All Employee Benefits articles in Web Issue – Page 530
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Graham and Brown enters into pension insurance buy-in agreement
Designer wallpaper supplier Graham and Brown has entered into a pension insurance buy-in agreement for its defined benefit (DB) pension scheme with Pension Insurance Corporation (PIC).The transaction, which covers around £15 million of liabilities, allows the trustees to insure all pensioners at the point of signing the transaction, but with ...
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Sports Direct staff to receive share scheme payout
Sports Direct employees are to receive a payout worth up to £15,000 each in August when the retailer’s 2009 bonus share scheme matures.More than 2,000 employees participated in the three-year scheme, which will award employees shares this year and in 2013 after specified profit targets were met in 2009-10 and ...
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Sodexo Motivation Solutions adds WH Smith to voucher network
Sodexo Motivation Solutions has added WH Smith to its SayShopping Pass network, which offers access to vouchers for more than 12,000 UK retailers.Employers can offer staff access to the pass as part of a voluntary benefits scheme or a recognition programme.The SayShopping Pass, which is a multi-store voucher, can now ...
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A quarter of respondents make higher contributions to DB schemes to manage funding
One in four respondents have had to pay higher contributions than expected as part of a more pragmatic approach to the management of their defined benefit (DB) pension scheme, according to research by actuarial consulting firm Punter Southall.Its research, Reaching pragmatic funding agreements in challenging times, which was last carried ...
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HMRC launches video guide to help employers understand real-time information programme
HM Revenue and Customs (HMRC) has launched a video guide to help introduce employers to the real-time information (RTI) programme, which comes into effect from April 2013.The video looks at what RTI means for employers, the main changes that will be introduced, and a timetable for the programme.The programme will ...
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Johnston Press to delay staff pay review
Johnston Press is to delay pay reviews for staff for six months until 2013.The regional newspaper publisher told staff that the decision was taken due to the uncertain economic climate.Johnston Press will also give each employee an extra day of annual leave for 2012, and subsequent years, in recognition of ...
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DWP publishes plans for pot-follows-member pension schemes
The Department for Work and Pensions (DWP) has published plans to make it simpler for employees to take their work pension scheme with them from job to job.Current rules make it difficult for employees to combine their pension pots as they move jobs, leaving money stranded or lost completely.The DWP ...
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48% of UK employees were in workplace pension schemes in 2011
Almost half (48%) of UK employees were members of an employer-sponsored pension scheme in 2011, falling below 50% for the first time since 1997, according to figures by the Office of National Statistics (ONS).The figures, which are part of the update to Pension Trends, chapter, 6, 7 and 8, also ...
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Johnson Matthey increases additional voluntary contributions and bonus sacrifice by 350%
Johnson Matthey has seen a 350% increase in employees sacrificing their annual bonus to pay 1% in additional voluntary contributions (AVCs) into their pension scheme.The increase followed the launch of a personalised newsletter, which was sent out to all 3,500 active members of the global chemicals and precious metals firm’s ...
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Southampton Football Club moves payroll system online
Southampton Football Club has brought its payroll system online, after it identified its payroll department was spending 25% of its time manually inputting employee information.The system, provided by Auto Time Solutions, records staff hours, then imports the data so staff are paid accurately and any overtime payments are also administered.Karen ...
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Goldman Sachs' pay and benefits spend fell 9% in second quarter of 2012
Goldman Sachs’ compensation and benefits’ spend was down 9% in the second quarter of 2012, compared to the same period in 2011.The figures were published in the global investment and securities firm’s 2012 second quarter report.The accrual for compensation and benefits expenses, which includes salaries, estimated year-end discretionary compensation, amorisation ...
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EXCLUSIVE: RSA Group launches eyecare scheme following pilot
Royal Sun Alliance (RSA) Group has rolled out an eyecare scheme to its 3,000 UK employees.The global insurer's scheme, which it piloted in May 2011 with its fleet drivers, is provided by Specsavers Corporate Eyecare.It has been launched using a series of roadshows, which included vision screening, followed by advice ...
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Article
Foster Denovo acquires Barker Poland
Foster Denovo has acquired the corporate division of wealth management firm Barker Poland.Foster Denovo is the parent company of employee benefits provider Secondsight.Roger Brosch, chief executive at Foster Denovo, said: “The acquisition of Barker Poland’s corporate division is part of the focus of bringing employers, advisers and support staff to ...
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Article
Shilling Communication launches auto-enrolment product
Shilling Communication has launched an auto-enrolment communications product, to help employers with the administrative burden of auto-enrolment.The product can be used by organisations of all sizes, but is particularly targeted at large employers, which have a large annual turnover or a high number of new joiners per annum.The product is ...
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The Pensions Regulator publishes statement on pension incentive exercises
The Pensions Regulator (TPR) has published a principles-based statement on incentive exercises following a publication in June of an industry code on this area.An incentive exercise is where an employer seeks to reduce risk or cost associated with its defined benefit (DB) pension scheme by offering members the option to ...
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CIPP sends first real-time information submission
The Chartered Institute of Payroll Professionals (CIPP) has sent its first real-time information (RTI) submission.Exchequer secretary David Gauke was on hand at the CIPP’s offices in Solihull to observe the payroll department send 145 employer details as part of its first RTI submission.RTI, a new way for employers to report ...
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Cookson Group enters into pension insurance buy-in agreement
Cookson Group has entered into a pension insurance buy-in agreement with Pension Insurance Corporation (PIC).The transaction covers the material science firm’s pensioner liabilities totalling around 60% of the total liabilities, with an insurance premium of around £320 million from existing assets of the defined benefit (DB) pension scheme.The buy-in agreement ...
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Spanish firefighters strip to protest against pay cuts
The economy is biting in nearly every country in the world, resulting in cuts to pay and bonuses for many, and protests against austerity measures are nothing new.However, few employees will resort to a striptease to get their point across.But eight Spanish firefighters from Mieres, in northern Spain, stripped to ...
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Half of respondents plan below-inflation pay awards
Nearly half (48%) of respondents said they are planning a below-inflation pay award or targeted pay rises, according to research by the Confederation of British Industry (CBI) and Harvey Nash.The employment trends survey, Facing the Future, which polled 319 organisations employing 1.9 million people in the UK, also found that ...
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ISS UK to implement multi-employer trust for auto-enrolment
ISS UK is to implement a multi-employer trust to comply with the auto-enrolment legislation.The facility service provider will introduced the trust, provided by Now:Pensions, for the eligible employees in its 42,500-strong workforce from its staging date in January 2013.Matthew Brabin, chief financial officer at ISS UK, said: “With the imminent ...