At a glance: reward and benefits headlines this week 11-17 May 2018
The headlines you might have missed between 11-17 May.
TPR estimates 100,000 DB transfers in 2017/18
Professional Pensions: Some 100,000 defined benefit (DB) transfers took place in the 2017/18 financial year, according to estimates by The Pensions Regulator (TPR). Read story
Chiswick Park introduces spin classes as part of wellbeing initiative
Employee Benefits: Business campus Chiswick Park Enjoy-Work has introduced a series of eight early morning and lunchtime spin classes, free of charge, as part of its ongoing focus on wellbeing in the workplace. Read story
TPR to take tougher approach on employers that do not take pensions seriously
Employee Benefits: The Pensions Regulator (TPR) has published its corporate plan for 2018 to 2021, in which it has stated its aim to take a tougher approach regarding employers that are not taking pension schemes seriously, as well as introducing a new anti-scams campaign to help savers. Read story
EAT rejects Addison Lee’s appeal in employment status case
Employee Benefits: The Employment Appeal Tribunal (EAT) has dismissed an appeal by taxi and courier organisation Addison Lee regarding employment status, judging that a courier was incorrectly classified as an independent contractor. Read story
Pensions Regulator: We could have done more on British Steel transfers
Money Marketing: The Pensions Regulator admits it could have done more to help British Steel Pension Scheme members understand the consequences of transferring out into defined contribution plans. Read story
Aviva backs DB transfers contingent charging ban
Money Marketing: Aviva UK life chief executive Andy Briggs has put his weight behind calls for a ban on contingent charging for defined benefit pension transfer advice. Read story
Prudential shuts down worksite DC services amid 60% staff cut
Professional Pensions: Prudential is to slash the size of its corporate defined contribution (DC) pensions business as it moves to purely online- and telephone-based services, Professional Pensions can reveal. Read story
Only 15% of manufacturing organisations assess mental health risks
Employee Benefits: Although over 60% of manufacturing organisations carry out a physical risk intervention, less than 15% currently assess risks to mental health, according to research published by Westfield Health and manufacturers’ organisation, EEF, and carried out by the Institute of Employment Studies (IES). Read story
BEIS committee to question employers on gender pay gap
Employee Benefits: The Business, Energy and Industrial Strategy Committee is to question organisations on what actions they are taking to address the gender pay gap. Read story
TPR plan welcomed, but concerns remain over consistency
Pensions Expert: The industry has welcomed the Pensions Regulator's new corporate plan, which outlines how it plans to become “clearer, quicker and tougher”, but concerns remain over consistency and the watchdog's focus on smaller schemes. Read story
Closing the gender pay gap ‘is not about fixing women’, experts say
People Management: Figures suggest only a third of employees feel comfortable discussing pay data with their manager. Read story
Would flexible access to salaries help financial wellbeing?
Personnel Today: Could giving employees access to their salaries as they earn, rather than making them wait until pay day, be the answer to reducing financial stress? Simon Draper of Hastee Pay explains how instant access to their pay could benefit both employers and employees. Read story
Staff are uncomfortable talking to their boss about stress, study finds
People Management: Further research warns of lack of manager training and problems with management style. Read story
What are the best ways to reward employees?
Incentive and Motivation: The success of an organization depends on the employees it has. Top employees are hard to find and expensive to hire. Organizations are therefore keen on keeping the acquired top talent. Read story
EasyJet pilots engagement strategy for DC members
Pensions Expert: Airline EasyJet has adapted its pension communication approach to cater to the working patterns of pilot and cabin crew employees, by making information clear and easily accessible for members on the move. Read story
War for talent creates wage pressures for employers
HR Magazine: There are signs that wage pressures may be increasing for employers, the CIPD has warned. Read story
Employee Benefits’ Benefits Research 2018
Employee Benefits: The Employee Benefits’ Benefits research 2018 was conducted in March 2018 among readers of employeebenefits.co.uk. It received 172 responses. Read story
37% believe stress-related absence has increased over past year
Employee Benefits: More than one-third (37%) of respondents report that stress-related absence has increased over the past year and only 8% have seen a decrease, according to research by Chartered Institute of Personnel and Development (CIPD) and SimplyHealth. Read story
Luton Airport employees vote for strike action over pay
Employee Benefits: Employees who are members of trade union Unite and are directly employed by London Luton Airport, are planning to undertake strike action from Friday 25 May 2018 to 6.30 am on Wednesday 30 May 2018, in a dispute over pay and zero hour contracts. Read story
National Grid completes £2bn longevity swap
Professional Pensions: The National Grid Electricity Group has completed an intermediated longevity swap with Zurich for the Electricity Supply Pension Scheme (ESPS). Read story
Brewery and its chairman admit failing to hand over information to TPR
Professional Pensions: Samuel Smith Old Brewery and its chairman Humphrey Smith have pleaded guilty to neglecting or refusing to provide financial information and documents to The Pensions Regulator for an investigation. Read story
Just a quarter of young adults expect comfortable retirement – CPS retirement policy paper
Corporate Adviser: Barely a quarter of UK adults under age 40 expect to save or invest enough during their working life for a comfortable retirement, with almost half expecting to be poorly off, according to YouGov research published today. Read story
Smart Pension and L&G to develop first default retirement pathway
Pensions Expert: Default retirement pathways could become a feature of the UK pensions system as early as next year, as Smart Pension and Legal & General announce plans to develop a product combining drawdown and annuities. Read story
Employees ‘lack a sound understanding’ of shared parental leave, research suggests
People Management: Experts say HR can play ‘key role’ in increasing awareness and communicating benefits. Read story
Employers ‘should promote physical activity to improve mental health’
Health Insurance Daily: Employers should encourage staff to look after their physical health in order to improve their mental wellbeing, according to intermediary The Health Insurance Group. Read story
Regular pay increased by 0.4% in real terms since March 2017
Employee Benefits: Average regular pay for employees in Great Britain, excluding bonuses, increased by 0.4% in real terms between January to March 2017 and January to March 2018, according to research by the Office for National Statistics (ONS). Read story
National Grid agrees £2bn pension longevity swap
Employee Benefits: Energy organisation National Grid has agreed to an intermediated longevity swap for its Electricity Group’s UK pension scheme, to counteract the cost risks associated with pensioners and future dependent members having longer life expectancies. Read story
Crest Healthcare fined more than £20,000 for pensions non-compliance
Employee Benefits: Crest Healthcare and its managing director have been sentenced to pay more than £20,000 in fines after being found guilty of not complying with auto-enrolment duties, and of providing false information to The Pensions Regulator (TPR) about a workplace pension scheme. Read story
MPs urge 'cultural change' at TPR post-Carillion; extra powers not enough
Professional Pensions: Enhanced powers and a 'clearer, quicker, tougher' stance at the pensions watchdog will have little impact without a "substantial change of culture", two select committees have said in the glare of the Carillion saga. Read story
Gender pay gap less important than other diversity metrics
HR Magazine: Progress in getting women into leadership roles can actually worsen a firm's pay gap in the short term. Read story
Is it time to rethink your rewards strategy?
Incentive and Motivation: James Malia, Director of Employee Benefits at Sodexo Engage, asks how organisations can make incentives work harder for their business. Read story
DB transfer complaints: The calm before the storm?
Money Marketing: Defined benefit transfers continue to drive profits at advice firms, but new figures suggest that more complaints could be in the pipeline across the market. Read story
43% do not know if they can take sick leave for mental health reasons
Employee Benefits: Under half (43%) of respondents do not know whether they are allowed to take sick leave for mental health purposes, according to research by Powwownow. Read story
Marks and Spencer completes £1.4bn pensioner buy-in
Employee Benefits: Retailer Marks and Spencer has completed a £1.4 billion pensioner buy-in transaction for its defined benefit (DB) pension scheme. Read story
Al Jazeera English awards two-year pay deal to London staff
Employee Benefits: International news and current affairs television channel Al Jazeera English has offered its London-based employees a two-year pay deal, including a pay rise of up to 9%. Read story
Mothercare schemes enter PPF assessment as retailer seeks major restructure
Professional Pensions: Struggling children's retailer Mothercare has announced plans to overhaul its store portfolio through a Company Voluntary Arrangement (CVA), by closing 50 shops and negotiating reduced rents. Read story
Address flexible working to tackle gender pay gaps
HR Magazine: Flexible working is a significant issue for organisations seeking to tackle their pay gaps, and some have been more progressive than others. Read story
Employers at pivotal point on wellbeing
HR Magazine: It's an exciting time for wellbeing at work, with employers beginning to make it a priority, according to speakers at a Penguin and Yoke Consultancy event. Read story
Flexible working should be a ‘day one’ right for carers, say MPs
People Management: Politicians warn too many people currently believe ‘caring and work cannot be combined’. Read story
Deliveroo plans to make permanent staff shareholders
Personnel Today: Deliveroo has announced that it will make all permanent staff shareholders, in a move worth around £10m. Read story