All Employee Benefits articles in Web Issue – Page 794
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ArticleUK retirement savings hit by economic downturn
More than two fifths (41%) of UK employee respondents stopped or reduced their retirement savings during the economic downturn, according to research by HSBC.The bank’s survey of more than 16,000 people globally found that despite signs of recovery, retirement saving has been, and continues to be, significantly impacted by the ...
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AnalysisFinancial education in numbers
52% of employers do not provide financial education for employees (Source: Secondsight, October 2014)55% of employers do not offer staff support at retirement (Source: Employee Benefits/Close Brothers Pensions research 2014, November 2014)43% of respondents say 90% or more of their employees are active pension scheme members (Source: Employee Benefits/Close ...
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AnalysisWhat does an effective financial education strategy look like?
If you read nothing else, read this… Employers must identify employees’ financial concerns.Financial education strategies should be based on employers’ existing benefits.Strategies must be ongoing to maintain their impact.The abolition of compulsory annuitisation for defined contribution (DC) pension scheme members could be challenging for employers that do not have any ...
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ArticleMale employees unlikely to take shared parental leave
Male employees are unlikely to take advantage of the new shared parental leave legislation because of a fear of being judged, according to research by Ramsdens Solicitors.Its research, which questioned 520 employees, found that a third (33%) of male respondents at micro employers (with 10 employees or less) believe that ...
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ArticleHalf of employers say their organisation is great place to work
Just under half of employer respondents (465) believe their organisation is a great place to work, although just 31% of employee respondents would agree, according to research by MetLife UK.Its 12th annual UK Employee benefits trends survey, which surveyed 300 employers and 301 employees, also found that 39% of employer ...
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ArticlePension reforms increase retirement engagement
The new pension flexibilities, which are due to come into effect in April, are resulting in more people becoming switched on to retirement planning, according to research by the National Employment Savings Trust (Nest).Its Nest insight 2015 report, which surveyed a representative sample of 2,000 workers, found that approximately a ...
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ArticleGemma Parker: Is shared parental leave a good thing?
The flexibility of the new right can benefit both male and female employees. Fathers can take a more prominent role in caring for their children from day one, either alongside the mother or as sole carer, and mothers will have the opportunity for more support at home or will be ...
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ArticleGovernment names guidance guarantee service
The government has today (12 January) revealed that its guidance guarantee service will be called Pension wise. The creation of Pension wise follows measures announced in the 2014 Budget to provide access to free and impartial guidance on how savers can make the most of the new pension freedoms, which ...
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ArticleTalkTalk implements total reward statements
EXCLUSIVE: TalkTalk has implemented total reward statements for employees to use on the go.The move, which is part of the launch of a new HR system, Workday, for the employer’s 2,200 employees towards the back end of 2014, allows staff to view their total remuneration package that includes: pay, allowances, ...
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AnalysisHow could wearable technology change workplace health?
If you read nothing else, read this…Wearable technology can enable staff to measure their daily activity levels and pulse rates and manage their health risks.Wearable devices can capture vast amounts of biometric data. Concerns about data protection could hamper market growth. The list of wearable technology is long and growing. ...
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AnalysisWhy employers are transforming specialist reward and pensions staff into benefits generalists
If you read nothing else, read this…Many employers are replacing benefits specialists with generalists.The shift from defined benefit to defined contribution pension schemes is a driving factor.Benefits professionals can broaden their knowledge base by attending conferences and networking with industry peers.Not only did the specialist fear the learning curve involved ...
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ArticleBenefits market consolidates
According to Aviva chairman John McFarlane, the deal will consolidate the organisation’s market-leading position in the UK and allow a much stronger dividend flow and balance sheet position than would have been possible otherwise. Also in December, Sodexo acquired incentive and recognition provider Motivcom, which owns brands including P&MM Employee ...
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ArticlePensioners could sell annuities for cash
Retired people could be allowed to sell their pensions for cash under plans that have been proposed by pensions minister Steve Webb.According to a statement from the Liberal Democrats, Webb’s proposals, which could benefit around five million people, would allow pensioners to sell annuities for cash to organisations such as ...
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ArticleDebbie Lovewell-Tuck: Wider skillsets needed by benefits professionals
As a result, over the past few years, many of us will have seen our jobs change, and in many cases expand, to support the evolution of our employer.For some benefits professionals, this will have involved taking on an internationally focused role for the first time. For others, it will ...
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ArticleDWP publishes Fit for Work guidance
Guidance for employers participating in the government’s Fit for Work scheme clarifies the tax exemption available on the cost of medical care for employees who are off sick.Fit for work, guidance for employers, published by the Department for Work and Pensions (DWP) on 2 January, confirms that the tax exemption ...
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Case StudiesSouthern Water creates benefits generalists to support the business
“Having staff with a broad understanding of reward rather than a narrow understanding of a specialist area is, in my view, a win-win [situation],” she says. “It is good for the employee because it gives them more choices in terms of career development; it is good for the organisation because ...
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ArticleJLT Ireland acquires Liberty Asset Management
Jardine Lloyd Thompson Ireland Holdings (JLT Ireland) has acquired Liberty Asset Management Limited from Friends First Life Assurance Group. JLT provides insurance, employee benefits advice and brokerage, while Liberty advises organisations and trustee boards on employee benefit arrangements and individuals on wealth management.The acquisition is expected to create a strong ...
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ArticleEmployee Benefits Awards entry deadline approaches
The Employee Benefits Awards 2015 entry deadline is just six days away on Monday 12 January, so be sure to submit your entry as soon as possible.Any entries received beyond this date will not be accepted.The awards offer 23 categories for benefits professionals to showcase, and gain recognition for, the ...
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ArticleKey points from the 2014 Autumn Statement
The Chancellor said the government had accepted 51 of 58 recommendations made by the Office of Tax Simplification (OTS) that were aimed at making the taxation of employee benefits and expenses more straightforward. This will help to reduce the administrative burden on employers, saving an estimated £20 million a year ...
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OpinionRichard Kandler: Taxation of death benefits and changes from April 2015
In broad terms, this can be regarded as an extension of tax relaxations recently announced in relation to lump-sum death benefits. Those changes do not affect either the inheritance tax or lifetime allowance (LTA) positions, but they do ease the burden of the current 55% ’special tax charge’.For payments made ...