All Employee Benefits articles in Web Issue – Page 645
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Article
Nationwide's remuneration report voted in
Nationwide Building Society members have voted overwhelmingly in favour of changes to the building society’s remuneration report.The vote, which took place at the organisation’s annual general meeting on 23 July, saw nearly 93% of members, its version of shareholders, vote in favour of its Report of the directors on remuneration, ...
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Article
Buyer's guide to group dental plans 2013
The factsWhat are group dental plans?A group dental plan is an insurance-based scheme that offers employees cover for both preventative and restorative dental treatments. The plan gives staff access to dental insurance through their employer. The benefits can be accessed in various ways, including via private medical insurance (PMI), flexible ...
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Article
Employee Benefits/Capita Pensions Research 2013
Read digital version of Employee Benefits/Capita Pensions Research 2013.It reveals:scheme type - the schemes proving most popular with employers and contribution rates being adopted for auto-enrolment;communication - how employers are communicating their pension schemes and why;default investments - employers’ default options and employee take-up;auto-enrolment - top tips from employers that ...
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Article36% of employers use provider's default fund
More than a third of respondents (36%) use the default investment option offered by their pension provider, according to Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 31% entrust the selection of investment funds in their default offering to their adviser, while 27% ...
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Article47% of employers review default fund annually
Just over half (47%) of respondents review the investment strategies and aims of their default investment fund at least annually, according to Employee Benefits/Capita Pensions research 2013. (This does not include respondents that do not review their own strategies, or those that do not know).The survey, conducted among 370 HR ...
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Article57% pass on responsibility for default funds
Over half of respondents (57%) hand over responsibility for their default fund to their pension provider or financial adviser, according to the Employee Benefits/Capita Pensions Research 2013.The survey, conducted among 370 HR and benefits managers, found that 29% rely on their adviser and 28% put their trust in their pensions ...
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Article84% of DC pensions have a default option
The vast majority (84%) of respondents with a defined contribution (DC) pension scheme offer their workforce a default investment option, according to Employee Benefits/Capita Pensions Research 2013.The research, conducted among 370 HR and benefits managers, found that just 16% of respondents that offer a DC plan do not.A default investment ...
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ArticleEmployee share schemes see great activity
Employees at Sports Direct were among those to enjoy a shares payout. Under the organisation’s 2009 bonus scheme, which is set to mature this month, staff will receive a payout worth 75% of their base salary in shares priced at £1.25.It is estimated that a Sport Direct shop assistant on ...
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Case StudiesHSBC implements new all-employee benefits strategy
The streamlining project will culminate in the delivery of a new benefits proposition in 2015 that will provide all employees with a suite of competitive benefits regardless of their role or career band.Maria Strid, head of performance and reward, says: “As with any large organisation comes a degree of complexity, ...
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ArticleGroup personal pensions most popular among employers
Almost half of the respondents (48%) to the Employee Benefits/Capita Pensions Research 2013 still offer a group personal pension (GPP) as their primary pension plan.This is in line with Employee Benefits’ 2011 pensions research, in which 54% of respondents said a GPP was their primary plan choice. Similarly, GPPs were ...
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Article
Auto-enrolled employers likely to contribute less
The research, conducted among 370 HR and benefits managers, found 21% of those that have auto-enrolled staff are paying in a 1% pension contribution, but only 7% of those still to auto-enrol pay in at this low level.In turn, 23% of those still to auto-enrol pay in a 5% employer ...
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ArticleAuto-enrolment opt-out rates as expected
David Tildesley, director of client partnerships at Capita Employee Benefits, said: “When the project first started for auto-enrolment, all sorts of financial modelling assumptions were made by employers. They started off with assumptions of opt-outs of around 50% of the workforce, but I don’t think any of them ended up ...
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AnalysisCalculating the cost of auto-enrolment
If you read nothing else, read this ….Employers should complete a cost-impact assessment to determine their expected costs.With increasing contributions, ongoing administration and penalties for non-compliance, employers should be prepared for short-term and long-term costs.An investment is being made, so make sure there is value in that investment by communicating ...
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ArticleBuyer's guide to salary sacrifice car schemes
The factsWhat is a salary sacrifice car scheme?This is a car scheme for which an employee forgoes a portion of their gross salary in exchange for a car, and receives tax and national insurance breaks.Where can employers get more information?www.employeebenefits.co.uk/benefits/company-cars-and-fleetwww.hmrc.gov.ukWho are the main providers?ALD Automotive, Alphabet, Fleet Evolution, Fleet Hire, ...
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Article
Debi O'Donovan: How social networks impact on trust
In the eyes of many commuters, the number of minutes that had to pass before a ‘minor’ or a ‘severe’ delay was declared was too high. Accusations were thrown around that LU was trying to do something underhand to improve its delays record.What this showed up was how quick people ...
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Analysis
How to review a default investment fund
If you read nothing else, read this …Default funds should be reviewed about once a year.Reviews should start by looking at the profile of the membership and the objectives of the fund.Employers should also examine the market to see what types of investment fund are available.David Harris, managing director at ...
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Article
Duncan Brown: Engagement through reward: impossible or essential?
In the last couple of weeks, I have been talking about the links between performance, reward and values with the NHS Pay Review Body; moves towards more market-driven reward with the Universities and Colleges Employers’ Association (UCEA); and the links between reward and engagement at an Aon Hewitt seminar.Whatever the ...
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Article
Compliance round-up for July
It is to axe automatic annual pay rises in the civil service as part of a pledge to make £11.5 billion worth of public sector savings in 2015/16. The proposed legislation, announced in the Spending Review 2013 confirmed that public sector pay rises will be limited to an average of ...
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Article
Employers must take care on pay promises
In the High Court case of Attrill and others v Dresdner Kleinwort, employees succeeded in their argument that their employer was contractually obliged to pay bonuses from a guaranteed minimum bonus pool of €400 million (£343 million) it had promised to set up. The court ruled that the bank had ...
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Opinion
Emma Scott: Trust-based relationships are key to success
Tesco reported a loss in sales in the three months following the scandal, which caused its share price to drop by 5%, demonstrating the impact of supplier relationships on organisations’ reputation.Of course, supplier relationships vary between employers. Some are purely transactional, but those that have the greatest impact are nurtured ...