×
First-time login tip: If you're a REBA Member, you'll need to reset your password the first time you login.
14 Jul 2017
by Rebecca Patton

At a glance: reward and benefits headlines this week 7-13 July 2017

Your quick-read round up of the reward and benefits stories appearing in the press in the past seven days.

The headlines you might have missed between 7-13 July.

57F3-1500452373_2016presslogosMAIN.jpg Alliance Trust Savings to pay redress over Sipp transfer failings
Money Marketing: Platform failed to supply evidence or respond to the FOS despite repeated requests to do so. Read story

Pensions Regulator secures conviction in £13.8m scam investigation
Money Marketing: Friendly Pensions employee failed to co-ooperate with TPR investigation and has been ordered to pay around £5,000 in fines and additional costs. Read story

PPF funding rises to 121.6% after stellar returns and low claims
Professional Pensions: Despite a challenging year, the lifeboat fund has weathered the storm with strong returns and an improved funding level. Stephanie Baxter analyses its annual report. Read story

How tax return process could solve self-employed pensions crisis
Professional Pensions: A research paper by Royal London and Aviva has set out a blueprint for bringing self-employed people into pensions. Kim Kaveh explores its recommendations. Read story

Mumsnet renews partnership with the Civil Service
Reward Guide: Parenting website Mumsnet has renewed its partnership with the Civil Service for a second year, after a successful campaign which saw over 300 roles advertised on the website in the past twelve months, George Martin reports. Read story

How income drawdown can be utilised to create a tax efficient retirement income
Reward Guide: WEALTH at work gives three case studies looking at the impact of drawdown. Read story

The millennial bug
Reward Guide: As young people continue to surge into the workforce, Helen Swire explores whether employers understand their wants and needs. Read story

Happiness has failed, but it has taught us an important lesson
HR Magazine: Ensuring employees are happy hasn’t delivered the productivity gains promised. Read story

Zero-hours contracts are unpopular with workers
HR Magazine: Just 35% of UK adults would consider taking on a zero-hours contract. Read story

Political uncertainty means HR issues hang in the balance
HR Magazine: We explore the effects the minority government could have on Brexit talks, workers' rights and immigration issues. Read story

One in four workers doubt their organisation takes wellbeing seriously
People Management: HR ‘pivotal’ in workplace wellbeing, but experts say employees must also meet employers halfway. Read story

Opinion: How are employers tackling the challenges created by the new rules on pensions and tax allowance?
People Management: Changes implemented last April have prompted many organisations to turn to financial education – with some unexpected benefits, says Alan Morahan. Read story

Damian Ross: More opportunities in pooling than you might think
Corporate Adviser: You don’t have to be a blue chip to benefit from multinational pooling. Expanding UK SMEs and International Middle Market (MMI) companies can also enjoy the benefits of a pooled approach says Generali Employee Benefits Network regional manager – UK, Ireland & Nordics Damian Ross. Read story

AE hits 8m but late stager numbers soar
Corporate Adviser: More than 8 million employees have signed up for a workplace pension since the launch of automatic enrolment, but the proportion of employers missing their staging date is soaring, new figures show. Read story

FTSE 350 defined benefit pension deficit falls to £131bn
Employee Benefits: The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £134 billion at the end of May 2017 to £131 billion at 30 June 2017, according to research by Mercer. Read story

54% are not offered health benefits by their employer
Employee Benefits: More than half (54%) of employee respondents are not offered health benefits, such as counselling, health screening, and subsidised gym membership, by their organisation, according to research by PricewaterhouseCoopers (PWC). Read story

Dulas and Imperial College London named 2017’s Top Employers for Working Families
Employee Benefits: Engineering organisation Dulas, Grant Thornton UK, Imperial College London, Lloyds Banking Group, and West Dunbartonshire Council are among the winning organisations at the 2017 Top Employers for Working Families Special Awards. Read story

Charlton Morris launches new physical and financial wellbeing benefits
Employee Benefits: Recruitment organisation Charlton Morris has launched new wellbeing benefits for its 38 Leeds-based employees, including free monthly massages and a free financial advice consultation. Read story

96% are confident they are fully compliant with their auto-enrolment duties
Employee Benefits: More than nine in 10 (96%) employer respondents are confident they are fully compliant with their ongoing auto-enrolment duties, according to research by The Pensions Regulator (TPR). Read story

Snowdon: Pilot dashboard could build more confidence in project
Professional Pensions: The industry should consider the creation of a pilot dashboard to test any problems before the real one goes live in 2019 says Margaret Snowdon. Read story

Default funds fail to meet regulatory guidance on disclosure, says research
Professional Pensions: Almost 40% of defined contribution (DC) providers are failing to provide members with necessary information to make informed decisions about retirement, according to a survey by Cardano. Read story

Pensions Regulator chief pockets £220k pay packet
Money Marketing: During 2016/17 TPR issued fixed penalty notices and escalating penalty notices totalling £12.6m. Read story

Govt review puts National Insurance reform back on table
Money Marketing: Taylor reviews recommends harmonising tax treatment of employed and self-employed in wake of Govt NICs U-turn. Read story

Waltham Forest Council gains living wage accreditation
Employee Benefits: Waltham Forest Council has been accredited as a living wage employer by the Living Wage Foundation. Read story

School teachers in England and Wales to receive up to 2% pay rise
Employee Benefits: School teachers across England and Wales are to receive a pay rise of up to 2% from September 2017. Read story

UK Power Networks launches wellbeing programme supported by Olympic athletes
Employee Benefits: Electricity distribution organisation UK Power Networks has introduced a wellbeing programme for its 5,700 staff, which features Olympic athletes talking to employees about their physical and mental resilience. Read story

TPR's determinations panel exercised 42 powers in 2016/17
Professional Pensions: The Pensions Regulator's (TPR) determinations panel has seen a significant rise in casework, making a record 41 determinations in the last financial year. Read story

NEST signs up 1.6 million members in 2016/17 financial year
Professional Pensions: The National Employment Savings Trust (NEST) added 1.6 million members and signed up 240,000 employers over the past financial year, according to its annual report. Read story

TPR admits to 'serious' data blunder
Professional Pensions: The 2016/17 annual report of The Pension Regulator (TPR) has highlighted the occurrence of one "serious incident" in the past year that resulted in data loss. Read story

PPF 7800 deficit falls 20% over June
Professional Pensions: The aggregate deficit of 5794 schemes in the Pension Protection Fund's (PPF) 7800 Index is estimated to have decreased to £186.2bn by the end of June. Read story

FCA retirement outcomes review: Half of pots accessed fully withdrawn
Professional Pensions: More than half of retirement pots accessed under pension freedom rules have been fully withdrawn, the Financial Conduct Authority confirmed in its interim retirement outcomes review. Read story

Landmark Supreme Court ruling extends same-sex survivor benefits to pre-2005 accrual
Professional Pensions: The Supreme Court has ruled an exemption in the Equality Act, which allows schemes to exclude same-sex partners from spousal benefits accrued before December 2005, is discriminatory and breaches EU equality laws. Read story

Davy attacks Opperman’s ‘backward’ £25k consumer detriment move
Corporate Adviser: SimplyBiz chairman Ken Davy has slammed pension minister Guy Opperman for a ‘backward’ announcement that guaranteed annuity rate (GAR) holders with sub-£30,000 pots will no longer need advice. Read story

Nic Cicutti: Why the Govt has got it wrong on pension tax relief
Money Marketing: Here is a question for you: is it possible to square two comments, one of which involves ruling out a “fundamental” shake-up of pension tax relief, while simultaneously stating the Government “will not shy away from the big decisions and where change is need it will be made”? Read story

Business community reacts to Taylor Review
HR Magazine: The review's recommendations include the right to request a direct employment contract, reduced tribunal fees and a ‘dependent contractor’ category of worker. Read story

Working parents left in the dark about parental leave
Reward Guide: With summer holidays looming ever closer, UK working parents are unnecessarily left to worry about childcare cover, says George Martin. Read story

36% believe they would get no support from their employer if diagnosed with cancer
Employee Benefits: More than a third (36%) of respondents believe they would receive no form of support from their employer if they were diagnosed with cancer, according to research by Canada Life Group Insurance. Read story

87% value access to legal advice through their employee benefits package
Employee Benefits: More than three quarters (87%) of respondents value access to legal advice as an employee benefit, according to research by legal services organisation Epoq. Read story

FSCS Sipp claims increase 35%
Money Marketing: The Financial Services Compensation Scheme has seen claims involving bad advice to move retirement savings into risky assets in Sipps increase by more than a third. Read story

Pension law slowly catches up with society on equal rights
Pensions Expert: The Supreme Court has overruled the Equalities Act 2010 in Walker v Innospec, meaning pension schemes can no longer refuse pensions to same-sex spouses for pre-2005 service, but has stopped short of giving equal pension rights to a part-time worker. Read story

A – Z of voluntary benefits: Part two
Reward Guide: Voluntary benefits have changed rapidly over the past 15 years, as benefits that employees would have traditionally bought for themselves are now readily available through their workplaces. Kimberley Dondo reports. Read story

Disposable income is on the decline
Reward Guide: George Martin reports on the drop in disposable income for UK households and the effects this will have. Read story

Price more important than brand for robo customers
Corporate Adviser: Prince and ease of use are more important than brand for UK investors choosing a robo-adviser, a global survey of attitudes to digital advice has found. Read story

Why recognition should sit with engagement
HR Magazine: Sitting recognition with the engagement team ensures that schemes are truly embedded and align with wider engagement plans. Read story

The power of walking in the workplace
HR Magazine: There are numerous ways walking is beneficial for both the employer and the employee. Read story

IR35 could be extended into private sector ‘as early as spring 2018’
People Management: Expansion would be complete disaster for contractors, businesses and Brexit, warn recruiters. Read story

Are attendance bonuses legal?
People Management: After an Argos warehouse told agency staff they would lose an 80p per hour uplift on pay if they went off sick before Christmas, Kevin Lau examines the legal pitfalls of attendance incentives. Read story

Kenyan state officers to receive 12.5% pay cut
Employee Benefits: State officers in Kenya’s National Assembly, Senate, and the Executive of the National government will receive a 12.5% pay cut in order to reduce the public sector wage bill. Read story

Total pay falls by 0.7% in real terms
Employee Benefits: Total pay for employees in Great Britain, including bonuses, fell by 0.7% in real terms between March-May 2016 and March-May 2017, according to research by the Office for National Statistics (ONS). Read story

Poll: 23% cite staff demand as reason to offer driverless vehicles as company cars
Employee Benefits: Less than a quarter (23%) of employer respondents cite employee demand as a factor that would influence their decision to include driverless vehicles in company car schemes. Read story

HS2 and PageGroup recognised for equality and inclusion
Employee Benefits: Railway organisation HS2 and recruitment business PageGroup (pictured) were among the organisations recognised for inclusive and equal workplace practices at the Employers Network for Equality and Inclusion (ENEI) Awards 2017. Read story

FCA: We must get decumulation market into better shape as DC grows
Professional Pensions: The Financial Conduct Authority's (FCA) competition director says the drawdown market must innovate and is worried that distrust of pensions is causing people to fully withdraw. Read story

DWP to launch DB white paper today; to give TPR 'more proactive' powers
Professional Pensions: The Department for Work and Pensions (DWP) will publish a white paper on the future of defined benefit (DB) schemes today, which will cover consolidation and extra powers for the regulator. Read story

Rangers case means EBT users ‘should settle right away’
Corporate Adviser: Employers and beneficiaries of employee benefit trusts can expect to be pursued for tax by HMRC following last week’s court victory over Rangers FC, and should settle immediately, says a leading accountancy firm. Read story

53% of pension pots accessed under the pension freedoms have been fully withdrawn
Employee Benefits: More than half (53%) of pension pots that have been accessed through the pension freedoms since their introduction in April 2015 have been fully withdrawn, according to research by the Financial Conduct Authority (FCA). Read story

Govt reinstates controversial MPAA cut from April 2017
Professional Pensions: The reduction in the Money Purchase Annual Allowance (MPAA) from £10,000 to £4,000 per year will apply retrospectively from April 2017, after the Treasury confirmed plans to reintroduce tax relief cuts from that date. Read story