Stakeholder pensions at a glance

first_imgStakeholder pensions at a glanceOn 9 Oct 2001 in Personnel Today Previous Article Next Article Related posts:No related photos. Comments are closed. Eligible employers should have acted by now, says Tim Sargisson. From 8October 2001 firms with five or more “relevant” employees must offeraccess to a stakeholder-compliant pension scheme. He highlights what employersshould knowWhat is a stakeholder pension? A flexible, low cost, tax-efficient retirement savings plan, which shouldoffer good value to everyone, especially those on low incomes. It should meetminimum standards on cost, access and terms (CAT) standard, namely: – A maximum charge of 1 per cent of the fund per annum, calculated on adaily basis of 1/365th per day – The minimum contribution cannot be set at a level above £20. This appliesto regular and single contributions. There is no minimum frequency or paymentterm. How will stakeholder affect you, as an employer? Organisations with fewer than five employees will not have to provide accessto a stakeholder pension. This situation will be reviewed after three years. Organisations with five or more employees have to provide access to astakeholder pension scheme from October 2001. Those with an existing pensionscheme may be exempt. At present there is no requirement for employers to paycontributions to a designated stakeholder plan Firms needing to offer access to a stakeholder pension must: – Designate a stakeholder provider for the scheme. – Provide information about the scheme to employees. – Offer a payroll deduction facility for employee contributions. – Enable employees to join the scheme within three months of joining theorganisation. – Offer a default investment choice so that staff do not have to considerinvestment options for their stakeholder payments. Penalties Firms with five or more “relevant” employees which do not offerstakeholder pensions will be liable to fines of up to £50,000. Individuals (such as trustees) will be liable for fines up to £5,000 each. The Occupational Pensions Regulatory Authority (OPRA) has powers underSection 10 of the Pensions Act 1995 to fine employers for breaches of rulesrelating to occupational pensions. These powers were extended to stakeholderpensions under Section 3 of the Welfare Reform and Pensions Act 1999. Why is the Government launching stakeholder pensions? People are living longer and tending to retire earlier, plus the olderpopulation is increasing faster than the young. By about 2040, there are likelyto be only two people in work for every one pensioner – currently the ratio isabout 4:1 – making it important for everyone to start saving for theirretirement as early as possible. What exemptions are available? Employers running an occupational pension scheme This provides anexemption as long as all employees can join within 12 months of starting withthe firm. Membership does not have to be extended to employees under 18 yearsof age, or those within five years of the normal pension age. Employers running a group personal pension plan They may be exemptfrom establishing a stakeholder scheme, so long as: – The firm contributes at least 3 per cent of employees’ basic pay – There are no “exit charges” or penalties under the plan – Employees must be able to join the scheme within three months of joiningthe organisation. Employers with group personal pension plans should also note: – Staff under 18 years of age are excluded – If the existing plan has matching employer/employee contributions of morethan 3 per cent, the plan can continue and should be exempt – The 3 per cent employer contribution can be conditional on employeesmaking a matching contribution of up to 3 per cent. The situation for grouppersonal pensions will be reviewed after three years. Is stakeholder my only option? No. You can opt to set up a pension scheme which suits you and yourbusiness. You won’t have to provide a stakeholder pension as long as all relevantemployees are given access to a pension, which conforms to the stakeholdercriteria detailed above. Why should I have a pension scheme for employees? Apart from it being now being a legal obligation, it will bring benefits tothe firm: – In an increasingly competitive employment market, a comprehensive benefitspackage, including a good pension scheme, is important. – It can help attract quality staff to your business and over the long terma pension scheme can encourage existing employees to stay with your business. – A pension is one of the most tax efficient ways of investing – for bothyou and your employees: – Your contributions to employees’ pensions are treated as a businessexpense. – Corporation tax relief is usually granted in the year in whichcontributions are paid, at the highest rate payable by your business. This canreduce the potential amount of taxable profits earned by your business. – Contributions paid by employees also receive tax relief at the highestrate of tax they pay, thereby reducing their personal tax liability. – Very little tax is paid on the actual growth in value of pensioncontributions, allowing more of the growth to remain in the pension. – Under stakeholder, only a very small amount goes to administering anemployees’ pension arrangement. Additionally, stakeholder is beneficial to employees as: – They can stop and start contributions as they wish – If they are unhappy with a stakeholder provider they can transfer toanother provider without incurring financial loss or additional charges. Finally – Employers have a key role to play in stakeholder pensions. – A pension for your employees will no longer be an optional extra. – The requirement for employers to choose and offer their employees accessto a stakeholder scheme is a legal requirement and this will be closelyregulated. – An Independent financial adviser could help in choosing the right type ofpension scheme for your staff and your business. – Doing nothing is not an option. Always take professional advice before applying the contents of thisarticle Tim Sargisson is the sales and marketing director for Swipe plc, theonline pension solution established by Smith & Williamson. Tel: 020-76375377, e-mail: [email protected]last_img read more

EUROMARFOR Celebrates 20th Anniversary

first_img View post tag: EUROMARFOR View post tag: europe The European Maritime Force (EUROMARFOR) recently celebrated two events – the Spanish Navy taking command of the operation and its 20th anniversary.EUROMARFOR, a non-standing, military force created in 1995 by France, Italy, Portugal and Spain, is set to fulfill missions defined in the Petersberg Declaration. The force undertakes sea control, humanitarian missions, peacekeeping operations, crisis response operations, and peace enforcement.Numerous vessels were present at the ceremony in Cartagena, among which were ITS Rimini, SPS Relàmpago, SPS Tajo, NRP Baptista de Andrade, and the French minesweeper Capricorne.[mappress mapid=”16099″]Image: Italian Navy View post tag: Cartagena View post tag: Naval View post tag: News by topic EUROMARFOR Celebrates 20th Anniversarycenter_img Authorities Back to overview,Home naval-today EUROMARFOR Celebrates 20th Anniversary View post tag: Navy May 28, 2015 Share this articlelast_img read more

Episode #50: Cloud-Enabled Microsoft Applications with Paul Galjan

first_imgMoving Microsoft applications to private, public, or hybrid cloud configurations requires experienced architects, best practices, and tools to ensure success.  I sat down with Paul Galjan (@PaulGaljan), functional lead for EMC Microsoft Technologies.  We talked about Clouds, EMC Unity, Microsoft SQL Server 2016, Open Source, Exchange, SharePoint, Azure, Lynx… and that’s in the first few minutes.Don’t miss “EMC The Source” app in the App Store. Be sure to subscribe to The Source Podcast on iTunes, Stitcher Radio or Google Play and visit the official blog at thesourceblog.emc.comThe Source Podcast: Episode #50: Cloud-Enabled Microsoft Applications with Paul GaljanAudio Playerhttp://traffic.libsyn.com/thesource/EMC_The_Source_Episode_50_audio.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.EMC: The Source Podcast is hosted By Sam Marraccini (@SamMarraccini)last_img read more

U.S. Coal Exports: ‘Very Real Possibility of Going to Zero’

first_imgU.S. Coal Exports: ‘Very Real Possibility of Going to Zero’ FacebookTwitterLinkedInEmailPrint分享Julie Silvederio for SNL:The largest coal-producing province in southern China, Guizhou, aims to close 510 coal mines in the next 3 to 5 years, cutting coal production capacity by 70 million tonnes amid the industrywide supply glut, Xinhua News Agency reported March 5, citing the provincial government. Since 2013, Guizhou was able to reduce the number of its operational and under construction coal mines to less than 800 from 1,700 and it targets to close over 80 coal mines in 2016.Late in February, the National Energy Administration announced China’s plan to shutter over a thousand coal mines in 2016, which could impact the U.S. coal industry, being a major coal exporter to China.The range of coal exported by the U.S. to China over the last five years is from 1 million to 10 million tons, Director of Finance Tom Sanzillo of the Institute for Energy Economics and Financial Analysis told S&P Global Market Intelligence. “We would expect those numbers to be on the low end of this range in 2016 and for the foreseeable future. Very real possibility of going to zero,” he added.China’s Guizhou province aims to close over 500 coal mines in 3 to 5 years amid supply glutlast_img read more

Dominican Cocaine Seizures Set Record in 2012

first_img Authorities in the Dominican Republic seized a record 7,530 kilograms of cocaine in 2012, breaking the previous record of 6,715 kilos set the year before, according to the Dominican National Directorate for Drug Control [Dirección Nacional de Control de Drogas, or DNCD]. The most recent seizure was on Dec. 22, when the DNCD confiscated 1,190 kilos of cocaine and seven packets of heroin, arresting seven suspects. Operation Lightning, involving both the drug agency, the Dominican Armed Forces and the U.S. Coast Guard, was launched after U.S. officials alerted their Dominican counterparts to suspicious craft 10 miles off San Luís Beach in the province of Pedernales. The ship’s cargo included numerous capsules of heroin ready to be ingested by “mules” for transshipment to other countries, said a DNCD spokesman. Analysts attributed the increasing confiscations to pressure put on traffickers who had previously smuggled drugs across Mexico’s border with the United States to get their products to end users. Dominican police authorities along with the U.S. Coast Guard seized 1,500 kilos of cocaine and arrested four Venezuelans aboard a 40-foot speedboat near the Dominican resort town of Juan Dolio in March. The speedboat was on its way from Colombia to the Dominican Republic, where the drugs were to be transshipped to the United States and Europe. And in May, three high-ranking DNCD police officials were arrested and accused of providing security for drug traffickers. Authorities also arrested four men allegedly waiting for a drug shipment bound for Puerto Rico, said DNCD chief Rolando Rosado Mateo. DNCD nabs cocaine on its way to France In August, the DNCD seized 770 kilos of cocaine that traffickers allegedly intended to ship to the Dutch port of Rotterdam. Though no one was arrested, officials were able to gather intelligence that led to the Oct. 21 arrest of eight suspects after a dramatic shootout with assailants traveling in two vehicles near Santo Domingo. Police confiscated 770 one-kilo packets of cocaine from the vehicles and 106 cocaine packets in 10 subsequent raids of houses in the Santo Domingo metropolitan area for a total of 950 kilos of the white powder. On Sep. 2, DNCD agents discovered 778 kilos of cocaine in a shipping container in the port of Boca Chica east of Santo Domingo. Four suspects were detained. Two days later, Dominican and U.S. drug enforcement officials — in an action known as Operation Safe Coast — seized 1,600 kilos of cocaine after the bales were thrown overboard from a speedboat 50 nautical miles south of Saona Island. The speedboat crew fled and escaped capture. Less than 24 hours after that, the DNCD arrested three suspected traffickers including U.S. citizen Robert Bruce Adams and two Dominicans, Juan Carlos López and Tirso Bisono. Officials confiscated 120 kilos of cocaine aboard a boat apparently heading for Great Inagua, Bahamas. On Oct. 7, the DNCD seized 336 kilos of cocaine that were to be sent to Le Havre, France, via the Caucedo Multimodal Port, camouflaged as medical equipment. Rosado Mateo said the drugs were packed into nine suitcases found in a container at the marine terminal of La Romana. Airline owner arrested for drug smuggling Also in October, the DNCD broke up a criminal ring allegedly working for the Mexican Gulf cartel, arresting 15 people including Army Lt. Col. Juan Ramón Rosado Pérez, three other Dominican military and police officials and the prominent president of a local airline. Those arrested, including Dominicans, Jamaicans, Colombians, Venezuelans, Puerto Ricans, Americans and Bahamians, allegedly brought aircraft into the Dominican Republic to modify them to fly longer distances and carry more illicit cargo from South America, principally Venezuela, to such countries as Honduras and Haiti where they would be transshipped to the United States or Europe. Rafael Rosado, president of the small airline CaribAir, was arrested and named by officials as the ringleader. A CaribAir plane that crashed Sep. 27 near Constanza was allegedly part of the operation. Authorities seized an estimated $250 million worth of assets as evidence. The DNCD and the U.S. Coast Guard teamed up again Dec. 10 to intercept 10 parcels of cocaine from a boat off the southeastern coast, arresting a Colombian citizen at the scene. DNCD officials arrested José Calderón Rijo, alias “La Araña” — a Dominican citizen who posed as an entrepreneur in the entertainment industry — and two other suspects of unknown nationality. By Dialogo December 28, 2012last_img read more

Port Washington Man, 22, Killed in Motorcycle Crash

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 22-year-old Port Washington man was killed when he crashed his motorcycle head-on with an SUV in Atlantic Beach on Monday.Nassau County police said Thomas Kraft was riding a Kawasaki eastbound on Park Street when he crossed into the westbound lanes and crashed head-on into a Mercedes-Benz SUV at 5:37 p.m.The victim was pronounced dead at the scene.The 55-year-old man driving the SUV and his female passenger were taken to a local hospital.Homicide Squad detectives impounded the vehicles but found no apparent criminality.last_img read more

72 hours and counting…

first_imgA recent survey of executives, managers and professionals (EMPs) found that their average work-week was 72 hours. 72 hours.But a blog post (HBR.org) that analyzed the study really hit on something amazing. It wasn’t the hours that bothered people.  It was working inefficiently. Here’s a snippet:But it’s not the connectedness itself that bothers EMPs; in fact, in many cases they appreciate it. One EMP described getting an urgent work request via her personal smartphone while she was on vacation but said she was happy to handle it because it took her two minutes, compared to the hour it might have taken another person. She cares about her work and her colleagues and wants to save others time and trouble, wherever she is.What does bother EMPs is when companies use 24-7 connectedness to compensate for organizational inefficiencies and when it significantly undermines their personal lives, productivity, creativity, and ability to think strategically. The complaints we heard most often (from at least three-quarters and as high as 96% of respondents) centered on useless meetings and emails, inadequate technology, disorganized or incompetent C-suites, and unclear decision-making authority.Please allow me to translate this.  People don’t mind working hard.  They don’t mind working long. They just hate working “stupid.”  I think this is wonderful news.  People are willing to put in the hard work. But the flip side is not great – most workplaces don’t think that they work efficiently. The study goes into great detail on what drives professionals, managers and executives crazy, and I think it is well worth your while to read it.  It is a road map of issues to avoid at all costs.   And it is a great way to peer into the minds of the people you manage. 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Demangone Anthony Demangone is executive vice president and chief operating officer at the National Association of Federal Credit Unions (NAFCU). Demangone oversees day-to-day operations and manages the association’s education, membership, … Web: https://www.cuinsight.com/partner/nafcu Detailslast_img read more

Long-lasting global recession likely due to COVID-19, says World Economic Forum report

first_imgRisk managers expect a prolonged global recession as a result of the coronavirus pandemic, a report by the World Economic Forum showed on Tuesday.Two-thirds of the 347 respondents to the survey – carried out in response to the outbreak – put a lengthy contraction in the global economy top of their list of concerns for the next 18 months.Half of risk managers expected bankruptcies and industry consolidation, the failure of industries to recover and high levels of unemployment, particularly among the young. “The crisis has devastated lives and livelihoods. It has triggered an economic crisis with far-reaching implications and revealed the inadequacies of the past,” said Saadia Zahidi, managing director of the World Economic Forum.Environmental goals risk being discarded as a result of the pandemic, the report said, but governments should try to carve out a “green recovery”.”We now have a unique opportunity to use this crisis to do things differently and build back better economies that are more sustainable, resilient and inclusive,” Zahidi said.The report was compiled by the World Economic Forum’s Global Risks Advisory Board together with Marsh & McLennan Companies Inc and Zurich Insurance Group.Risk managers were surveyed between April 1 and 13. Topics :last_img read more

National COVID-19 task force chief Doni Monardo volunteers for COVID-19 vaccine trial

first_imgNational COVID-19 task force chief Doni Monardo has signed up to become a volunteer for the COVID-19 vaccine clinical trials, task force spokesperson Wiku Adisasmito announced on Thursday.“We would like to announce that the National COVID-19 task force chief Doni Monardo has registered for the clinical trials of the potential COVID-19 vaccine,” Wiku said during a press conference on Thursday. “This is part of the government’s commitment to provide the maximum protection for citizens against the danger of COVID-19.”Wiku said that the government was optimistic about the vaccine development in the country, referring to the phase III clinical trials of a potential COVID-19 vaccine developed by Chinese biopharmaceutical company Sinovac Biotech in partnership with state-owned pharmaceutical PT Bio Farma. Topics : The trials started on Monday in Bandung, West Java, with 120 out of 1,620 volunteers scheduled to receive injections by the end of the week.West Java Governor Ridwan Kamil has also announced that he will volunteer in the vaccine’s clinical trials.Ridwan said that the West Java Police chief Insp. Gen. Rudy Sufahriadi and Siliwangi Military commander Maj. Gen. Nugroho Budi Wiryanto had also volunteered for the trials.last_img read more

Own your own award-winning island, oyster shucking optional

first_imgPumpkin Island hit the market on Thursday for the first time in 17 years with a price tag of $25m.A renowned island has hit the market for just the second time since 1961, with an optional oyster licence so guests can shuck to their hearts’ content fresh off the rocks. This is Brisbane’s House of the Year Quarantine reno sells in just 15 minutes MORE: Meet the newest millionaire suburbscenter_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Stunning scenery across the island. There are two oceanfront bungalows and five self-contained guest cottages.Pumpkin Island hit the market on Thursday for the first time in 17 years with a price tag of $25m. Two years ago it was named Australia’s most sustainable hotel at the World Boutique Hotel Awards, and became the first to offset 150 per cent of its annual greenhouse gas emissions, according to agents Pat O’Driscoll and Deborah Cullen of Knight Frank Australia – Sydney. The island comes with a 36-passenger boat. There is a licensed bar and lounge as well.“Incredibly, this is only the second time Pumpkin Island has come to the market and the second time since 1961, with the last sale being in 2003,” was how they described it.The island in The Keppels, is 20 minutes by boat from the famous Great Keppel Island, both located off the coast of Yeppoon on the Capricorn Coast in Central Queensland. It was described as a “once in a lifetime opportunity”.More from newsParks and wildlife the new lust-haves post coronavirus8 hours agoNoosa’s best beachfront penthouse is about to hit the market8 hours ago Breathtaking spot to get away from it all.According to Knight Frank, the oyster lease belongs to the owner and “can be sold with the island allowing guests to shuck their own oysters off the rocks”.The island comes with a boutique eco-tourist resort that can take 34 guests, with five self-contained cottages, two oceanfront bungalows, staff quarters, a manager’s cottage, double storey lookout building, and a licensed bar and lounge function venue.The resort opened to guests in 1964, and comes with a children’s playground, two registered moorings, a helicopter landing pad and a custom-built 36-passenger boat. FOLLOW SOPHIE FOSTER ON FACEBOOKlast_img read more