All Employee Benefits articles in Web Issue – Page 594
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Opinion
Ant Donaldson: Summit provided wealth of knowledge
For anyone involved at the sharp end, it was full of thought-provoking and informative sessions on everything from the Department for Work and Pensions’ policy agenda to how to review your default fund strategy.It was especially interesting to hear how initial experience is that auto-enrolment opt-outs have been lower than ...
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Article
Employee Benefits Summit 2013 will take place in Spain from 25-27 June 2013
The Employee Benefits Summit brings together the most influential benefits professionals, providers, consultants, commentators and industry experts to discuss the future of the industry. This event was launched in 2006, and has become a highly inspirational annual event to attend.View full details: Employee Benefits SummitAfter the success of 2012, the ...
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Article
Auto-enrolment forces more budget cuts
This was a rise of three percentage points on the proportion of delegates that said the same at the 2012 summit.A further 8% of delegates said they had not yet cut their bene?ts budget, but were considering doing so. No delegates at the 2012 summit, when this research was last ...
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Article
Employers shift compensation focus to longer-term reward
Last month, UBS became one of the latest employers to do so. The bank’s Fourth quarter 2012 report outlined measures to enable staff to bene?t from its long-term success.These include the introduction of multi-year performance conditions on equity-based deferred compensation and a reduction in the maximum amount of immediate cash ...
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Case StudiesPeer 1 Hosting offers perks to attract top talent
A benefits package that attracts and retains the most talented staff while reducing employee costs is at the core of web hosting provider Peer 1 Hosting’s reward strategy.Designed primarily by managing director Dominic Monkhouse, the package has remained the same since the organisation’s UK operations started up in 2009.“I think ...
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Article
Clare Abrahams: Portal and expertise help auto-enrolment task
KEY POINTSLorica’s Simplicity solution is a technology portal combined with consultancy expertise.The Simplicity technology offers a secure, one-stop auto-enrolment portal that ensures employers stay up to date with compliance duties.Lorica can also work alongside employers’ existing providers.Every UK employer should be aware of auto-enrolment by now. Yet, in the lead-up ...
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Case Studies
SPP Pumps used existing adviser for auto-enrolment
Terry Newby, operations director at SPP, says: “We are a relatively small company and have no HR function, so as long as Barnett Waddingham appears to be doing the right thing by us, we are happy to stick with it.”Before working with Barnett Waddingham on its auto-enrolment strategy, SPP was ...
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Article
Lynn Graves: All-in-one platforms can handle auto-enrolment
KEY POINTSScottish Widows’ AssistMe enables employers to manage their workforce’s pensions through a single interface, which can be integrated with their own systems.Professional advisers can access AssistMe to help manage employers’ compliance requirements.There is no extra cost for AssistMe; it is part of Scottish Widows’ pension administration services.Scottish Widows launched ...
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Article
Jamie Fiveash: Software support is vital for auto-enrolment
KEY POINTSThe B&CE Employer Assistance Program is designed to ensure employers make the right contributions and enable them to download employee communications.The Employer Assistance Program is one of a range of tools B&CE provides to help employers comply with auto-enrolment.To date, 130 of B&CE’s existing and new, larger employer customers ...
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Article
Morten Nilsson: How to navigate the auto-enrolment maze
KEY POINTSAuto-enrolment is a complex assignment that can expose employers to financial and reputational risk.Now: Pensions is an occupational pension scheme that has been designed to support employers of all sizes.Now: Pensions can also provide simple, low-cost life insurance for employees at competitive rates.Auto-enrolment is a complex assignment which, if ...
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Article
Nick Oram: Take auto-enrolment one step at a time
KEY POINTSStar delivers a step-bystep consultancy programme for auto-enrolment.Enrich can incorporate middleware into a Star package.Compliance is continuous throughout Enrich’s auto-enrolment solutionsAuto-enrolment requires UK employers to auto-enrol all eligible employees into a qualifying pension scheme if they are not already a member. The largest employers, those with 120,000-plus employees, began ...
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Article
Matt Waller: Integrated software simplifies auto-enrolment
KEY POINTSEnroller is Benefex’s purpose-built, fully-mobile software that simplifies auto-enrolment for employers and their employees.Benefex offers a compliance guarantee to help employers meet their regulatory obligations.Enroller links into RewardHub, Benefex’s reward and benefits software.Auto-enrolment is a potentially hazardous minefield for the uninitiated employer, because of the complex requirements involved in ...
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Article
John Lawson: Tool fixes auto-enrolment compliance
KEY POINTSFines of up to £10,000 a day for auto-enrolment non-compliance are serving to focus employers’ minds.Aviva believes its Automatic-Enrolment Manager for Employers (AME) is one of the most complete compliance tools on the market.AME can also be used by HR and finance departments to model and control their overall ...
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Article
Clare Bettelley: Auto-enrolment success depends on preparation
If I had a pound for every employer that has told me that, with hindsight, they would have allowed much more time to plan and execute their auto-enrolment strategy, I would be rich.Employee communications seem to be dominating many employers’ auto-enrolment agendas because of the time these are taking to ...
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Case Studies
Icap set auto-enrolment targets for providers
These were to help Icap decide which employees were eligible for auto-enrolment; to help calculate contributions; and to help communicate with employees seamlessly, with as little manual intervention or human administration as possible.Hemmings decided to stick with the organisation’s existing pensions provider, Standard Life, but required additional support from Icap’s ...
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Analysis
How should employers select auto-enrolment help?
IF YOU READ NOTHING ELSE, READ THIS…Many pension services are available to help employers through the auto-enrolment process.Support is available from pension and payroll providers, as well as employee benefits consultants.Employers may opt to use one or a range of consultants to help them implement their strategies.Auto-enrolment is likely to ...
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Article
Most DB pensions have long-term objectives
The majority (90%) of defined benefit (DB) pension plans now have a long-term objective, compared to 60% in 2009, according to research by Aon Hewitt.Its Global pension risk survey 2013 polled 220 UK DB plans with combined membership of more than three million people and representing around £300 billion of ...
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Article
Pension scheme membership falls
Workplace pension scheme membership dropped to 46% in 2012, according to research by the Office for National Statistics (ONS).Its 2012 Annual survey of hours and earnings: summary of pensions results, compiled before the introduction of auto-enrolment in October 2012, found that pension scheme membership hit a 15-year low in 2012.The ...
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Article
Randstad launches multi-employer trust
Randstad is to launch a multi-employer trust to comply with its auto-enrolment duties.The recruitment firm will reach its staging date on 1 March 2013, when its 20,000 eligible agency workers will be auto-enrolled.The scheme will be provided by Now: Pensions.Ian Naylor, legal director at Randstad, said: “Our decision to appoint ...
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AnalysisDevelopments in benefits apps and modellers
IF YOU READ NOTHING ELSE, READ THIS…Originally developed as part of flexible benefit schemes, standalone modellers are becoming more common.Modellers and apps are most appropriate for benefits that have financial implications, such as pensions, flexible benefits, company cars or buying and selling holiday, but can also be used for other ...