All Employee Benefits articles in Web Issue – Page 478
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National insurance motor mileage reclaim case to be heard by Court of Appeal
The Upper Tribunal has granted permission to Grant Thornton UK to take a national insurance contribution (NIC) reclaim case to the Court of Appeal.The case, on behalf of apprenticeships and workplace-based training supplier Total People, relates to a NIC refund claim based on the difference between HM Revenue and Customs’ ...
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US pension deficits widen for second year
The aggregate deficit of pension schemes sponsored by S&P 1,500 companies in the United States increased by $169 billion during 2011 to reach $484 billion, according to research by Mercer.This deficit corresponds to an aggregate funded ratio of 75% as of 31 December 2011, compared to a funded ratio of ...
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Towers Watson expands defined contribution pensions team
Towers Watson has expanded its defined contribution (DC) team with the appointment of Richard Sweetman as head of DC pension consulting, and Rob Walker and Michael Varma as senior DC consultants.Sweetman will be responsible for the delivery of DC consulting for the Edinburgh, Leeds and Manchester offices. He has been ...
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Unilever staff to strike again over final salary pension scheme closure
Unilever employees are set to strike again as part of the continued fight to save their final salary pension scheme.The action follows on from strike action that took place in December.The global food and households giant plans to replace the scheme with a career average scheme.Leaders of unions Unite, GMB ...
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EXCLUSIVE: British Airways appoints new employee discount scheme provider
British Airways has appointed Next Jump as provider of its employee discount scheme to give staff a wide range of offers. The new, Altitude Plus scheme launched in October 2011.A previous voluntary benefits scheme had been in place for more than three years until 30 June 2011 and was provided ...
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Pension jargon puts savers off
One in three (29%) employees put off thinking about saving for retirement because they find pensions confusing, according to research by the National Employment Savings Trust (Nest).The Nest/YouGov survey, which polled nearly 2,000 UK adults, found that few respondents (6%) think pensions are straightforward, 4% find them easy to understand, ...
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Police Arbitration Tribunal supports pay overhaul
The Police Arbitration Tribunal has backed major changes in police officers pay, as recommended in Tom Winsor’s Independent Review of Police Officer and Staff Remuneration and Conditions.The recommendations include a suspension on bonuses, two-year freeze on police officers moving up incremental payscales, and curbs on overtime pay.Paul McKeever, chairman of ...
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DC governance: Achieving the right outcomes
The Pensions Regulator (TPR) has identified scheme governance, or the lack of it, as one of the biggest threats to defined contribution (DC) pension provision in the UK.A white paper from Johnson Fleming asks:What does DC governance tend to look like?What is good governance and how do you achieve the ...
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Trafalgar House Pensions Administration appoints software supplier
Trafalgar House Pensions Administration (THPA) has appointed Profund Solutions to provide its pension scheme accounting software. Profund Solutions, part of JLT Employee Benefits Group, will supply the administration firm with its Aviary accounting software.Richard Tartaglia, chief financial officer at THPA, said: “Aviary will enable us to automate a number of ...
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Baxi Partnership acquires RM2 Partnership
The Baxi Partnership has acquired employee share scheme consultancy RM2 Partnership. RM2 Partnership will operate as a division under Baxi Partnership Advisory, which provides advice on how to embrace sustainable employee ownership.Baxi Partnership is an employee-owned organisation and is welcoming RM2’s 12 staff as new partners into its business.Peter Matthews, ...
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UK employees do not expect pay rise in 2012
Less than 30% of UK workers are expecting a pay rise in 2012, according to research by USwitch.com.The independent price comparison and switching service also found that 65% of respondents have suffered pay freezes, with 15% not seeing a pay rise for at least three years.For those expecting a pay ...
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Employees do not trust their pension scheme
The majority (86%) of employees have less trust in their workplace pension scheme than 15 years ago, an increase on the 74% that said the same in 2008, according to research by Towers Watson.The research on the future of workplace savings also found that two-thirds of organisations believe they are ...
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Employees turn to chocolate and booze to beat boredom at work
A quarter of office workers suffer from chronic boredom, with many turning to chocolate and alcohol to cope with the drudgery, according to a study by the University of Central Lancashire.The survey found that chocolate and coffee were among the solutions that employees took to reduce boredom, while some respondents ...
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The Donkey Sanctuary to introduce payroll services system
International animal welfare charity The Donkey Sanctuary, which provides sanctuary for 14,500 donkeys in 29 countries, will introduce a financial management and payroll services system.The system, from Advanced Business Solutions, will go live in a phased approach from April 2012.The Donkey Sanctuary has grown in size in the past few ...
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Mercer appoints Gail Philippart to retirement services team
Mercer has appointed Gail Philippart as a principal in its retirement business, specialising in defined contribution (DC) pension advice.She will be responsible for managing Mercer’s DC consulting business in the southwest and Midlands.Philippart has over 20 years’ experience in the retirement industry. She joins Mercer from Aon Hewitt where she ...
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BMW to return to discussions with trade union about pension scheme
BMW has agreed with trade union Unite to return to discussions on plans to close its final salary pension scheme to new entrants and the use of Swedish derogation in the Agency Workers Regulations (AWR).Following discussions between the car manufacturer and Unite on 12 January, BMW agreed to enter into ...
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Majority of respondents offer flexible benefits
The majority (79%) of respondents to research by the Chartered Institute of Payroll Professionals (CIPP) offer flexible benefits to staff.The research, Flexible employee benefits survey, also found that 85% of employee respondents rate employee benefits as either important or very important.Of the benefits offered by the employer sample, the most ...
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International pension market grows by 50% in five years
The international pension plan (IPP) market has expanded at a rapid rate to grow by 50% the last five years, according to research by Towers Watson.The 2011 Towers Watson International Pension Plan Survey found that the IPP market showed a 15% growth rate in the last year, and 36 new ...
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Defined benefit pension scheme deficits up £50 billion
The deficit of the UK’s defined benefit (DB) pension schemes ended 2011 £50 billion up on 2010, according to figures by Xafinity Corporate Solutions.The figures, based on the FRS17 and IAS19 accounting rules, showed that liabilities rose by £101 billion, but these were offset by £51 billion growth in the ...
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Clegg outlines plans to boost employee share ownership
Employees could be given the right to request shares in the organisations they work for under proposals put forward by deputy prime minister Nick Clegg.During a keynote speech to the CentreForum and the City of London Corporation on 16 January, Clegg outlined plans to boost employee share ownership by giving ...