All Employee Benefits articles in Web Issue – Page 406
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Debi O'Donovan, editor of Employee Benefits: Tax and NI merger plan debate will run and run
At first glance, last month’s Budget did not contain any unexpected major announcements.Most points had been heavily trailed or confirmed what we already knew. However, there were a few new nuggets that could have broader ramifications over the coming years and decades, depending on how they play out.The idea of ...
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Pensions Minister Steve Webb due to announce radical changes to the state pension
Pensions Minister Steve Webb is due to unveil a radical redesign of the state pension in the government's green paper today.The Department for Work and Pensions (DWP) has confirmed that Webb will outline the details of the draft legislation after 6pm this evening.Webb will propose the introduction of a flat-rate ...
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HMRC confirms changes to PAYE system
HM Revenue and Customs (HMRC) has confirmed that Real Time Information (RTI), a new system that will improve the operation of pay as you earn (PAYE), will go ahead.Following consultation, HMRC confirmed that a pilot will begin in April 2012 with volunteer employers and software developers. It will work to ...
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BT and Pearson among employers marking Climate Week with tree planting
Employers, including BT, Pearson, and Marks and Spencer, have planted over 10,000 trees at Heartwood Forest to mark Climate Week.A dozen employers and over 300 staff took part in the tree planting at the Woodland Trust site in Hertfordshire to directly contribute to the development on what will become the ...
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Deafblind UK joins multi-employer pension scheme
Deafblind UK will join The Pension Trust's multi-employer defined contribution (DC) flexible retirement plan.The charity will join the plan in April as part of efforts to offer a low cost but high quality scheme.Jeff Skipp, chief executive of Deafblind UK, said: "The introduction of the scheme recognises how much Deafblind ...
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Freshfields research: Employers fear changes to retirement age will damage economic recovery
UK employers believe the removal of the default retirement age (DRA) will have a bigger impact on business than other legislative changes, according to research by Freshfields Bruckhaus Deringer.In a survey of HR directors from the UK’s largest employers, the law firm found that 63% of respondents argue that the ...
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Single-tier state pension is unveiled
Pensions minister Steven Webb has unveiled plans for a single-tier state pension as part of efforts to eradicate complexity.The Green Paper, A State Pension for the 21st Century, outlines measures to simplify the state pension system for future pensioners by replacing means-tested benefits with a pension worth around £140 a ...
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Asperity staff scale Tower 42 for charity Shelter
Asperity employees took part in Shelter’s Vertical Rush challenge, running up 920 steps to the summit of London's Tower 42.Six members of Asperity’s client services team joined the fundraising event on 3 March to run up 42 floors to the champagne bar at the top of the tower.The annual Vertical ...
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Xafinity report: UK final salary scheme liabilities at £1.4 trillion
Liabilities for UK occupational pension schemes have held fast at £1.4 trillion, according to data from Xafinity.Xafinity's corporate UK pension scheme model, covering 99% of defined benefit (DB) schemes eligible for the Pension Protection Fund (PPF), calculated deficits across the pension schemes at £370 billion, based on assumptions at 31 ...
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IFS Proshare works with HMRC on new PAYE OT code
IFS Proshare has been working with HR Revenue and Customs (HMRC) in respect to the introduction of the pay as you earn (PAYE) OT code and its impact on share-based payments.The code, which comes into effect today, 6 April, enables income tax to be deducted in respect to payments made ...
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Saint-Gobain re-appoints Mercer for DB scheme administration
Saint-Gobain, the manufacturer and distributor of construction materials, has extended its relationship with Mercer by seven years.Mercer will provide third-party administration of its defined benefit (DB) pension scheme in the UK.The scheme has over 45,000 members and a £2.2 billion fund value.Neil Bolding, client relationship manager at Mercer, said: “The ...
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Employee Benefits journalists win honours at Towers Watson Excellence in HR Awards
Debbie Lovewell, deputy editor at Employee Benefits magazine, won ‘Employee benefits and pensions journalist of the year’ at last night’s Towers Watson’s Excellence in HR Awards.Over the eight years Lovewell has worked at Employee Benefits she has established herself as a highly regarded journalist in this specialised sector.Nicola Sullivan, senior ...
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Round-up of tax and legislation changes coming in today
A number of the government’s tax and legislation changes that come into effect from today, 6 April, will have an impact on benefits.Phasing out of the default retirement age (DRA):From 6 April, the removal of the DRA means employers will not be able to issue notifications for compulsory retirement using ...
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Employee Benefits’ owners, Centaur Media, acquires The Forum for Expatriate Management
Employee Benefits’ owners, Centaur Media Plc, today announced the acquisition of The Forum for Expatriate Management (FEM).The FEM has built the world’s leading membership community of global mobility professionals and operates associated internet services and events globally, including major conferences, exhibitions and awards.Geoff Wilmot, CEO of Centaur said: “FEM is ...
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Bupa International offers expats free expert medical advice
Bupa International is offering expatriate workers free access to an expert medical opinion service.The service, provided by Advance Medical, gives employees access to professional medical opinions from more than 5,000 doctors.The service can help reassure employees that they have the right diagnosis, and ensure they are being given the best ...
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Barnett Waddingham produces guide on payroll deductions
Barnett Waddingham has produced a guide for managers of occupational pension scheme contributions and administers of staff payroll.The booklet focuses on the two main types of trust-based occupational pension scheme, defined benefit (DB) schemes and defined contribution (DC) schemes. Many parts of the guide are also relevant to other arrangements ...
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Westminster Roman Catholic Diocese introduces HR and payroll software
Westminster Roman Catholic Diocese has introduced a new HR and payroll software system provided by Bond International Software.The Bond TeamSpirit system will allow the diocese to combine existing payroll processes with its HR function, sharing data between the two departments, which will significantly decrease the time spent on administration.The diocese ...
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Friends Life research: Middle earners view pensions saving as more important than ever
Nearly 60% of middle income households, classified as the Coping Classes by a Friends Life report, believe it is more important than ever before to invest in a pension.†The Coping Classes report found that middle income earners (£25,000 to £50,000) are now focused on reducing debt to stave off the ...
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Treasury cracks down on tax avoidance relating to overseas pensions
The Treasury is closing a loophole to prevent tax avoidance on qualifying recognised overseas pension schemes (Qrops).The measure, affecting UK residents transferring pensions overseas, will be introduced in the Finance Bill. Previously, tax could have been avoided by moving pension savings to certain overseas countries.David Gauke, exchequer secretary to the ...
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B&CE removes annual management charge for first year of auto-enrolment
B&CE has announced the removal of the annual management charge (AMC) on its workplace pension during an employer’s first year of compliance of auto-enrolment.†The provider of financial benefits to the construction industry envisages that the AMC will be no more than 0.5% at the end of the 12 month period.The ...