All Employee Benefits articles in Web Issue – Page 793
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Article65% manage absence through HR and line managers
Two-thirds (65%) of respondents manage absence through the combined efforts between HR and line managers,according to research by HR, talent management and payroll software provider Midland HR.Its Understanding absence management study, which surveyed more 120 HR professionals, also found that 85% rely on reports to assist with communicating about the ...
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Article
70% want to use pension pot as retirement income
The majority of employees approaching retirement want to use their pension pots to deliver a secure guaranteed income, according to research by the International Longevity Centre.Its Making the system fit for purpose report, which surveyed 5,000 people aged 55 to 70, found that 70% of respondents with a defined contribution ...
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ArticleEmployers yet to take action on pension reforms
Nearly three-quarters (70%) of employer respondents have yet to take ation around the pension reforms that come into force from April 2015, according to research by Jelf Employee Benefits.Its research, which surveyed 250 employers, also found that only 7% of respondents have both reviewed their offering and sent employee communications ...
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ArticleHow far should employers go in recommending financial advice?
In April 2015, the government will introduce the most radical pension changes in almost 100 years.From the age of 55, all staff will be able to access their entire defined contribution (DC) pension flexibly, whether taking it as a lump sum, buying an annuity, drawing down, or a combination of ...
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ArticleCitizens Advice names guidance delivery sites
The Citizens Advice Bureau has named its first 44 sites that will deliver face-to-face sessions as part of the government’s guidance guarantee, Pension Wise. People will be able to book guidance appointments at any Citizen Advice office but will have to travel to a designated delivery centre for the session ...
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ArticleEmployers offer flexible working to support ageing workforce
Over a quarter of employers (27%) have introduced flexible-working initiatives to meet the needs of their ageing workforce, according to research by Group Risk Development (Grid).The group risk employer research study, which surveyed 500 UK businesses and 1,000 employees, also found that 19% of employers are modifying roles and 16% ...
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ArticleManchester Airports prepares for pension flexibilities
Manchester Airports Group has updated its defined contribution (DC) pensions administration to address the ongoing freedom and choice pension reforms. The organisation will now offer member administration and member technology services to engage employees with the new pension changes, which come into force in April 2015.The programme will also include ...
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OpinionAndrea Finney: Improving financial wellbeing
This is largely because of the global financial crisis of 2008, which has resulted in a sustained increase in the cost of living, coupled with a fall in real earnings.Increased diversity in financial services, constriction in consumer lending and a growing pensions crisis have also put new burdens on employees.We ...
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Analysis
What are employers' primary concerns around April's pension reforms?
This 10-minute video above covers:Why the new pension reforms are driving the need for employee guidance Which pensions decisions staff struggle with the mostHow employers can support staff to overcome these challenges How employers can overcome any fears they have about straying into the realms of advice when attempting to ...
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ArticleLess than half of employers provide at-retirement support
Less than half (45%) of respondents provide staff with support at retirement, according to research by Close Brothers Asset Management.Its study of 218 UK employers also found that the most popular way of supporting employees at retirement is through workplace seminars (26%), while 23% of respondents provide access to information ...
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AnalysisWhen will we see an increase in demand for workplace financial awareness?
There has been much speculation about how much money employees will take from their pension pots since the decision to scrap compulsory annuitisation was made in the 2014 Budget last March. The Chancellor announced that staff over the age of 55 with a defined contribution (DC) pension will be able ...
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AnalysisTop tips for boosting take-up of car salary sacrifice schemes
If you read nothing else, read this…Employers should have clear objectives for their scheme. Scheme risks include the early termination of contracts.Staff may be more engaged with a scheme that offers low CO2-emission cars .Offer a wide range of cars They can start by offering employees a wide range of ...
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ArticleRamsay Health Care launches salary sacrifice car scheme
Ramsay Health Care UK has launched a salary sacrifice car scheme for 3,000 eligible employees. The provider of independent hospital services in England will offer the scheme to staff working in 36 of its private facilities.It added the scheme to its existing benefits package to assist with attracting new employees, ...
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ArticleCoventry City Council introduces salary sacrifice cars
Coventry City Council has launched a salary sacrifice car scheme for more than 7,700 eligible employees. More than 30 orders were made within the first 10 days of launch.Roadshows around the council’s premises and a website were used to help communicate and promote the scheme, which aims to help reduce ...
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ArticleCenter Parcs incentivises financial education take up
EXCLUSIVE: More than 500 employees attended financial education seminars after Center Parcs introduced an incentive scheme to help boost take up. The leisure resort firm, which has a workforce spread across six sites, encouraged staff to attend by offering the chance to enter a prize draw to win an iPad.The ...
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ArticlePensions minister sets out pot follows member change
Pensions minister Steve Webb has confirmed changes to the government’s plans for automatic transfer reforms for its pot follows member project, which will see it initially rolled out on an opt-in basis.This is a short-term rethink of the government’s original long-term plan that relevant pension pots will be automatically transferred ...
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ArticleCity Link staff face non-payment of December pension
City Link will not be able to provide employees with their December pension payments after going into administration on 25 December.The courier’s workforce received defined contribution (DC) pension payments of £1,041 per calendar month, but will not receive the December bill due this month.A spokesman from City Link said: “City ...
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AnalysisTop tips for communicating a financial education strategy
If you read nothing else, read this…Financial education programmes must be integrated with organisations’ workforce planning strategies. Employers must consider their audience, because many young staff will have experienced financial education at school.Face-to-face learning can be highly effective. 1. Consider employees’ existing knowledgeMany young people will have experienced financial education ...
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ArticlePension freedoms popular with DC savers
The new pension freedoms are popular with employees who have a defined contribution (DC) pension, according to a report published by the Pensions Policy Institute (PPI).Its Supporting DC members with defaults and choices up to, into, and through retirement: qualitative research with those approaching retirement report revealed that two-thirds (66%) ...
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ArticleLookers launches employee discounts scheme
Lookers Motor Group has introduced an employee discounts scheme for its more than 5,000 employees. The vehicle marques organisation launched its Nicer Rewards scheme, which is provided by Personal Group, on 12 January 2015.The scheme includes more than 8,000 retail discounts from high street retailers, such as Argos, Asda, Sainsbury’s ...