All Employee Benefits articles in Web Issue – Page 592
-
Article
Buyer's guide to multinational pooling 2013
THE FACTSWhat is multinational pooling?It is a system that enables multinational organisations to benefit from favourable claims experience on insurance-based benefits through economies of scale achieved in purchasing and the payment of dividends.Where can employers get more information?For more information, visit the international benefits channel on Employee Benefits’ website or ...
-
Article
Buyer's guide to group income protection 2013
THE FACTSWhat is group income protection?GIP pays a regular monthly benefit if an employee is unable to work because of long-term illness or injury. Benefits are payable until the employee returns to work or, if earlier, state pension age, or for a fixed payment period, typically two to five years. ...
-
AnalysisTailor pre-retirement education to employee age groups
IF YOU READ NOTHING ELSE, READ THIS…Different generations in the workplace have different financial pressures and varying levels of financial knowledge.It is important to offer financial education to employees of all ages in order to increase their financial awareness.Targeted pre-retirement planning should start at least 18 months to two years ...
-
Article
Charles Alberts: Is open-referral private PMI right for employers?
The important questions are: are premiums becoming more sustainable, and are employees who use the schemes satis?ed?Open referral promises to give employers more cost control, an attractive proposition in an environment where premiums often rise by double digits. This will be dif?cult to monitor because most schemes are subject to ...
-
Opinion
Amanda Solomon: Share schemes can motivate staff
In such a tough environment, it is more important than ever for employers to be able to retain and incentivise staff. There are a number of share schemes that can help achieve this, including HM Revenue and Customs-approved plans.Incentives such as the share incentive plan (Sip) and the enterprise management ...
-
AnalysisApproved share schemes to be simplified
IF YOU READ NOTHING ELSE, READ THIS…HM Revenue and Customs is to introduce a number of proposals for approved share schemes with immediate effect.The Finance Bill 2013 includes legislation to simplify share schemes, including retirement and ‘good leaver’ rules.Self-certification for share schemes will be introduced in 2014.The four HM Revenue ...
-
Case Studies
Roche finds right formula to raise staff financial awareness
Doug Ross, HR manager at Roche Pharmaceuticals, says: “One of the themes that leapt out of the survey we did of our workforce was that employees wanted guidance on financial matters. There is a growing awareness that, in these times of austerity, everyone is having to look at their finances ...
-
Opinion
Stuart Bailey: Target younger staff with financial education
The growth of flexible benefits schemes has been mirrored by a significant increase in the number of employers offering some form of financial education to their employees. More than 17% of employers now do so, according to Workplace financial education, a survey by the Chartered Institute of Personnel and Development, ...
-
Article
Share schemes boost staff engagement in tough climate
Virgin Media announced last month that staff who took part in its 2009 sharesave scheme could receive an average of £15,984 each as the ?rm is sold to US cable television operator Liberty Global.The 2,468 employees who joined the plan and paid in an average of £74 a month each ...
-
Article
Colin Boxall: Is open-referral private PMI right for employers?
Advo Group supports the concept of open referral, but with choice retained. Our job is to listen, understand and advise, including telling employers things they may not want to hear.Our [employer] clients’ view of open referral is in two camps. The ?rst is the positive: seeing sustainability, cost control, no ...
-
Article
Call for move to collective DC pensions
Collective pension plans in the UK are de?ned bene?t (DB) schemes. Collective DC plans enable staff at different employers to pool savings into one pot, from which the pension is paid. This is commonly used in the Netherlands.“Collective pensions give better, higher pensions for the same cost,” said Pitt-Watson. “They ...
-
AnalysisConsequences of the retail distribution review
IF YOU READ NOTHING ELSE, READ THIS…Commission to advisers selling pension and investment products was banned on 31 December 2012.Employers can still pay for corporate pensions advice out of employees’ contributions through consultancy charging, but only in certain circumstances.Demand for financial advice, education and information is likely to soar as ...
-
AnalysisTop tips to cut the cost of fleets
IF YOU READ NOTHING ELSE, READ THIS…There are many ways employers can cut their fleet costs, which they can identify by carrying out a policy review.Employers can ask staff to take more responsibility for the way they drive and treat a company car, to help generate cost savings across the ...
-
Case Studies
Financial workshops help educate University of Lincoln employees
The workshops are targeted at three age groups, for employees in their early, mid and late careers. All have the same themes, such as managing finances, setting career and financial goals, and understanding financial terminology.For the early career group, loosely aimed at those up to the age of 35, information ...
-
Case StudiesMarks and Spencer educates staff on savvy saving
The demise of Christmas savings club Farepak was a catalyst for Marks and Spencer (M&S) to launch its financial education programme in 2007.Farepak ceased trading in October 2006, leaving tens of thousands of savers out of pocket. Its parent company, EHR, went into administration the same day, and both businesses ...
-
Opinion
Jonathan Watts-Lay: Employees need pensions education
Pension regulations seem to change constantly, whether it is the removal of the default retirement age or options available for generating income at retirement. As more employees retire from defined contribution (DC) pension schemes, or perhaps a combination of many different pension types, it is more important than ever to ...
-
Article
Iain Laws: Is open-referral private PMI right for employers?
The adoption of open referral by most insurers demonstrates growing employer demand and employee comfort with this approach. We recognise there will always be employers that place more importance on having a choice of consultants and treatment, so we support open referral as a design option rather than compulsion for ...
-
Opinion
Nora Smith: Shared parental leave fit for modern family
The new system suits the modern working family, allowing parents to decide how to spend the first year of their child’s life. Employers can also benefit by retaining talented female staff.But the government must ensure the changes can be easily administered by employers.The extension of the right to request ?exible ...
-
Article
Padraig Floyd: Financial knowledge is power
Discussing finances with employees is often deemed a futile exercise because half the population does not understand what 50% is.Harsh, maybe, but unfortunately true.The government has finally realised that in order to protect its citizens, and improve the financial services industry in the process, no doubt, people are going to ...
-
Analysis
What are white-labelled pension funds?
IF YOU READ NOTHING ELSE, READ THIS…White-labelled pension funds are growing in popularity as employers face more pension responsibilities.A white-labelled fund allows an employer to make changes without extensive employee communication.White-labelling can bring an element of future-proofing because employers are not tied to a single investment manager.Pension fund white-labelling is ...