All Employee Benefits articles in Web Issue – Page 571
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Heineken and RSA manage DB pensions risk
Heineken and RSA have introduced a risk management platform to manage their defined benefit (DB) pension scheme risk.The technology platform, PFaroe, is provided by PensionsFirst.International brewer Heineken will use the technology to manage its £2.5 billion in UK DB pension obligations, while global insurance organisation RSA will use it to ...
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Employee-owner scheme given go ahead
The government has announced it will go ahead with its plans for an employee-owner scheme.The scheme, which was announced by Chancellor George Osborne on 8 October, would require employees to give up employment rights, such as wrongful dismissal, the right to redundancy pay and the right to ask for flexible ...
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John Lewis launches holiday benefit
EXCLUSIVE: The John Lewis Partnership (JLP) has launched a discounted holiday and travel benefit for its 80,000 employees.Employees can access a dedicated website through John Lewis’ company intranet site that links to discounts from Tui Travel.Since the perk was introduced in mid-November, 1,000 employees have registered on the site. These ...
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Greene King closes DB schemes
Greene King has closed its three defined benefit (DB) pension schemes to future accrual.During the period covered by its half-yearly report, Interim results for the 24 weeks to 14 October, the pub retailer and brewery consulted with the remaining active members of its DB schemes.The schemes were then closed to ...
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TUPE regulations to be reviewed
Autumn Statement 2012: The government will shortly launch a consultation on TUPE regulations. The proposals will removeunnecessary burdens on business.
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Government increases personal allowance
Autumn Statement 2012: The government will increase the personal allowance by an additional £235 as part of its commitment to make the first £10,000 of salary free from income tax.During his presentation of the Autumn Statement, Chancellor George Osborne announced that the personal allowance will rise to £9,440 in April ...
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DWP to consult on pension deficit recovery plans
Autumn Statement 2012: The Department for Work and Pensions (DWP) will consult on providing The Pensions Regulator (TPR) with a new statutory objective to consider the long-term affordability of final salary pension scheme recovery plans on employers.The government also said it recognises that volatility in measures of pension scheme deficits ...
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Capital gains tax exempt increases by 1%
Autumn statement 2012: The annual exempt amount for capital gains tax will increase by 1% in 2014-15 and 2015-16.The exempt amount is currently at £10,600 for 2012-13 and will reach £11,100 by 2016 with the announced increases.John Whiting, tax policy director at the Chartered Institute of Taxation, said: “The threshold ...
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Increase in higher-rate tax threshold
Autumn Statement 2012: Chancellor George Osborne announced in the Autumn Statement today that the higher-rate threshold for income tax will increase by 1% in each year between 2013 and 2016.The rate above which individuals pay income tax at 40% will be set at £41,450 in 2014-15 and rise to £42,285 ...
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Royal Mail pension deficit reduced by £28bn
Autumn Statement 2012: The transfer of assets from the Royal Mail Pension Plan to the Treasury has reduced public sector net borrowing by £28 billion in 2012/13.It was announced in the the Budget in March 2012 that the liabilities of the scheme, which were around £37.5 billion, would be transferred ...
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State pension will rise to £110.15 per week
Autumn Statement 2012: The government has announced that the basic state pension will increase by 2.5% to £110.15 per week from April 2013.As a result, pensioners will see a £2.70 increase in the basic state pension in 2013/14, which the government said is in line with both average earnings and ...
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Schools to link pay to performance
Autumn Statement 2012: The government is to consult on proposals for schools to have the freedom to set pay in line with performance.This will be based on recommendations made in a report by the School Teachers’ Review Body. These are intended to create a pay framework that seeks to raise ...
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National public sector pay to remain
Autumn Statement 2012: The government has accepted the recommendations of local pay bodies in the public sector that there should be no centrally determined local pay rates or zones.The Prison Service Pay Review Body and NHS Pay Review Body instead recommended making greater use of existing flexibilities when setting pay.In ...
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Tax support for employee owners
Autumn Statement 2012: The government is considering options to reduce income tax and national insurance contributions (NICs) that arise when employee shareholders receive shares from their employer.The options include deeming that the first £2,000 of shares received under the employee-shareholder status would be free from income tax and NICs.As previously ...
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Allowance cut to impact saver confidence
Autumn statement 2012: The reduction in the annual and lifetime pension allowance contributions could impact on more savers than the 2% it is aimed at.The Chancellor George Osborne announced that from 2014-15 the annual allowances will reduce from £50,000 to £40,000 and the lifetime allowance will be reduced from £1.5 ...
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Personal allowance rise impacts auto-enrolment
Autumn Statement 2012: The increase in the personal allowance announced by Chancellor George Osborne could result in fewer low earners being auto-enrolled into workplace pension schemes.This is because the qualifying earnings thresholds for auto-enrolment are linked to pay-as-you-earn (PAYE) thresholds.Zoe Lynch, a partner at pensions law firm Sackers, said: “For ...
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CIC launches Arabic counselling service
CIC has launched an employee assistance programme (EAP), specifically aimed at British-Arabs or those relocating to the UK for work.Its Arabic Counselling Support Service will provide confidential therapeutic services and emotional support. Individuals can access a free helpline to speak with an Arabic-speaking counsellor.Kate Nowlan, chief executive at CIC, said: ...
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Bonus expectations down in financial services
More than half (60%) of respondents said they expect to receive a bonus in 2012/13, down from 67% in 2011, according to research by Morgan McKinley.Its Bonus expectations survey, which was carried out in November 2012 among financial services professionals, found that respondents who do not expect a bonus believed ...
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CIPD elects two new vice presidents
The Chartered Institute of Personnel and Development (CIPD) has elected two vice presidents.Janet Cooper (pictured), partner and director of professional services firm Tapestry, has been elected vice president, performance and reward, and Deborah Baker, director of people at Sky, has been elected vice president of organisation, resourcing and talent planning.The ...
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Nedbank staff reduce carbon footprints
Nedbank Private Wealth has given each of its employees a pedometer to encourage them to reduce their carbon emissions by walking more as part of its sustainability forum’s latest campaign.Staff had two months to venture out in their local surroundings and use their pedometer to its full potential. They then ...