All Employee Benefits articles in Web Issue – Page 499
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Analysis
Salary sacrifice company cars: What are the tax breaks?
Forthcoming tax changesFrom April 2013The 5% BIK rate threshold will still apply to cars emitting 75g/km of CO2 or less, but the 10% threshold will be narrowed still further, to a maximum of 94g/km. Cars emitting 95g/km upwards of CO2 will attract a BIK rate of between 11% and 35%, ...
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Analysis
Building a PMI plan for expatriates that complements state provision
If you read nothing else, read this… Making use of state healthcare and local provision where possible for expatriate staff can help to reduce the cost of providing international medical insurance, but it can add complexity. Depending on where staff travel and the duration of their time abroad, another option ...
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Analysis
Salary sacrifice company cars: Building a business case
Key selling pointsSupporting employees to drive low-CO2 cars. Significant enhancement of the reward package. Ability to deliver a saving to the employer. Reduces grey fleet and associated health and safety issues. Positive recruitment and retention tool. n Typical saving of up to 35% compared with leasing and insuring a car ...
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Article
Business drivers take steps to reduce fuel consumption
Half of business drivers have altered their driver behaviour in an effort to reduce fuel consumption, according to research by ALD Automotive.The survey of 1,000 employee drivers also found that 50% of respondents shop around for the cheapest fuel available.†Two-thirds (65%) of respondents drive slower and more smoothly in an ...
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Article
Buyer's guide to group income protection
Focus on factsWhat is group income protection? It insures employers against the cost of employee absence. Policies pay employees who are unable to work because of injury or long-term illness, covering the income and benefits to which they are entitled under their contract for as long as they are incapacitated, ...
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Article
EXCLUSIVE: EB Summit: Call for care on default funds
One-third (36%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 have an active duty of care over the investment funds/strategy in the default fund(s) offered to staff.A similar number leave this to their adviser or provider, while 15% said a member/staff committee is responsible.In a panel ...
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Case Studies
Case study: Santander consolidates car offering with salary sacrifice scheme
Banking giant Santander introduced a salary sacrifice car scheme to consolidate its car offering for all its 30,000 UK staff after acquiring high-street brands, such as Abbey National, Bradford and Bingley and Alliance and Leicester.The scheme was launched in October 2011 and by the end of January 2012 had a ...
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Case Studies
Case study: Cheshire West and Chester Council reduces salary sacrifice car scheme risks
Cheshire West and Chester Council reduced the risks associated with its salary sacrifice car scheme by insisting that participating employees take out early termination insurance.Debbie Thompson, reward manager at the council, says: “It is very important to make some decisions up front. If you have decided where you are coming ...
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Article
EXCLUSIVE: NATS introduces salary sacrifice company car scheme
National Air Traffic Services (NATS) has launched a salary sacrifice company car scheme as part of a wider programme to support its 4,500 staff in making low-emission travel choices.The air traffic management firm already offers a bikes-for-work scheme, car-share scheme, and shuttle bus from the local train station to its ...
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Article
Flying car in test phase
Employers offering company car schemes might soon be able to consider adding a flying car to their list of choices.After all, the American flying car, dubbed Transition, from aviation company Terrafugia, would certainly help employees beat the traffic. It has just completed its first flight at 1,400 feet for eight ...
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Article
My Family Care launches dedicated childcare and carer website
My Family Care has launched a dedicated back-up childcare and carer services website to help employers provide their working parents and carers with alternative arrangements during the London 2012 Olympic and Paralympic Games.The Work and Family Space, which was introduced in April, joins up the provider’s services, such as emergency ...
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Analysis
Salary sacrifice company cars: Case studies
Local authority adds early termination insurance to salary sacrifice car scheme, while banking group boosts retention by consolidating car benefits for all employees†Cheshire West and Chester CouncilCheshire West and Chester Council reduced the risks associated with its salary sacrifice car scheme by insisting that participating employees take out early termination ...
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Analysis
Salary sacrifice company cars: Choosing vehicles and providers
Key choices in cars and providers Interrogate providers on car choice, discounts, support and maintenance package, and also whether they understand the organisation’s needs. Look for an adviser with a good track record in this area. Employers must decide whether to put a cap on emissions before choosing the cars ...
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Analysis
Salary sacrifice company cars: How to promote a scheme
How employers should promote salary sacrifice car schemes to staff Carry out a staff survey before implementing the scheme. Work with the leasing provider to run workshops, roadshows, events and presentations, distribute flyers, posters and leaflets. Ensure the scheme’s online portal includes comprehensive FAQs, a detailed explanation of ...
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Analysis
Salary sacrifice company cars: Understanding the risks
Key risks and solutionsRisks Early termination/employees leaving the business. Employees no longer able to sacrifice, normally because of moving to lower statutory pay because of maternity leave or long-term absence. Possible longer-term impact on pension expectations.Solutions Early-termination insurance. Passing on the cost to the employee. A contingency or buffer fund. ...
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Analysis
Salary sacrifice company cars: How to implement a scheme
Top tips for set-up Find out how much employee demand there is for the benefit. Seek specialist tax advice. Ensure the launch fits in with any other new benefits planned. Make sure the portal highlights tax breaks and explains the commitment staff are making.Employers must do a lot of groundwork ...
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Analysis
Salary sacrifice company cars: What is salary sacrifice?
The advantages of offering a salary sacrifice car scheme A tax-efficient benefit for employees and, to a lesser extent, employers, at little or no cost to the business. A useful retention, engagement and motivation tool. Employees get hassle-free access to a car they may not have been able to afford ...
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Case Studies
Case study: Lilly keen to educate staff
Auto-enrolment has motivated Lilly UK to improve its employee financial education programme in the last two years.Julie Osman, director of pensions and benefits at the firm, says: “We wanted people to make informedchoices about the benefits they had, to be able to maximise them and be a little more informed ...
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Opinion
John Collison: Is it time to update the restrictions on sharesave schemes?
Sharesave schemes were introduced by the Conservative Party in 1980, to widen share ownership, enable workers to have a stake in their company, align their interests more closely with those of their employer and, perhaps most importantly from the employee’s perspective, to provide a safe and relatively risk-free means of ...
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Article
CSC platform puts focus on financial education
Technology firm CSC focused on financial education as the basis for its corporate platform when it was launched two years ago.Speaking in a panel debate entitled ‘Holistic approaches to workplace saving - new era or false dawn?’ at the Employee Benefits Pensions and Workplace Savings Summit 2012 on 9 March, ...