All Employee Benefits articles in Web Issue – Page 433
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Nest Corporation research: Financial crisis changed saving behaviours of DC pension scheme members
The financial crisis significantly changed the saving behaviour of defined contribution (DC) pension scheme investors, according to research commissioned by the National Employment Savings Trust (Nest).The Reactions to volatility and loss research, conducted by DCisions, consisted of analysis of two groups of savers: a target or proxy group whose personal ...
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Pirelli appoints Cardano to manage defined benefit pension schemes
The trustees of Pirelli’s UK pension schemes have appointed Cardano to manage all Pirelli’s defined benefit UK funds.The £600 million fiduciary mandate will see Cardano take fully delegated responsibility for managing the relationship between the assets and liabilities for the schemes.Flavio Cateni, trustee of the Pirelli Common Investment Fund and ...
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Finance Act 2011 enshrines changes to allowances in law
The Finance Act 2011 includes a radical shake-up of the system of allowances, which limit the amount of tax-efficient savings in a registered pension scheme.The act, which received royal assent this week, reduced the annual allowance from £255,000 to £50,000 with effect from 6 April this year.Employees are protected against ...
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Government to consult on public sector pension reforms
The government will start formal consultations on increasing public service pension contributions in 2012-13 by the end of this month.Chief secretary to the Treasury Danny Alexander plans for talks on reform to continue into the autumn. The government and the Trades Union Congress have agreed that to further inform the ...
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Asda celebrates 15,000 years’ service from employees
Asda employees celebrated 15,000 years’ service at the supermarket’s Big Anniversary celebration.The 700 attendees of the celebration will receive an extra week’s holiday and £300 each.The annual event, this year held at Harewood House in Leeds on 20 July, recognises employees with 25, 30 and 40 years’ service with the ...
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Trinity Mirror throws in the towels
At a time when many parts of the media industry are experiencing intense scrutiny, journalists could be forgiven for throwing in the towel.Journalists at Trinity Mirror, however, will have no towels left to throw after the organisation announced it is cutting back on gym perks in its Canary Wharf offices ...
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Pitmans Trustees to launch a specialist unit for charity pension schemes
Pitmans Trustees has announced plans to launch a new specialist unit that will focus exclusively on charity pension schemes.Melanie Cusack, client director at Pitmans Trustees, will head up the unit.Cusack said: “The charity sector has very specific needs which, all too often are not being met.“We have gained valuable insight ...
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Punter Southall research: One in five employees ‘want to opt out of pensions’
One in five respondents have seen employees wishing to opt out of pension schemes as a result of this year’s new tax regime, according to research by actuarial firm Punter Southall.And more than 40% thought that senior management would be less engaged in schemes over the longer term as a ...
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Capita Hartshead acquires NorthgateArinso’s pensions operations
Capita Hartshead has announced the acquisition of NorthgateArinso’s pensions business.The division, which has around 64 clients, provides outsourcing administration and services to in-house pension departments.It is proposed that the 89 employees who work in NorthgateArinso’s pension division will transfer to Capita Hartshead.The completion of the contract is scheduled for 5 ...
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Creative Benefits research: Auto-enrolment could see employers throw away £2.1 billion a year
British employers could be wasting as much as £2.1 billion a year from 2012 when auto-enrolment is introduced, according to research conducted by Creative Benefits.The employee benefits consultancy has estimated that 20% of private sector employees, more than four million people, will not benefit from pensions savings or should opt ...
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Personal Group re-brands as product range expands
Employee benefits and financial services provider Personal Group has unveiled a new brand image, with a new logo aimed at combining traditional values with modern developments.The new look is launched at a time when Personal Group is expanding its products, including developing a new customer portal due to be launched ...
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Acorne grows new team events service
Experience days specialist Acorne has launched a team events service for business clients.The name behind brands such as Virgin Experience Days, The Virgin Voucher, Leisure Vouchers and Exhileration, Acorne now offers group packages at popular venues, designed to reward, motivate and build strong bonds through shared experiences.Acorne also offers a ...
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Capita Hartshead launches online annuity quote tool
Real time annuity quotes are now available to Capita Hartshead's clients following the launch of a new online tool.The latest addition to Hartlink Online allows employees to see what pension they can purchase with their ‘pension pot’. The online application lets employees generate quotations direct from the main annuity providers ...
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Spence and Partners is appointed to actuarial panel
The Pension Protection Fund (PPF) has appointed Spence and Partners Actuaries and Consultants as a member to a new actuarial panel.The PPF has chosen five actuarial firms for the panel that will assist in carrying out valuations for pension schemes going through the PPF assessment period.Brian Spence, managing director at ...
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Hoover renews pension administration contract
The trustee of the Hoover pension scheme has entered into a further five-year deal with JLT Benefit Solutions which will provide pension administration services.The defined benefit scheme and has more than 13,000 members. Barry Hawkins, group pensions manager at Hoover, said: “The trustee’s experience had been encouraging and the trustee ...
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World at Work and Hay Group research: Career development is top reward fairness concern
Career development opportunity is the top concern in reward fairness, according to new research by World at Work, Hay Group and Professor Dow Scott from Loyola University Chicago.The Reward fairness: slippery slope or manageable terrain? report identified the criteria that have the biggest impact on employee perceptions of reward fairness.After ...
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Barnett Waddingham research: Employers face defined benefit risks
Twenty-nine organisations in the FTSE 350 have deficit contributions that exceed free cashflow, according to new research by Barnett Waddingham.The research highlights the impact defined benefit (DB) - or final salary - pension schemes are having on UK businesses.In addition, for more than 70 organisations the annual DB deficit contributions ...
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Friends Life research: No shattering of glass ceiling before 2020
The glass ceiling preventing women from climbing to the upper rungs of the corporate ladder will still be firmly in place at the end of this decade, according to a new report from Friends Life.The report, entitled Working Women and part of Friends Life’s Vision of Britain 2020 series, reveals ...
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Pensions Regulator will not pursue Chemtura after it agreed funding package
The Pensions Regulator will not pursue moral hazard proceedings against chemical company Chemtura after the firm agreed a £60 million comprehensive funding package.Under the agreement, £30 million has already been paid to the Great Lakes UK pension plan, which is sponsored by Chemtura Manufacturing UK (CMUK), a solvent trading UK ...
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Amec wins BG Energy Challenge
More than 200 participants making up 38 teams from companies including Centrica, Hess and Tullow Oil took part in the BG Energy Challenge from 7-9 July, and raised £236,000 for charity in the process.The money went to overseas aid agency Care International and Sparks, the children’s medical research charity.The six-stage ...