All Employee Benefits articles in Web Issue – Page 569
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Article
Origen launches pensions product for SMEs
Origen Financial Services has launched a restricted advice pensions and benefits product for small to medium-sized enterprises (SMEs).Origen Workplace Solutions offers a package of modules on pension, risk, benefits, governance, advice and education. It also provides a core auto-enrolment pension product, provided by Aegon, a range of risk benefits at ...
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Article
Employers given extension before RTI penalities begin
HM Revenue and Customs (HMRC) will not charge employers a penalty for late or inaccurate in-year full payment submissions until April 2014 as part of real-time information (RTI) reporting.The current penalty policy process will continue to apply at the tax year’s end, with a penalty being charged if the relevant ...
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Article
Employee owners are happier and healthier
More than two-thirds (78%) of respondents who work for employee-owned businesses (EOBs) said their organisation had very good policies on health and wellbeing, according to research by the Employee Ownership Association (EOA).Its research, Fit for work? Health and wellbeing of employees in employee-owned business, sponsored by John Lewis Partnership, found ...
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Article
Fire service cuts cost of physiotherapy
The West Yorkshire Fire and Rescue Service saved 23% on its physiotherapy spend in six months by replacing its face-to-face service with a dedicated advice line.The service also reported a 68% reduction in staff who needed hands-on physiotherapy because employees were able to self-manage their condition.The advice line, provided by ...
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Article
Invensys uses rail sale to plug pension deficit
Invensys will sell its rail division to Siemens as part of plans to provide a long-term solution to its pension scheme deficit.Siemens will assume responsibility for the Invensys Railways Pension Scheme, a defined benefit (DB) plan, which had an IAS 19 deficit of £181 million at 30 September 2012.The sale, ...
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Article
O2 adds health cash plan to flex
O2 has added a health cash plan to its flexible benefits scheme following a review.The cash plan is offered on a voluntary basis to the telecommunications company’s 12,000 employees.The plan, One Fund, provided by Engage Mutual, offers a choice of six premiums, which provide an annual fund of up to ...
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Opinion
Debbie Harrison: Changes to DC auto-enrolment schemes in 2013
The new year will witness a sea-change in the distribution of defined contribution (DC) auto-enrolment pension schemes. The government, backed by the Labour party, will introduce a cap (probably 1%) on member charges for all auto-enrolment schemes, driving medium-sized employers to go directly to a multi-employer trust-based scheme with low ...
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Opinion
Michael Rose: Getting more for less in benefits in 2013
Getting more for less has been a growing theme in 2012, and one that I expect to continue in 2013. Organisations will look for tax-efficient, approved benefits arrangements that can deliver value at low or nil cost, such as salary sacrifice. That said, while there will be a growth in ...
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Article
Towers Watson to acquire Oxford Investment Partners
Towers Watson is to acquire Oxford Investment Partners to expand its investment capabilities and strengthen its leadership position in the fiduciary management market.The deal is for an undisclosed sum and subject to regulatory approval. Oxford Investment Partners (OXIP) will become part of Towers Watson’s investment business through the transfer of ...
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Article
ICAP selects auto-enrolment system
ICAP is to launch a pensions system in order to comply with auto-enrolment requirements ahead of its September 2013 staging date.Around 1,000 of the interdealer broker’s 1,600 employees will be covered under the new system, which manages pensions administration and communications issues. The remaining 600 staff are already in the ...
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Article
Only one-fifth of employees aware of RDR
One-fifth (21%) of respondents are aware of the retail distribution review (RDR), according to research by Canada Life Group.The research, which surveyed 1,635 employees in October 2012, found that awareness was slightly higher among men (25%) than women (19%).Under the RDR, which takes effect from 1 January 2013, pension providers ...
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Video
VIDEO: Louise Beardmore: The role of HR in employee engagement
Louise Beardmore, head of organisational development and HR operations at United Utilities, and senior member of the Employee Engagement Task Force, talks to Debi O’Donovan, editor of Employee Benefits, about the role of HR in employee engagement.
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Article
New PQM brand for multi-employer pensions
The Pension Quality Mark (PQM) is to launch a brand for multi-employer pension schemes in January 2013.The PQM Ready brand is aimed at enabling employers to identify multi-employer schemes that have good governance, good member communications and low charges.Employers that use a PQM Ready multi-employer scheme will be able to ...
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Article
Drawdown limit increase branded ‘sellotape measure’
Autumn Statement 2012: The government’s move to increase the capped drawdown limit of pension funds from 100% to 120% has been branded a ‘sellotape measure’ that fails to tackle major issues in the post-retirement market.In his Autumn Statement today, chancellor George Osborne announced that an individual will be able to ...
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Article
Time-limited incentives through company car tax
Autumn Statement 2012: The government will consider providing incentives through company car tax to encourage the purchase and development of ultra-low emission vehicles.In his Autumn Statement today, chancellor George Osborne says the government will seek the views of car manufacturers and motoring groups ahead of the Budget 2013 as he ...
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Article
The Co-operative Group enhances carer policy
The Co-operative Group has launched an enhanced people policy to support employees who are unpaid adult carers.Research into its workforce found that one in 10 of the group’s 100,000 employees are caring for a family member or friend because of illness, frailty or disability.The policy consolidates a range of flexible ...
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Article
Santander launches support for carers
Santander has launched a support scheme for employees with caring responsibilities outside of work.The scheme will provide employees with access to practical support through an online portal, which includes guides, training programmes and a variety of consultancy services.It will be provided through the bank’s membership of Employers for Carers, an ...
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Article
Pension Investment Platform confirmed
Autumn Statement 2012: Chancellor George Osborne has confirmed that the Pension Infrastructure Platform (PIP) will launch in the first half of 2013.The PIP is an initiative that aims to increase the investment by UK pension schemes in UK infrastructure.The government, the National Association of Pension Funds (NAPF) and the Pension ...
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Article
Friends Life enhances critical illness product
Friends Life has enhanced its group critical illness offering with improved product terms, greater flexibility for members of flexible benefits schemes, and access to the Best Doctors’ service.The insurance provider has also added cardiac arrest to its standard cover, along with enhanced definitions for cancer, major organ transplant, multiple sclerosis, ...
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Article
Employers would welcome return of default retirement
Just over half (54%) of respondents would welcome the return of the default retirement age (DRA), which was removed in April 2011, according to research by law firm Irwin Mitchell.The research, which surveyed 421 UK organisations, found that, of those that said the DRA should be reintroduced, 60% would set ...