All Employee Benefits articles in Web Issue – Page 437
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Article
United Health plans three-tier approach to pension reforms
United Health Group is developing a cost-effective, competitive strategy to deal with the 2012 pension reforms, which will introduce auto-enrolment, and compulsory employee and employer contributions.Although the health benefits and services firm intends to make pension contributions above the statutory minimum for its UK employees, it is looking at three ...
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BNP Paribas harmonises perks after Fortis acquisition
BNP Paribas has harmonised its pension contribution structure, life insurance, flexible benefits scheme and holiday arrangements with Fortis Bank, which it acquired in 2008.When the French bank added Fortis’s 400 staff to its 200,000 global workforce, it took its time to compare the benefits offered by each organisation.Thomas Hiles, reward ...
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Siemens adds communication campaign and total reward statements
Siemens has enhanced its employer value proposition (EVP) with a new campaign and total reward statements to ensure its 17,000 UK staff are aware of the benefits available.Its ‘What’s in it for you’ campaign focuses on an interactive online feature, which has four categories: pay and benefits, great place to ...
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Law Society Pension Scheme enters into £320m buy-in deal
The Law Society Pension Scheme has purchased a bulk annuity policy worth £320 million from MetLife Assurance, providing security to some 1,800 members.This transaction, completed in June for £240 million, insures all known scheme members.Because the pensioners in payment were insured with MetLife in a separate £80 million transaction in ...
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John Lewis takes box at O2 arena for staff
John Lewis Partnership has taken a box at London’s O2 arena to enable staff to attend concerts and events at the venue.Between 15 and 20 staff will be able to attend each event, with each chosen by random ballot.Jon White, manager, leisure benefits at John Lewis, said the box had ...
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Hay Group research: Graduates gunning for big salaries
Graduates entering the job market are more concerned than ever about winning a big salary, as economic uncertainty and rising living costs put pressure on them to earn more.A new study by management consultancy Hay Group shows that salary is the number one concern for graduates, with 93% describing base ...
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Santander staff raise money for charity
Staff at Santander have taken part in the Brighton Bike Ride to raise money for its charity partner, the British Heart Foundation.The ride, which took place at the end of June, raised over £30,000 for the British Heart Foundation, with 70 Santander employees taking part and the bank matching donations ...
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Workplace Retirement Commission report: Charges on private sector pension schemes should be capped
Charges on private sector pension schemes should be capped to encourage employees to save more for their retirement, according to a report conducted by the Workplace Retirement Income Commission.The report, Building a strong, stable and transparent pensions system, stated that private sector workers must get a better deal from their ...
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Article
Atos Origin achieves 60% voluntary benefits take up
Since Atos Origin launched a voluntary benefits scheme on 1 April, it has seen a 60% take-up among its 6,500 UK employees.The information technology firm also revamped its flexible benefits plan, adding an online portal and moving some of its offerings over to the voluntary benefits scheme.The firm decided to ...
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Aegon redesigns pension scheme websites
Aegon has redesigned the websites it provides to employers offering its pension schemes in order to encourage employees to make full use of the information and tools available to them and actively manage their pension.The pension scheme provider has added new sections to the sites providing information to staff who ...
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Article
LCP research: FTSE 100 pension scheme deficits plummet
The combined pension scheme deficits of the UK’s biggest organisations plummeted by almost two-thirds in the past year, according to the Lane Clark and Peacock's annual Accounting for Pensions report.The report showed that the aggregate FTSE 100 pension deficit now stands at £19 billion, down from £51 billion the previous ...
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Article
HMRC clarifies VAT charges on salary sacrifice arrangements
HM Revenue and Customs (HMRC) has issued guidance to employers around upcoming changes to the operation of salary sacrifice arrangements.From 1 January 2012, value-added tax (VAT) will be imposed on the provision of several benefits offered via salary sacrifice, including bikes-for-work, car parking, company cars, computers, gym membership, and food ...
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Article
Marks and Spencer to move to bundled mastertrust ahead of auto-enrolment
Marks and Spencer is to replace its current defined contribution (DC) pension scheme with a bundled mastertrust ahead of the 2012 pension reforms.The new arrangement rids Marks and Spencer of its complex four-tier contribution structure, replacing it with a two-tier structure which incorporates the 3% minimum employer contribution as stipulated ...
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Article
Graham Farquhar: What impact would integrating tax and NI have on reward?
The key potential gain from integrating the income tax and national insurance (NI) systems is simplicity, in the form of reduced administration and compliance costs, greater transparency and the removal of technical anomalies between the two bodies of legislation.It remains to be seen how, and to what extent, the systems ...
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Inez Anderson: What impact would integrating tax and NI have on reward?
The potential integration of income tax and NICs received a mixed reception, even though businesses have frequently argued that it would cut their compliance burden.The impact of integration on the structure of reward packages in the UK will depend on what integration ultimately means. Currently, the key three components of ...
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Department for Work and Pensions research: A third of employers offer stress management or support to staff
One-third (32%) of employers offer stress management or support to staff, according to research by the Department for Work and Pensions (DWP).The DWP's Health and wellbeing at work: a survey of employees also found that only 38% of respondents reported having access to occupational health services. This was more prevalent ...
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CIPD research: Salary freezes abound as cost of living overtakes pay
Employees continue to feel the effects of tight employment budgets and rising living costs as research from the Chartered Institute of Personnel and Development (CIPD) shows that pay levels have fallen below the current cost of living.The 2011 Employee Outlook: focus on pay research finds that just one in four ...
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Ellipse appoints Pitmans Trustees to its group life master trust
Group risk insurer Ellipse has appointed Pitmans Trustees (PTL) to its group life master trust.The master trust is a new option Ellipse is offering employers. Previously, organisations would have to set up their own discretionary trust.John Ritchie, chief executive officer of Ellipse, said: “By removing the requirement for firms to ...
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Simplyhealth to purchase Groupama Insurances' UK healthcare business
Healthcare provider Simplyhealth has reached an agreement to purchase the UK healthcare business of Groupama Insurances, subject to the required regulatory approvals.Groupama Healthcare will be rebranded to Simplyhealth following completion of the necessary legal business transfer. It is anticipated this will take between three and six months.Des Benjamin, chief executive ...
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Employers forums on age and belief to re-launch as Employers Network for Equality and Inclusion
The Employers Forum on Age (EFA) and the Employers Forum on Belief (EFB) are re-launching as the Employers Network for Equality and Inclusion (ENEI) in October 2011.The new organisation will run as a charity and cover all nine protected characteristics in The Equality Act 2010.It will offer an integrated service ...