All Employee Benefits articles in Web Issue – Page 601
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Article
Cookson Group appoints DB pension administrator
Cookson Group has appointed a third-party administrator to its £500-million defined benefit (DB) pension scheme.The scheme, which has 5,500 members, will transfer to Premier in June 2013.In January 2013, the group signed its second bulk-annuity policy with provider Pension Insurance Corporation.Allan Course, chair of trustees for the Cookson Group pension ...
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Article
UBS reduces performance award pool
UBS has reduced its performance award pool to the lowest levels since the beginning of the financial crisis.According to the Swiss bank’s Annual report 2012, this was reduced to SFR2.5 billion (£1.75 billion) in 2012, down 7% from 2011, and a 43% decrease compared with 2010.Group chief executove officer Sergio ...
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Article
Shell increases executive directors’ pay
Royal Dutch Shell paid its executive directors a total of €13.043 million (£11.23 million) in 2012, up from €10.89 million (£9.37 million) in 2011.In the Directors’ remuneration report 2012 section of its annual report, the global oil and gas company reported that chief executive officer Peter Voser received total earnings, ...
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Case Studies
Ladbrokes healthy living programme works
The programme, which is currently available only to senior management in Ladbrokes’ private medical insurance scheme, involves filling out an online health risk assessment, split into sections on medical history, lifestyle, diet and stress.Once completed, the employee is given a ‘Q score’, which helps them monitor their progress in improving ...
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AnalysisUse employee data to target health strategy
IF YOU READ NOTHING ELSE, READ THIS…Employee health data can be collected through sickness absence records, private medical insurance and group risk claims, health screening and employee assistance programmes.Collected data can be mined to create a storyboard that shows the health profi le of the entire workforce.Targeted and effective health ...
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Opinion
Wayne Pontin: Healthcare strategies need good data
The technological world we live in is all about communicating quickly and accurately, but who instigates the communication? Who produces the products and goods? Who services the communication and computer technology? Who delivers the productivity and so controls the profitability? People.So it becomes increasingly obvious that the health and wellbeing ...
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Article
Pension deficits down by £70bn
Pension deficits fell by £70 billion to £551 billion in February, according to research by Xafinity Corporate Solutions.Its Corporate pension deficits tracker attributed the deficits to the slowing outlook for price inflation during the month and the strength of equity markets in 2013.Hugh Creasy, director at Xafinity Corporate Solutions (pictured), ...
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Article
Barclays Bank among employers awarded for payroll giving
Barclays Bank, Capital One and Hostelbookers.com are among the winners of workplace-giving organisation Pennies from Heaven’s annual awards.The awards celebrate employers that have demonstrated commendable commitment and generosity to charities through their payroll-giving schemes.Gold medals are awarded to employers which have more than 20% of staff participating in the scheme, ...
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Article
Aviva achieves less than 1% auto-enrolment opt-outs
Aviva has seen 127 employees opt out of its pension scheme following its auto-enrolment staging date on 1 February.The provider already had 17,542 (99%) of its employees in a defined contribution (DC) money purchase trust-based scheme. An additional 332 were auto-enrolled on 1 February, 38% of whom chose to opt ...
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Article
Single-tier state pension brought forward to 2016
The government is to bring forward its plans to introduce a new single-tier £144 per week state pension by one year.On the BBC’s Andrew Marr Show on 17 March, Chancellor George Osborne said the new state pension would be introduced in 2016 rather than 2017 as originally planned.He added: “People ...
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Article
Santander boosts variable compensation
Santander awarded 19 employees more than £1 million in 2012 and increased its variable compensation pool.According to the bank’s Annual report 2012, Ana Botin, chief executive officer of Santander, received £3.957 million in performance-related and annual salary payments in 2012, down from £4.068 million in 2011.In 2012, Botin received a ...
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Article
Work is most stressful factor in people’s lives
Work is the most stressful factor in people’s lives, according to research by mental health charity Mind.The research, which surveyed more than 2,000 working adults, found that 34% of respondents said their work life was either very or quite stressful, more so than debt or financial problems (30%) or health ...
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Article
AWD Chase de Vere launches auto-enrolment product
Independent financial adviser AWD Chase de Vere has launched an auto-enrolment product for small and medium-sized enterprises (SMEs).Its product, AE+, has been designed to meet SMEs’ requirements around auto-enrolment duties.AE+ enables employers to meet their own objectives from complying with the basic requirements of the legislation to structuring a full ...
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Article
Man Group caps executive bonuses
Hedge fund Man Group has introduced a cap on bonuses for its executive directors, restructured remuneration arrangements for executives and introduced a new sales compensation structure.Under the terms of its new executive incentive plan, which replaces all existing arrangements for executive director remuneration, annual cash bonuses for this group will ...
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Article
HMRC to relax RTI payroll reporting for small employers
HM Revenue and Customs (HMRC) has relaxed real-time information (RTI) reporting arrangements for small employers.Employers with fewer than 50 employees will have until 5 October 2013, rather than 6 April 2013, to comply with the legislation.Until the revised date, these employers will be able to send information to HMRC by ...
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Article
Punter Southall acquires Enrich Reward
EXCLUSIVE: Punter Southall Health and Protection has acquired employee benefits consultancy Enrich Reward.The acquisition was completed on 18 March for 100% of the share value and an undisclosed sum.Combined with Enrich Reward, Punter Southall Health and Protection Consulting (PSHPC) will now advise more than 670 employers, representing more than £100 ...
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Article
Live updates from the 2013 Budget
The Employee Benefits team will be reporting live on the Budget on 20 March.Stay tuned for all the updates on how it will impact benefits and reward.
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Article
CBI appoints new president of its employers’ group
The Confederation of British Industry (CBI) has announced that Sir Mike Rake will succeed Sir Roger Carr as president in June 2013.Rake (pictured) is chairman of the BT Group and Easyjet, as well as deputy chairman of Barclays and a director at McGraw-Hill.His previous roles also include chairman of the ...
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Article
Greater Manchester Police introduces new payroll system
Greater Manchester Police has introduced a new payroll management system to help it comply with real-time information (RTI) legislation.The iTrent cloud service, provided by MidlandHR, has a single database, which will bring the organisation’s entire human resources operation, servicing more than 11,000 employees, onto a single platform.Declan McGrath, managing director ...
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Article
BAE Systems freezes senior managers' pay
BAE Systems has frozen the annual pay of its senior managers.The organisation revealed in its Annual report 2012 that its chief executive, group finance director, president and chief executive officer of BAE Systems, Inc and other executives will have their salaries kept at 2012 levels. The report also disclosed that:Chief ...