At a glance: reward and benefits headlines this week
The headlines you might have missed between 12-18 August
HMRC plans clampdown on ‘luxury’ salary sacrifice schemes
People Management: HMRC has announced plans to limit the tax and national insurance contributions (NICs) savings from salary sacrifice schemes – paid for by employees through reductions in gross salary – in a move that experts say could dramatically redefine both the scale and nature of workplace benefits. Read story
Insolvency Service shuts down five pension liberation firms
Professional Pensions: The Insolvency Service has revealed it closed down five pension liberation firms in its last financial year from April 2015 to March 2016. Read story
British Steel trustee: Compelling evidence proves we can survive outside PPF
Professional Pensions: The British Steel Pension Scheme (BSPS) trustee has shown the government “compelling evidence", arguing it can pay modified benefits indefinitely on a low risk basis outside the lifeboat fund. Read story
Pensions regulator eyes M&A veto power
Professional Pensions: The Pensions Regulator (TPR) wants to be given greater powers to block merger deals involving companies with stressed pension schemes, its chief executive has said. Read story
If I were pension minister….
Professional Pensions: Bob Scott shares his tips with the incoming under-secretary of state for work and pensions to help them become an instant success. Read story
Paycare introduces paid volunteering leave
Employee Benefits: Paycare has given its employees two additional days of paid leave so that they can undertake charity and volunteering work. Read story
90% of US employers to offer virtual health services to staff in 2017
Employee Benefits: The majority (90%) of US employer respondents will make telehealth services, such as virtual monitoring and data transmission and telephone support, available to employees in states where it is allowed next year, according to research by the National Business Group on Health. This compares to 70% in 2016. Read story
Nearly 200 employers named and shamed for failing to pay minimum wage
People Management: Biggest ever list of offenders collectively owe £465,291 to employees; Delivery couriers claim new contracts will earn them less than NMW. Read story
ABI: Minority risk eroding pots in a decade
Corporate Adviser: A small minority of pension savers risk running out of money in a decade or less, with 4 per cent of individuals entering decumulation drawing 10 per cent or more of their fund. Read story
Providers warn on pension freedoms as withdrawals top £8bn
Money Marketing: Some savers may be in danger of running out of retirement savings by withdrawing too much from their pension pots too soon, the Association of British Insurers has warned. Read story
Lifetime Isa launch called into question
Money Marketing: Banks and fund groups are warning the Government’s failure to provide key details around the Lifetime Isa mean they will not be able to launch products in time for the April deadline. Read story
Government urges employers to make breastfeeding at work easier
People Management: New initiatives planned to end ‘unacceptable and unlawful’ discrimination against working women. Read story
Pension freedoms data shows people making sensible decisions
Professional Pensions: Experts have welcomed figures from the Association of British Insurers (ABI) showing people are making informed decisions about their retirement incomes. Read story
Schemes urged not to panic as deficit hits record £1trn
Professional Pensions: The combined defined benefit (DB) deficit has reached another all-time high on the back of further gilt yield falls following setbacks in the central bank’s bond buying programme. Read story
AE contributions must be ‘rebalanced’ to encourage saving
Professional Pensions: The government needs to revisit the balance of auto-enrolment (AE) contributions in its upcoming review, according to NOW: Pensions. Read story
Nestlé agrees with unions to keep career average scheme
Professional Pensions: Nestlé has agreed a deal with trade unions to secure its £3.8bn career average defined benefit (DB) scheme after the company had tried to close it down. Read story
HE Simm sees 82% of staff take up health checks
Employee Benefits: Building services organisation HE Simm has seen 82% of its 240 UK-based staff take up confidential health checks offered as part of its health and wellbeing strategy. Read story
FTSE companies favour dividends over pensions
Money Marketing: FTSE 100 companies that made a loss in 2015 paid out 25 per cent more in dividends than into their pension scheme, research suggests. Read story
Jackie Kinsey: What lessons can organisations learn from the Hollywood gender pay debate?
Employee Benefits: Last year, Jennifer Lawrence wrote a moving open letter about her experiences with pay disparity. She is one of the world’s most bankable movie stars, and she faces the same entrenched sexism that so many women struggle with every day. Read story
Lucy Rees: What lessons can organisations learn from the Hollywood gender pay debate?
Employee Benefits: Gender pay differences exist throughout organisations and around the world. In Hollywood, recent debates in relation to the gender pay gap have highlighted the issue. Read story
Petra Wilton: What lessons can organisations learn from the Hollywood gender pay debate?
Employee Benefits: It is rare that Hollywood offers lessons in effective management; mercifully few of us see Don Corleone or Miranda Priestly as acceptable role models. The campaign for equal pay in Hollywood, however, does offer real lessons. Read story
Sports Direct workers to receive £1m in back pay
Employee Benefits: Workers at Sports Direct’s Shirebrook-based warehouse are to receive back pay amounting to an estimated £1 million to compensate for not being paid the national minimum wage. Read story
University of Cambridge introduces sleep workshops at annual wellbeing festival
Employee Benefits: The University of Cambridge introduced sleep workshops for staff as part of its annual Festival of Wellbeing. Read story
33% believe cycling and walking to work increases employee productivity
Employee Benefits: One third (33%) of employer respondents believe that employees who cycle or walk to work are more productive than staff who use the bus or train to commute, according to research by Cyclescheme. Read story
Lower migration ‘will make little difference to wages’
People Management: Post-Brexit economic challenges will wipe out any benefit for lowest paid; Resolution Foundation warns of ‘severe damage’ to key sectors if skills issues not addressed. Read story
CPI rise adds to post-Brexit woes for DB schemes
Professional Pensions: Inflation measured on the Consumer Prices Index (CPI) increased to 0.6% in the year to July 2016 according to the Office for National Statistics (ONS). Read story
Companies urged to replace networking with ‘sweatworking’ to improve health
Health Insurance Daily: Ukactive calls for tax breaks for businesses which promote activity. Read story
29% offer share schemes for all staff
Employee Benefits: More than a quarter (29%) of employer respondents offer shares or share options for all employees, according to research by Employee Benefits and Xerox HR Services. Read story
Spark commits to higher pay benchmark for staff
Employee Benefits: New Zealand-based telecommunications organisation Spark has committed to a higher pay benchmark for staff. Read story
69% feel managers increase workplace stress
Employee Benefits: More than two-thirds (69%) of respondents believe that the behaviour of managers increases stress in the workplace, according to research by MetLife. Read story
FTSE 100 organisations pay £13.3bn into defined benefit pension schemes
Employee Benefits: FTSE 100 organisations paid £13.3 billion into defined benefit (DB) pension schemes in 2015, compared to £12.5 billion in 2014, according to research by Lane Clark and Peacock (LCP). Read story
DC code: Why trustees should aim for full compliance
Professional Pensions: The Pensions Regulator’s updated DC code outlines what it expects of trustees, but it is not mandatory. James Phillips explores what trustees can take from its recommendations. Read story
BoE hits £1.2bn QE target with second gilt purchase attempt
Professional Pensions: The Bank of England (BoE) has purchased more than £3bn worth of long-dated gilts as part of its latest stimulus package, after failing to meet targets last week. Read story
Bushfire of pension discrimination cases spreads to firefighters
Pensions Expert: The Fire Brigades Union has raised a legal challenge against fire service employers and the government regarding alleged discrimination as a result of transitional protection arrangements. Read story
Stress caused by management ‘leading to long-term absence’
Health Insurance: A poll of 1,211 employees for MetLife found 69% of employees said the behaviour of managers in their organisation has increased stress and that the rising stress is having a major impact on company performance. Read story