All Employee Benefits articles in Web Issue – Page 551
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Article
Whitbread removes investment choice
Whitbread removed investment choice from its trust-based defined contribution (DC) pension scheme because of concerns that employees’ lack of understanding was putting them off pensions altogether.Speaking at the National Association of Pension Funds’ conference, Lesley Williams, group pensions director at Whitbread, said: “As trustees, we realised we were being unrealistic ...
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Article
Regulator consults on DC pension contributions
The Pensions Regulator (TPR) has launched a consultation on the revised codes of practice on reporting late payment of contributions to defined contribution (DC) pension schemes.The consultation relates to its codes of practice for maintaining contributions, which aim to improve transparency and ensure that everyone involved in the flow of ...
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Article
NAPF to reshape pensions council structure
The National Association of Pension Funds (NAPF) has overhauled the structure of its two main policy-making councils to reflect changes in the pensions landscape and create a clearer focus on defined contribution (DC) pension schemes.The two new councils – Defined Benefit Council (DBC) and Defined Contribution Council (DCC) – will ...
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Article
Southend Council doubles take-up
EXCLUSIVE: Southend-on-Sea Borough Council has doubled the take-up of its voluntary benefits scheme, since it switched providers and added employee discounts to the scheme in April 2012.The scheme previously offered access to childcare vouchers and a bikes for work via a salary sacrifice arrangement. In March 2012, it had 76 ...
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Video
VIDEO: Sylvia Doyle on executive pay
Reward managers must work with remuneration committees to ensure there are clear rules of engagement, said Sylvia Doyle, director, Reward First People Consulting, and partner at Reward Consulting Partners.Doyle was interviewed by Debi O’Donovan, editor of Employee Benefits magazine, at Employee Benefits Live in September. She also led a session ...
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Video
MacLeod on engagement task force's next move
The Employee Engagement Task Force will launch a website, which will include advice, tools and networks, in the next phase of its work around improving the employee engagement of the UK workforce.David MacLeod, co-chair of the task force and co-author of the MacLeod report on employee engagement, outlined the plans ...
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Article
Friends Life enhances GIP policy
Friends Life has enhanced its group income protection (GIP) policy.It will increase the maximum benefit available under the GIP policy from £350,000 per year to £425,000. Pension scheme and national insurance (NI) contributions can be insured in addition to the maximum benefit.Friends Life has also removed the 5% limit on ...
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Video
VIDEO: Lesley Fidler on tax issues
It is important for benefits professionals, as well as finance professionals, to be aware of tax issues surrounding salary sacrifice schemes, said Lesley Fidler, tax director at Baker Tilly.Fidler was interviewed by Debi O’Donovan, editor of Employee Benefits magazine, at Employee Benefits Live in September.Fidler added that big tax-related issues ...
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Article
Squire Sanders launches pensions white paper
Squire Sanders has published a white paper on the key issues that affect the affordability of pension schemes.The law firm’s paper, Pensions in the age of austerity, draws upon a two-part independently commissioned survey of employers, actuaries, trustees and other pensions industry professionals.The three cultural aspects that respondents identified could ...
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Article
Levels of presenteeism on the rise
The average level of employee absence has fallen from 7.7 days in 2011 to 6.8 days per employee per year in 2012, according to research from the Chartered Institute of Personnel and Development (CIPD) and Simplyhealth.The CIPD/Simplyhealth Absence management survey found that, with the fall in absence, there has been ...
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Article
Buyer's guide to group personal pensions 2012
The UK pensions system is undergoing significant change this year, with the roll-out of auto-enrolment beginning in October.Under the legislation, employers must operate a qualifying pension plan into which they are required to auto-enrol eligible employees. This can include a group personal pension (GPP) plan, as long as it meets ...
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Case Studies
Santander fleet takes account of staff preferences
The Zenith-run scheme had 226 cars in January and this has now risen to 410, with a further 106 on order. The scheme runs alongside, but is separate from, a conventional company car scheme for high-mileage essential business users.When it comes to models, Santander offers a range of Volkswagen, Audi, ...
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AnalysisAlternative ways to provide company cars
If you read nothing else, read this…The number of staff paying benefit-in kind tax on cars has fallen as employers change their approach to fleet.Alternatives to company cars include: car sharing, car pools, employee car ownership, cash allowance and grey fleet.Fleet arrangements should be selected according to how well they ...
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Article
Employers must educate staff on buying annuities
In August, the Bank of England published a paper on the distributional effects of QE, which it estimates to have had a broadly neutral impact on the value of the annuity income that can be bought from a typical pension pot.However, Laith Khalaf, pension investment manager at Hargreaves Lansdown, said ...
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Case Studies
Salvation Army tackles company car needs
The document highlighted the need for a provider to operate a no-quibble tyre policy, allowing tyres to be replaced in all circumstances, whether due to wear and tear or a puncture.The Salvation Army, which has a fleet of 725 company cars, also wanted a pooled mileage agreement to avoid any ...
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Article
Debbie Lovewell: Work-life balance is business benefit
Forward-thinking employers have got wise to the fact that flexibility around working hours and location for all staff (not simply parents and carers) can have many benefits for their business.In cases where this change in corporate culture still needs to occur, employers will have to set out a clear strategy ...
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Article
EOA calls for employee ownership institute
The review, which closed on 7 September, investigated the barriers to employee ownership.Iain Hasdell, chief executive of the Employee Ownership Association, said: “The government should also commit resources to raising awareness of employee ownership and endorse the concept, outlined in the Nuttall Review, of a new Institute for Employee Ownership.”The ...
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AnalysisTop makes and models of company cars
If you read nothing else, read this…Vauxhall, Audi, Ford and Volkswagen are among the most popular company car brands.Smaller-engined, lower CO2-emitting cars tend to be more popular for salary sacrifice-based schemes.Employers should be proactive in communicating with their workforce about their priorities.Website functionality is critical, rather than the lowest price, ...
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VideoLadbrokes takes reward delivery into cyberspace
Since 1886, Ladbrokes’ doors have been open to anyone who wants to gamble. Today, it has more than 2,000 betting shops across the UK, and employs 15,500 staff. Besides its retail presence, the organisation also offers betting markets through the internet, mobile phones and telephones.As technology progresses, Ladbrokes is focused ...
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AnalysisFleet reviews should focus on efficiency
If you read nothing else, read this…Consult key stakeholders, such as HR, finance, procurement and employees, to gain a better understanding of the organisation’s fleet requirements.Set realistic timescales for the review, leaving it at least six or nine months before making changes to the fleet policy.Consider funding methods, such as ...