All Employee Benefits articles in Web Issue – Page 699
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Article39% of benefits professionals receive car or allowance
The Employee Benefits Salary survey 2014 , which questioned 361 people responsible for managing benefits and reward in UK organisations, found that, of this 39%, more than one-third (38%) receive a company car rather than a car allowance.The average approximate value of company cars for 62% of respondents in ...
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Article5% DC pension contribution most common for HR professionals
The Employee Benefits Salary survey 2014 , which questioned 361 people who are responsible for managing benefits and reward in UK organisations, found that 9% pay in 10% or more of salary. Under auto-enrolment legislation, current minimum contribution levels are set at 1% for employees and 1% for employers. But ...
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Article91% of HR professionals are pension scheme members
The Employee Benefits Salary survey 2014 , which questioned 361 people with responsibility for managing benefits and reward in UK organisations, found that three-quarters (75%) of respondents are active members of a defined contribution (DC) scheme , while just over a quarter (27%) are active members of a defined ...
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Article
Ian Wright: How will the changing state pension age affect employers?
Our employees are fortunate enough to be relatively high earners and most take part in the organisation’s pension scheme. This means that, as they approach their 60s, most should have personal savings, investments and assets, and should have built up a fairly substantial pension fund rather than be reliant on ...
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Article
Simon Nash: How will the changing state pension age affect employers' pension strategies?
On 11 December 2013, the Office for National Statistics released an update to its projected mortality figures, predicting that girls born in 2013 would live to, on average, 94 years of age, with boys still living slightly shorter average lives.What is more, these statistics reveal that more than one-third of ...
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Michelle Cracknell: How will the changing state pension age affect employers' pension strategies?
With all of us living longer, the state pension is no longer affordable on its current terms. For those of us in the industry, the rise in the state pension age was confirmation of the inevitable, but was it expected by the public?The Pensions Advisory Service takes more than 80,000 ...
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David Fairs: How will the changing state pension age affect employers' pension strategies?
Saving longer and retiring later should make for higher pensions. But employees who want to retire earlier than state pension age, or indeed need to retire earlier because they are in a physically demanding job, will face some difficult choices. With the average pension pot of £30,000 currently providing an ...
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ArticleLife assurance most popular benefit given to HR professionals
This is in addition to salary, bonuses, pensions, share schemes and company cars.The Employee Benefits Salary survey 2014, which questioned 361 people esponsible for managing benefits and reward in UK organisations, found that life assurance is followed by private medical insurance schemes (59%), subscriptions to professional bodies (47%), employee assistance ...
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Article
Finmeccanica has low pensions opt-out post auto-enrolment
Finmeccanica Group has achieved 99.3% pension take up after auto-enrollling employees at its two main UK operations into its trust-based defined contribution (DC) pension scheme.The aerospace and defence manufacturer first automatically-enrolled staff at AgustaWestland, followed by employees at Selex ES.Finmeccanica introduced a bespoke website to guide employees through their auto-enrolment ...
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Case StudiesMarriott Hotels considered pension fund choice in auto-enrolment decisions
Its staging date was April 2013, but it postponed auto-enrolling its workforce until 1 July 2013 with the help of its adviser, Berkeley Burke, which also manages the organisation’s private medical insurance and group life assurance .Sarah Newsome, manager, employment law/compensation and benefits, Marriott Europe at Marriott Hotels, says: “Fund ...
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Article
BA switches DC pension investments
British Airways (BA) has switched the investment options available through its trust-based defined contribution (DC) pension scheme in order to lower pension scheme charges.Under its new arrangement, provided by BlackRock, the annual management charge (AMC) will reduce from 0.23% to 0.15%.Since its auto-enrolment staging date in January 2013, 13,500 of ...
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OpinionNick Bacon: Health cash plans can help support staff in an economic downturn
Workplace schemes to improve health and wellbeing, such as smoking cessation and healthy eating, are good for staff and organisational performance: a genuine win-win.Effective health and wellbeing strategies require managerial commitment to develop and deliver an integrated plan of action to improve health and wellbeing. Action plans should be developed ...
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AnalysisTop benefits taken up through health cash plans
If you read nothing else, read this…Optical and dental remain the most popular benefits claimed through health cash plans.Physiotherapy and chiropractic care are growing in popularity.Shortfalls in National Health Service provision are helping to drive cash plan take-up. Medicash Healthcare is one health cash plan provider to have seen increased ...
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Case StudiesCafcass uses health cash plan to cut costs
Daryl Maitland, senior HR business partner at the organisation, says: “Initially, we had a look at what we were spending on the wellbeing of our staff and a couple of things we noticed were a little worrying, or things we could improve on.”For example, Cafcass was processing employees’ eye tests ...
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AnalysisWhat is the future shape of salary sacrifice car schemes?
If you read nothing else, read this…Fleet providers have begun to introduce electric cars under a salary sacrifice arrangement.Almost half (48%) of employers are considering introducing salary sacrifice.Policies can be put in place to prevent the salary sacrifice risks associated with maternity leave and long-term employee absence.In November 2013, fleet ...
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Analysis
Health cash plan market round-up
If you read nothing else, read this…Health cash plans remain an attractive, low-cost healthcare benefit for all employees.Choice of healthcare providers is growing to meet demand.Providers are expanding their plans to offer a wider choice of benefits.There are currently 26 providers offering health cash plans in the UK following the ...
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AnalysisFacts and figures on health cash plans
Read the digital edition of our Health cash plans supplement 2014 in full.
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AnalysisHow much pension fund choice should employers offer their workforce?
If you read nothing else, read this…Evidence shows that the greater the choice of pension funds, the less engaged employees may become in the scheme. Some employees in some market sectors, such as financial services, will always be more engaged than others. Many employers just want to get through auto-enrolment ...
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Article
The Pensions Regulator publishes DC code
The code, which came into effect on 21 November 2013, sets out how pension trustees can meet the requirements of pensions legislation.It had been the subject of a consultation earlier in 2013.The guidance provides information, education and assistance on good-practice standards of governance and behaviours that relate to delivering good ...
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Shared parental leave could create issues
Under the new system, eligible working families will have more flexibility around how they can balance work and caring commitments. Parents will be able to be at home together or to work at different times and share the care of their child.The government also announced that the system will include: ...