax and national insurance (NI) contributions.The consultation will cover the options, stages and timing of reforms for a merger, which the government believes can remove distortions, reduce burdens on businesses ...
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Budget 2011: Government to introduce single-tier state pension
Chancellor George Osborne has announced that the government will look to introduce a single-tier state pension worth around £140 a week.The aims behind the proposals, outlined in the Budget report, are to simply the state pension and make it clearer to employees what they will receive from the state.In addition, ...
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Budget 2011: Abolished tax reliefs include meals for bikes for work and luncheon vouchers
The government intends to abolish 43 tax reliefs whose rationale is no longer valid based on the recommendations of the Office of Tax Simplification’s (OTS) review of tax reliefs, and continuing work from HM Revenue and Customs,.According to Chancellor George Osborne, this will help to reduce complexity, be efficient and ...
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Budget 2011: Government accepts Hutton’s review of public sector pensions
Chancellor George Osborne has announced the government accepts the recommendations made in Lord Hutton’s Independent Public Service Pensions Commission report.In his Budget report, Osborne stated that the government recognises “the position of the uniformed services will require particularly careful consideration”, and that it will set out proposals in the autumn ...
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Budget 2011: Changes to state pension age to be brought forward
The government is to bring forward proposals to manage future changes in the state pension age automatically, including the option of a regular independent review of longevity changes.The measure is designed to ensure the costs arising from increased longevity are spread more fairly between generations, with cost savings and improved ...
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Budget 2011: Government welcomes Hutton report on public sector pay
The government welcomes Lord Hutton’s Review of Fair Pay in the Public Sector as a basis for setting senior pay in the sector.The Hutton report was published on 8 March.Departments will give consideration to these proposals and bring forward implementation plans for their sectors by July 2011.Read more articles on ...