All Employee Benefits articles in Web Issue – Page 595
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Article
E.On launches eyecare platform
Utilities firm E.On has launched an eyecare scheme to simplify how its 11,500 UK employees can take up the benefit.Employees can now order eyecare vouchers directly from provider Edenred via an online portal. This replaces E.On’s previous system which required staff to reclaim relevant eyecare costs through expenses.The portal enables ...
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Helen Duncan: Middleware is key to auto-enrolment technology
KEY POINTSOrbit is 100% automated and manages the entire auto-enrolment process.The system provides employees with access to an auto-enrolment helpdesk, including a telephone helpline.Orbit stores all auto-enrolment activity for audit purposes.The cornerstone of any successful benefits solution is always expert consultancy, and technology should allow that consultancy to be put ...
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33 new international pension plans established in 2012
Thirty three new international pension plans (IPPs) were established in 2012, according to research by consultancy Towers Watson.Its annual International pension plan survey, found the total number of international plans managed by 391 responding employers now totals 403.The survey also found that international pension plans are being developed within multi-country ...
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Volkswagen alters exec remuneration
Volkswagen has altered its bonus structure for its board of management.Under its variable remuneration framework, members of this board receive a bonus, which relates to business performance over the previous two years, and a long-term incentive plan (L-tip) relating to the previous four fiscal years.The car manufacturer’s supervisory board has ...
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Hargreaves Lansdown launches integrated workplace benefits system
Hargreaves Lansdown has launched an integrated corporate wrap and flexible benefits system.The workplace benefits system integrates Hargreaves Lansdown’s Corporate Vantage investment platform, which includes a pension, a cash individual savings account (Isa), a stocks and shares Isa and an investment account; with flexible benefits technology provided by Staffcare.The system, which ...
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Article
Allied Milling and Baking staff take up discount scheme
Allied Milling and Baking has seen a 34% take-up of its employee discount scheme since it launched in November 2012.The food manufacturer, which is part of Associated British Goods, employs 4,600 staff across 25 sites. Staff are predominantly factory-based and do not have internet access at work.Its scheme, branded AMBISave, ...
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Article
Royal Institution of Chartered Surveyors selects auto-enrolment system
The Royal Institution of Chartered Surveyors (RICS) has selected a technology system to enable it to comply with its auto-enrolment duties.The society, which employs more than 650 staff worldwide, has chosen cloud-based software from Fairsail. The product is designed to link in with existing Hr and payroll systems, as well ...
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ABI publishes code of conduct for annuities
The Association of British Insurers (ABI) will implement its code of conduct for annuities on 1 March.The ABI Code of conduct on retirement choices aims to help people who buy an annuity each year better understand their options at retirement, choose the right annuity for their circumstances and shop around ...
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Auto-enrolment prompts benefits reviews
More than a third (38%) of respondents are likely to review their organisation’s benefits package at the same time as complying with auto-enrolment legislation, according to research by Aviva.Its second Working lives report, which surveyed 760 private sector employers, found that, over the next 12 months, 63% of respondents will ...
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BNY Mellon rolls out global reward portal in Belgium
EXCLUSIVE: BNY Mellon will roll out its online total reward portal to its 750 employees in Belgium in March.The portal, which has been developed with provider Xerox, is currently available to the bank’s employees in Ireland, the Netherlands, the UK and the US. It has been introduced to engage staff ...
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Article
Engagement biggest priority for HR
More than half (62%) of organisations surveyed say employee engagement is their top HR priotity in 2013, according to research by law firm Speechly Bircham and King’s College London.However, the State of HR survey 2013: recovery in sight?, which polled more than 300 HR professionals across 13 industry sectors, also ...
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Reading Transport switches pensions adviser
Reading Transport has switched advisers for the actuarial and administrative services of its final salary pension scheme.The £26-million scheme, which has 500 members, will now be advised by Punter Southall.Greg Chambers, finance director at Reading Transport, said: “We engaged Punter Southall to provide actuarial and administrative services for our defined ...
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ITV defined benefit pensions deficit rises
ITV’s total pension deficit has increased by £161 million since December 2011.Its defined benefit (DB) pension schemes had an aggregate IAS 19 deficit of £390 million at 31 December 2011. This had risen to £551 million at 31 December 2012.In its Preliminary results 2012, the media organisation attributed the deficit ...
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European Union agrees cap on bankers’ bonuses
The European Commission and the European Parliament have reached a preliminary agreement on limiting bonus payments in the financial services sector.The cap will limit bankers’ bonuses to one-time salary, or two-times salary if a majority of shareholders agree. There will be some leeway for long-term incentives, although the details of ...
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Article
University of Edinburgh rolls out Nest
EXCLUSIVE: The University of Edinburgh is to introduce a defined contribution (DC) pension scheme on 1 March 2013 as part of its auto-enrolment compliance duties.The university will roll out the national employment savings trust (Nest) to its 12,300-strong workforce.To comply with auto-enrolment requirements, the university will contribute the minimum of ...
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Tune in for live updates from Employee Benefits Connect
The Employee Benefits team will be posting live news stories from Employee Benefits Connect on 1 March.The one-day conference is being held at the Park Plaza Westminster Hotel in London.The event will include conference sessions, networking opportunities, workshops and an exhibition.To follow the event on Twitter, search for EBConnect.For more ...
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Equiniti Group rebrands Xafinity businesses
Equiniti Group has removed the Xafinity brand from its pensions businesses.From 28 February 2013, Xafinity Claybrook will become Equiniti Claybrook and Xafinity Paymaster will become Equiniti Paymaster.With 1,000 staff in 10 locations, Equiniti’s pensions division, comprising Equiniti Claybrook and Equiniti Paymaster, makes up 40% of the overall group.Wayne Story, chief ...
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AnalysisAuto-enrolment tips from Australia and New Zealand
IF YOU READ NOTHING ELSE, READ THIS…The Australian Superannuation Guarantee Fund was introduced 20 years ago as a compulsory scheme.New Zealand’s Kiwisaver, which was launched in July 2007, more resembles auto-enrolment in the UK, with employees allowed four weeks to opt out.Areas where UK employers can learn from both implementations ...
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NHS trusts spent £1bn on sick pay in three years
NHS trusts in England spent more than £1 billion on sick pay over the past three years, according to research by the Chartered Society of Physiotherapy (CSP).The research, Fit enough for patients? An audit of workplace health and wellbeing services for NHS staff, looked at documents for 163 trusts, which ...
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Kingfisher lowers pension deficit by £11m
Kingfisher has lowered its net pension deficit by £11 million since closing its defined benefit (DB) pension scheme to future accrual from 30 June 2012.The retailer, which is the parent company of six organisations, including B&Q and Screwfix, showed in its 2012 Preliminary results that the pension gain includes £27 ...