All Employee Benefits articles in Web Issue – Page 724
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OpinionThibault Jeakings: DC pension governance to beef up schemes
As well as significantly beefing up defined contribution (DC) schemes’ governance requirements, the proposals also clamp down on the costs of auto-enrolment schemes with a 0.75% cap on administration charges and a ban on additional charges for deferred members and commission payments.The proposals are a reaction to the six to ...
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ArticlePMI and dental most common flexible benefits
Private medical insurance for employees’ partners and dependants and dental insurance are the most commonly offered benefits via a flexible benefits scheme, according to The Benefits Research 2014, which surveyed 256 respondents in March 2014.These are followed closely by buying or selling holiday, health screening and critical illness insurance.The top ...
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ArticleHealth screening and GPPs most popular new benefits
Health screening and group personal pension (GPP) plans saw the biggest growth as new benefits introduced by employers over the past year, according to The Benefits Research 2014, which surveyed 256 respondents in March 2014.Just under half (44%) of respondents introduced new benefits to their organisation in the past 12 ...
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AnalysisWhy benefits professionals need to consider corporate social responsibility
If you read nothing else, read this…There is no single definition of corporate social responsibility . The term increasingly relates to how employers take responsibility for their impact on the communities and environment in which they operate, as well as the way they treat their staff.Employers should use their benefits ...
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ArticlePension contributions and childcare vouchers most popular tax-efficient benefits
Pension contributions via salary sacrifice and childcare vouchers are the most commonly offered tax-efficient benefits via a salary sacrifice arrangement, according to the Benefits Research 2014, which surveyed 256 respondents in March 2014.Salary sacrifice pension contributions remain popular. This year, 87% of employers that offer benefits via salary sacrifice enable ...
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Case Studies
The benefits offered by Fujitsu UK and Ireland
PensionA trust-based defined contribution (DC) scheme with employer-matched contributions up to a maximum of 10%.Two legacy defined benefit (DB) schemes, closed to new entrants and to future accrual.One DB plan that is selectively open to new members, such as staff that transfer to Fujitsu from the public sector. HealthcarePrivate medical ...
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OpinionRosemary Lemon: The benefits of benefits
With benefits, the clue is in the word and, what’s more, the advantage of having benefits should be mutual. Benefits should be something considered of value to both the employee and the employer.Too often, they are seen as ‘normal market practice’ at a certain grade and taken for granted. Or, ...
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Article
Rugby union shortlisted for best travel policy
Capital One and The Rugby Football Union are among the employers that have been shortlisted for the award ‘Best staff travel policy’ at the Employee Benefits Awards 2014.For this award, the judges were looking for a successful strategy that has made company cars and travel benefits effective in an organisation.The ...
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ArticleGary Brewer: Should the government give employers tax breaks on group PMI?
In the current economic climate, any practical assistance is welcome and the government should be applauded for such an intervention if it helps provide respite for hard-pressed organisations.At William Grant and Sons, we already have a group private medical insurance (PMI) scheme in place extending across all employees and, in ...
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ArticleDavid Heaton: Should the government give employers tax breaks on group PMI?
The logic of the new tax-free spend of £500 on treatment recommended by the forthcoming Health and Work Service (HWS) is that it encourages employers to get sick employees back to work more quickly, so extending the relief to all employer-provided private medical insurance (PMI), up to a reasonable value, ...
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ArticleLucy Wright: Should the government give employers tax breaks on group PMI?
Many employers offer private medical insurance (PMI) in their employee benefits package, which is popular with staff. Traditionally, this has often been regarded as a benefit solely for the convenience of the employee and, as such, attracts tax.However, with the increasing importance of attendance management on operational performance and the ...
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AnalysisDale Critchley: Budget pension changes have positive impact for employers
So what does this watershed moment mean for the future of workplace pensions? There is little doubt that for employees, coming so soon after the introduction of auto-enrolment, it is another positive. But what about the possible benefits for employers?Common threadsThere are two themes running through the recent reforms. First ...
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ArticleImproving staff health can contribute to business performance
There are clear business benefits to supporting employee health and wellbeing, according to a report by the Confederation of British Industry (CBI).Its report, Getting better: workplace health as a business issue, published with healthcare provider Medicash, outlines how improving employee health can contribute to better business performance through lower absence, ...
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ArticlePension charges cap could level up low charges
Some scheme members currently benefit from annual management charges (AMCs) well below the 0.75% cap that will be imposed on auto-enrolment workplace schemes from April 2015.Marcus Fink, a partner at law firm Ashurst, said: “The 0.75% cap is a safe figure. I think it possibly could have come down lower, ...
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Article
Prudential launches salary sacrifice car scheme
Prudential has launched a salary sacrifice car scheme for 2,400 eligible employees.The life and pension provider has signed a four-year contract with Leasedrive, which will supply its Mycar scheme to the organisation.Leasedrive has also helped to communicate the new benefit to employees. John Wills, fleet manager at Prudential, said: “When ...
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Article
EBECS launches salary sacrifice car scheme
EBECS has launched a salary sacrifice company car scheme.The information technology organisation launched the scheme to bolster its employee benefits package and enhance its reward strategy.The scheme was rolled out at EBECS’ three UK offices, where its provider, Pendragon Contracts, demonstrated its online driver information centre and quotation portals.The portals ...
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Article
Fujitsu launches leave policy for carers
EXCLUSIVE: Fujitsu UK and Ireland has introduced a policy that enables employees to take up to four weeks unpaid leave to manage their caring responsibilities.David Brackwell, head of wellbeing and inclusion, UK and Ireland at Fujitsu, said: “One thing that is becoming an increasing challenge for people is caring responsibilities. ...
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ArticleCMA report will change private healthcare market
The Competition and Markets Authority’s (CMA) Private healthcare market investigation final report, published in April, announced a number of measures to address a lack of competition and consumer detriment issues in the market.Joanne Anderson, senior healthcare consultant at Towers Watson, said: “We expect the changes to stimulate further developments in ...
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ArticleCMA changes to private healthcare could cut PMI costs
Measures introduced in the Competition and Markets Authority’s (CMA) final report into increasing competition in the private healthcare market could result in lower private medical insurance (PMI) premiums and new PMI product design.Its Private healthcare market investigation final report has announced measures including a crackdown on benefits and incentive schemes ...
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ArticleTrustees unaware of DB pension investment charges
Nearly a quarter (23%) of trustees of private sector defined benefit (DB) pension schemes could not identify what they were paying in investment charges, even though these represent the second largest expense for such schemes, according to research by The Pensions Regulator (TPR).Its Defined benefit scheme running costs research 2014, ...