All Employee Benefits articles in Web Issue – Page 528
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DWP publishes guidance on certifying DB schemes for auto-enrolment
The Department for Work and Pensions (DWP) has published guidance on certifying defined benefit (DB) pension schemes and hybrid schemes for auto-enrolment.The guidance aims to help organisations continue to use existing schemes, rather than setting up a new one, to comply with the pension reforms.Steve Webb, minister for pensions, said: ...
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UK salaries show slight improvement
UK salaries for permanent and temporary staff in May 2012 were higher than the same period in 2011, according to research by recruitment consultancy Office Angels.The Mysalarychecker.com research found that permanent salaries were up 0.16% and temporary salaries were up 0.05%.It also found that salaries for permanent roles fell only ...
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Mercer launches real-time DB risk management system
Mercer has launched a real-time daily-funding monitoring system as part of its drive to offer more effective risk management services to defined benefit (DB) pension schemes.The Funded Status Monitor (FSM) provides employers and trustees with a daily update of their pension scheme’s asset and liability values.It allows organisations to work ...
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45% of respondents do not expect an above inflation pay rise in 2012
Almost half (45%) of respondents do not expect to see a pay rise above inflation in 2012, according to research by NorthgateArinso.The 2012 Global pay optimism index surveyed 1,300 employees across Australia, Belgium, Canada, China, Denmark, Finland, France, Germany, India, Italy, Malaysia, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, ...
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UK employees received £200 million in free shares in 2011
More than £200 million was given to UK employees in free shares in 2011, according to research by IFS Proshare.The annual IFS Proshare Employee share survey, which polled 451 organisations, found that a total of 378,497 employees received on average £536.37 each in free shares during 2011. This was down ...
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Government publishes review on employee ownership
The government has published the Nuttall Review on Employee Ownership.Employee ownership is when employees own a significant stake in the organisation they work for, sometimes termed co-owned organisations.The review, which was commissioned by deputy prime minister Nick Clegg in January 2012, summarises existing research literature on the benefits of employee ...
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Standard Bank to review benefits and insurance plans
Standard Bank is reviewing its benefits plan design, the benchmarking of its benefits and the selection of its insurance plans.The bank has appointed Buck Consultants, following a tender process, to provide consulting services.It has 1,300 employees based in the UK.Read more articles on benefits reviews
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More employers making plans for auto-enrolment
The number of employers that have started planning for the implementation of auto-enrolment has risen from 60% in 2011 to 83% in 2012, according to research by consultancy Aon Hewitt.Its Benefits administration survey 2012, which polled more than 320 pensions, compensation and benefits managers, found that 13% of organisations have ...
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CIPD and KPMG launch online guide to auto-enrolment
The Chartered Institute of Personnel and Development (CIPD) has partnered with professional services firm KPMG to launch an online guide to auto-enrolment to help organisations deal with the impending changes in workplace pension schemes.The CIPD has also launched a jargon buster to provide clear explanations of the terms used around ...
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UK rises in European earnings league table
The UK has risen from 18th to 14th place in the European earnings league table over the last year, according to research by the Federation of European Employers (Fedee).Its latest review of pay, Pay in Europe 2012, which covers 47 European countries and territories, found that the median gross hourly ...
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National Union of Mineworkers de-risks pension scheme with buy-in
The National Union of Mineworkers’ (NUM) has entered into a pension insurance buy-in to manage the risk of its defined benefit (DB) pension scheme.The transaction, which will secure pensioner liabilities and reduce risk for the scheme, was advised by trustee Barnett Waddingham and conducted by Metlife Assurance.The NUM scheme’s investment ...
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FTSE 350 DB pension deficit increased in June
The accounting deficit of defined benefit (DB) pension schemes in the UK increased marginally over the month of June, according to research by consultancy Mercer.Its Pensions risk survey found that the estimated aggregate IAS 19 pension deficit for the DB schemes of FTSE 350 companies stood at £73 billion at ...
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Quorum Business Park awarded for sustainable travel benefits
Quorum Business Park has been recognised at the Business in the Community’s (BITC) Awards for Excellence in the Ways2Work category, for its promotion of better ways of working and better ways of traveling to work.The Newcastle-based business park, which includes organisations such as Balfour Beatty, Convergys, HM Revenue and Customs, ...
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The Takeover Panel publishes proposals to protect pensions during acqusitions
The Takeover Panel has published a consultation on proposed changes to the Takeover Code, which would compel organisations that launch a takeover bid to disclose their plans for the target organisation’s pension scheme.The proposals would ensure that the provision of the Takeover Code, which relate to the employees of the ...
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Attorney asks for trial to be a moveable feast to attend Hemingway contest
However keen employers are to promote a good work-life balance among staff, scheduling holidays around business needs can be tricky at times, and in some cases, simply not possible.Attorney Frank Louderback experienced just this when he asked for a murder trial to be suspended so he could enter an Ernest ...
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Payroll departments to lead auto-enrolment implementation
Almost half (40%) of respondents said their payroll departments will take the lead in the implementation of auto-enrolment, according to research by The Chartered Institute of Payroll Professionals (CIPP).The CIPP research paper to understand business readiness for automatic enrolment found that 29% of respondents said their HR department would take ...
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Carey Pensions launches master trust pension scheme
Carey Pensions has launched a master trust defined contribution (DC) pension scheme ahead of auto-enrolment.The pension provider, which already offers a master trust self-invested pension plan (Sipp) administers pensions for more than 10,000 members.Read also The appeal of master trust pension schemesRead more articles on master trust pension schemes
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Edenred acquires Japanese and Brazilian voucher providers
Edenred has acquired two voucher providers, growing into Japan and expanding its position in Brazil.The employee benefits provider has acquired Barclay Vouchers, a Japanese meal voucher provider, and Comprocard, a Brazilian food voucher provider.Barclay Vouchers works with more than 600 employers. Laurent Pellet, chief operating officer for Edenred Asia-Pacific, said: ...
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Land Securities proposes to clawback executive pay structure
Land Securities has proposed to withdraw its discretionary and additional bonuses after a full review of its executive remuneration policy.The commercial property group, which announced the proposals in its 2012 annual report, undertook the review with independent advisers New Bridge Street.The firm’s current policy for discretionary bonuses is up to ...
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Aon Minet enters into pension insurance buy-in
Insurance brokers Aon Minet has entered into a pension insurance buy-in agreement with the Pension Insurance Corporation (PIC).The £100-million transaction covers around 25% of its pensioners’ liabilities.Robert Dickinson, chairman of the trustees at Aon Minet, said: “This buy-in agreement with PIC is very important to us as we move to ...