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Company sick pay – new findings

Research by insurer LV= suggests that some 11 million employees in the UK have no company-paid sick leave entitlement. So if an employee from within the above grouping cannot work through illness or injury for any period of time, their only income would likely be that provided by state benefits alone.

The insurer rightly points to the self-employed and those on zero-hours contracts as the grouping most exposed to this issue. Yet that overlooks that many employers – often established businesses with sizable workforces – offer nominal or no sick pay cover to their employees. And many more have a sick pay policy that is outdated and probably not fit for purpose.

The bottom line is that this is an issue that far too few employees fully understand. The reality is that state benefits are not always easy to claim, sometimes delayed and capped at a fairly low level. For an idea of the risks of such an absence occurring – and the impact on the family income level – please read our post from last year.

It is also worth highlighting that employees generally expect at least some support from their employers in such situations. It is therefore good for both engagement and retention if that support is provided, promoted and fully understood by the workforce.

We would therefore encourage employers of all sizes to review their sick-pay policies to find a solution that provides some reassurance to their employees. For those wishing to review their sick-pay options, please contact your usual Jelf consultant.


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Ombudsman rules against providers over pension transfer delay

The Pensions Ombudsman has upheld a complaint against Axa Wealth and St James’ Place following a bungled pension transfer from 2012. Graham Burton complained that SJP took an unacceptable amount of time to send a £191,000 transfer cheque to Axa Wealth after it disinvested his drawdown pension. Burton says he suffered financial loss as an […]


Govt eyes provider buyback in cash for annuities talks

The Government is holding high-level industry talks on creating a secondary annuity market and is planning to allow ceding providers to buy back their own annuities. Money Marketing understands providers have recently been attending workshops with the Treasury as the Government seeks to iron out details on plans to allow policyholders to sell their annuity. […]


Danby Bloch: UFPLS vs flexi-access drawdown is a no brainer

If there is a straight choice between flexi-access pension drawdown and uncrystallised funds pension lump sum, flexi-access wins by a country mile in virtually every situation. The Treasury prefers to pronounce UFPLS as “uffplus”, presumably because the plus syllable lends a positive quality to this otherwise ridiculous expression. Most pension professionals prefer to pronounce it […]

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Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


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