All Employee Benefits articles in Web Issue – Page 409
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UK Coal to close defined benefit (DB) schemes to future accrual
UK Coal has confirmed its intention to close its two defined benefit (DB) pension schemes to future accrual.The closure, which will go to consultation with staff in the first instance, is one of the proposed changes to manage a £300 million deficit in the firm’s two DB schemes.The schemes were ...
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Treasury will not consider early access to pension savings
Mark Hoban, financial secretary to the Treasury, has published the government’s response to the call for evidence on early access to pension savings, concluding that it will not be considered at the present time.The reasons for this include that there is limited evidence that allowing early access would have a ...
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Vinci UK invests £10 million in equities fund through its DB scheme
Vinci UK is the first institutional client of Legal and General’s UK Alpha Trust fund.†The construction firm has invested £10 million in the fund through its defined benefit (DB) pension scheme. The fund invests in a portfolio of UK equities from larger organisations, as well as small to medium organisations.Alec ...
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Playboy bunnies get unusual perk
When Playboy’s new London club opens later this year, its bunnies will have access to an unusual perk: an employee whose sole job it is to help them adhere to its 'strict' dress code.The club will be employing a bunny mother to fluff tails, make sure bunny costumes are pressed, ...
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Denplan research: Employers believe dental plans enhance staff wellbeing
The majority (71%) of employers believe that dental plans enhance employee wellbeing, according to the 2011 Dental Benefits Survey conducted by Denplan.The key factors influencing employers’ choice of dental plan is price (25%), simplicity of the product (20%), and broker recommendation (10%).For employees who already have a plan, the key ...
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The Pensions Regulator sets out plan to help employers prepare for auto-enrolment
The Pensions Regulator (TPR) has set out a plan on how it will help employers prepare for automatic enrolment, improve standards in the defined contribution (DC) market, and address funding challenges within different segments of the defined benefit (DB) landscape.Its Corporate and Business Plan 2011-14 details TPR’s continued focus on ...
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Liberty IT awarded Pension Quality Mark
Liberty IT has been awarded the Pension Quality Mark (PQM) from the National Association of Pension Funds (NAPF) for its staff pension scheme. The accreditation distinguishes pension schemes that are well run by employers, with good contribution rates, and which are clearly communicated to employees. The award makes the provider ...
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Morgan Price International Healthcare launches expat health product
Morgan Price International Healthcare has launched an expatriate health insurance product called EssentialCare.At level one, it is an annually underwritten product. There is no automatic renewal or continuation of cover and the prices are pitched to reflect this. At level two and three, the products are not re-underwritten at renewal ...
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Killik Employee Services launches online share plan service
Killik Employee Services (KES) has launched a an internet-ready software service.The Centive service can be accessed directly via the internet, providing employers with an alternative to a manual installation of the software.Centive is already being used by organisations like Diageo and Tullow Oil.KES has also added a number of new ...
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Centre for Economics and Business Research: City pay outpaces rest of UK despite fall in bonuses
Despite a fall in bonus payouts in 2010/11, growth in City workers' pay continues to outpace the rest of the UK, according to research from the Centre for Economics and Business Research (Cebr).The London and City Prospects research found that bonuses in the City fell by 8% for 2010/11 from ...
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Aviva research: A quarter of UK staff fear worse benefits when moving abroad
A quarter (25%) of UK workers are worried that they might have worse benefits if they moved abroad, according to a study from Aviva.Polling 1,000 employees aged 18 to 45, the study found that over half (54%) of respondents would contemplate moving abroad.Almost half (46%) are considering a permanent move ...
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3663 runs one-to-one communications for voluntary benefits scheme
To support the launch of its new voluntary benefits scheme, wholesale food distributor 3663 ran a face-to-face communications programme in March with provider Personal Group to keep its employees informed of the new offerings.The communications programme took place at 30 sites across the UK, targeting 4,200 staff. Staff were informed ...
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Northrop Grumman Corporation appoints pension scheme actuary
Global security firm Northrop Grumman Corporation has appointed consultancy Punter Southall as scheme actuary for its UK pension plan.The firm's pension plan has more than 700 members with assets worth around £80 million. Punter Southall's appointment follows a tendering process.Steve Hanson, chairman of the trustees at Northrop Grumman Corporation, said: ...
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Tourism Queensland launches incentive travel competition for all employers
Tourism Queensland has launched a competition called the Million Dollar Memo which offers organisations in any country the chance to win one million dollars (AUD) of corporate incentive travel to Queensland, Australia.The aim of the competition is to boost organisation morale and encourage teamwork. The reward can be tailored for ...
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Domestic and General launches cycling challenge for staff
Domestic and General has launched a cycling challenge for staff as part of its Wellness Wednesday initiative.Employees at the Nottingham call centre took part in the ‘Get on your bike to win a bike’ challenge for a chance to win a new mountain bike. Staff who cycled for at least ...
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Radius Systems' pension scheme enters into buy-out arrangement
The trustees of the Radius Systems' pension scheme have transferred its pension obligations into a buy-out arrangement with an insurer.The deal, valued at just under £100 million, saw trustees, which were advised by Mercer, transfer the scheme's obligations to insurer Rothesay Life.According to Mercer, the transfer cut short what would ...
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Transport for London pension fund reappoints Towers Watson
The trustees of the Transport for London (TFL) pension fund have reappointed Towers Watson as actuarial advisers following a comprehensive review.As part of the review, the trustees changed investment advisers, appointing Towers Watson in this capacity.Towers Watson is to provide actuarial and investment advice to the TFL pension fund’s £5.5 ...
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US employees pull sickies to avoid commute to work
Thoughts of sweating on a packed train or sitting on a bus crawling through traffic are never completely pacified by the over-priced and over-complicated coffee that you will buy as a reward before you reach the office.Research commissioned by The Workforce Institute certainly builds the case for flexible working, after ...
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BNY Mellon staff volunteer for charity
Employees at BNY Mellon have volunteered on two horticultural schemes to support disabled people across Greater Manchester.During the winter, five employees from the global asset management and securities services firm helped install a raised bed for growing vegetables and lay the foundations for concrete paths at an allotment site in ...
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London Underground pay rise proposal rejected by RMT members
London Underground’s proposed 4% pay rise for staff has been rejected by members of the National Union of Rail, Maritime and Transport Workers (RMT).The proposal, which included pay increases for the next four years of inflation plus 0.25%, would have covered the period from April 2011 to April 2016.In a ...