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At a glance: reward and benefits headlines this week 14-20 February 2020

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 14-20 February 2020. 207A-1581947312_headlinesMAIN.jpg

PIC raises £750m to fund pipeline of risk transfer deals
Professional Pensions: Pension Insurance Corporation (PIC) has raised £750m of new capital from its shareholders to fund a pipeline of new pension risk transfer deals expected to complete in 2020. Read story

Poor health a major cause of low productivity, parliamentary report finds
People Management: Experts urge businesses to provide more support and call for public metrics so investors can avoid firms that negatively impact staff wellbeing. Read story

Police Scotland Highland and Islands Division secures funding to tackle mental health
Employee Benefits: Police Scotland’s Highland and Islands Division has secured funding for a three-year mental health and wellbeing project to benefit its officers and staff. Read story

Chester Race Company launches wellbeing programme for 200 employees
Employee Benefits: Racecourse and hospitality organisation Chester Race Company is working in partnership with British horse-racing workforce welfare charity Racing Welfare to create a wellbeing programme for its 200 employees in 2020. Read story

Trends set to improve people’s working lives examined in new report
Workplace Insight: New research has been published aimed at understanding trends, practices and priority areas for improving employees’ experience and creating better places to work. Read story

5 Reasons To Update Employee Benefits In 2020
Employer News: Many companies have had the same benefits structure in place since they were first formed. Whilst consistency is good in any business, the needs of your staff can change and so can the benefits that they are looking for. If you haven’t taken a closer look at the benefits that your business offers staff recently then it might be time to do this. Read story

Lords regret 'skeletal' dashboard powers in bill
Pensions Age: The House of Lords’ Constitution Committee has said it regretted the inclusion of “such a skeletal provision” of pensions dashboard powers in the Pension Schemes Bill. Read story

Govt to launch consultation following McCloud case
Pensions Age: The government plans to launch a consultation on addressing age discrimination identified in the McCloud court case while ensuring members keep all their benefits. Read story

Uncovering why people are off sick can help companies reduce stress in the workplace
HR News: New research from employment law firm, GQ Littler[i] suggests the number of ‘fit notes’ issued by doctors saying someone is not fit to work due stress-related disorders, increased by 8% last year. Read story

Trustees: Get shipshape or be the pension industry's joke
Professional Pensions: A lost tourist asks a local for directions and gets the reply: “Well, if I were you, I wouldn’t start from here. Read story

TJ Morris awards 900 warehouse staff 15% pay rise
Employee Benefits: Warehouse staff working at retail organisation TJ Morris, which operates as Home Bargains, have voted to accept a 15% pay deal. Read story

A quarter of employees have taken holiday to deal with excessive workplace stress
Employee Benefits: A quarter (26%) of employees have taken paid time off or holiday leave to deal with excessive stress caused by work, according to research by Dolan Contractor Group. Read story

More than a quarter of Bupa employees enroll in flexible pay benefit
Employee Benefits: As of early February 2020, more than a quarter (27%) of employees at healthcare organisation Bupa had enrolled in the employer’s flexible pay benefit. Read story

UUK launches 'fresh consultation' on USS dispute
Pensions Age: Universities UK (UUK) has launched a fresh consultation amongst employers on whether increases to USS pension contributions should be covered amid ongoing disputes with University and College Union (UCU). Read story

Is flexible working a solution to the climate crisis?
HR Review: As flexible workspaces are increasingly being located outside of major cities and are situated more locally to employees, staff are cutting down on their commutes and helping with the fight against climate change. Read story

Trust and contract schemes ‘planning switch to master trust’ – Aon research
Corporate Adviser: One in three single-employer trusts and one in five contract-based schemes expect to move into a master trust within the next five years, according to a survey conducted by Aon. Read story

Budget confirmed for 11 March after Javid's departure
Professional Pensions: Chancellor of the Exchequer Rishi Sunak has confirmed the government will go ahead with its Budget on 11 March, despite Sajid Javid’s resignation. Read story

Unsuitable DB transfers could result in £20bn in losses
Professional Pensions: The Financial Conduct Authority (FCA) revealed unsuitable transfers out of defined benefit (DB) schemes could result in collective losses of up to £20bn worth of guarantees over five years. Read story

Treasury considers cuts to 'perverse' higher-rate pensions tax relief
Professional Pensions: High earners could face significant cuts to pension tax relief in the upcoming Budget under new Treasury plans to rein in the “perverse” system, according to reports. Read story

Unions challenge govt delay to public scheme valuations
Pensions Expert: Two trade unions are seeking permission to launch a judicial review of the government’s decision to delay benefit top-ups due to members under the cost floor arrangement in public sector pension schemes. Read story

Average weekly pay increased by 1.8% in 2019
Employee Benefits: Between December 2018 and December 2019, real regular weekly pay, excluding bonuses and adjusted for inflation, increased by 1.8%, according to the Office for National Statistics (ONS). Read story

TPR announces new measures to improve standards of trusteeship and protect savers
Employee Benefits: In its response to its Future of Trusteeship and Governance consultation, The Pensions Regulator (TPR) has announced that it will be taking new measures to protect pension savers and improve member outcomes. Read story

Former head of Yately Industries for the Disabled jailed for pensions fraud
Employee Benefits: The former head of charity organisation Yately Industries for the Disabled, Patrick McLarry, has been jailed for five years for defrauding its pension scheme. Read story

The importance of personalised flexible benefits
Employer News: Personalised flexible benefits are a new take on employee benefit models, where benefits are tailored to individual employees and their needs. Read story

NHS staff survey reveals little progress in boosting health and wellbeing
Personnel Today: Only three out of 10 (29.3%) NHS staff say their trust takes positive action on health and wellbeing, with many reporting musculoskeletal problems and work-related stress. Read story

'No evidence' of wrongdoing in House of Fraser insolvency - TPR
Pensions Age: The Pensions Regulator (TPR) found “no evidence” of wrongdoing in House of Fraser's insolvency, following its investigation. Read story

How SMEs can support the health and wellbeing of staff, when expanding internationally
Incentive and Motivation: International expansion can present exciting new opportunities for SMEs, with the latest figures showing exports rising by 6.6%, but some businesses are daunted by the prospect – fearing that supporting global staff is too complex. Read story

No visas for low-skilled workers forces businesses to ‘invest in retention’
HR Review: Immigration plans following Brexit, will not allow low-skilled workers to obtain visas which the Government has said will push employers to “move away” from being dependent on “cheap labour” from Europe and “invest more in to retention, productivity, technology and automation.” Read story

Look beyond the perks and reviews to get a clear view of an employer
Workplace Insight: In our recent study, Fractl asked 1,096 people who have left online reviews about their former employers about the nature of their statements. Unsurprisingly, most people are only inclined to leave a review if it’s a negative one: over half leave 1 or 2 stars. Read story

Industry warns of threat to DB schemes from pension tax changes
Corporate Adviser: Concerns have been raised that attempts to restrict higher rate tax relief on pensions could “kill off” remaining DB schemes in the private sector, and create further funding issues for public sector pensions. Read story

Co-op scheme agrees £1bn buy-in with PIC
Professional Pensions: The Co-operative Pension Scheme (Pace) has agreed a £1bn buy-in with Pension Insurance Corporation (PIC), insuring benefits for around 7,000 members. Read story

Chiswick Park launches spring event programme for 10,000 on-site staff
Employee Benefits: Business campus Chiswick Park has announced its Spring in the Park 2020 programme, which will run for the 10,000 employees of organisations based the West-London site. Read story

One in 10 believe their pension scheme investments align with ESG best practice
Employee Benefits: Less than one in 10 (9%) employers believe that their pension scheme investments align with environmental, social and governance (ESG) factors, according to research by Howden Employee Benefits and Wellbeing. Read story

Shared parental pay claims refused leave to appeal by Supreme Court
Employee Benefits: The Supreme Court has refused leave to appeal in two joint cases, Ali v Capita and Hextall v Chief Constable of Leicestershire Police, concerning claims of discrimination in relation to shared parental leave allowances. Read story

Women trailing behind on retirement readiness – Aegon
Pensions Age: Just 21 per cent of women workers believe they are on course to achieve their retirement income needs, according to an international survey from Aegon. Read story

Consolidation to continue as DC schemes 'struggle to measure up' - Aon
Pensions Age: One in three trust-based, and one in five contract-based DC schemes, expect to move to a master trust in the next five years amid governance and review concerns, new research has revealed. Read story

Large employers take action to curb DB transfers
Corporate Adviser: Large employers are increasingly using third parties to review financial advice given on transfers from defined benefit pensions, according to a report in the Financial Times. Read story

Government publishes guidance on GMP equalisation
Corporate Adviser: The Government has published further guidance on how pension schemes should deal with the equalisation of Guaranteed Minimum Pensions (GMP). Read story

BAE to inject £1bn into restructured pension scheme
Professional Pensions: BAE Systems will make a one-off payment of £1bn into its pension scheme “in the coming months” to plug a £1.9bn hole. Read story

Enhancing maternity pay but not SPL is not discriminatory, courts confirm
People Management: Experts welcome protection of provisions for new mothers, but note lack of support for shared parental leave ‘undermines families’. Read story

Howden Employee Benefits and Wellbeing signs mental health charter
Employee Benefits: Employee benefits consultancy Howden Employee Benefits and Wellbeing has committed to developing better working practices around mental health and wellbeing by signing up to the Mindful Business Charter. Read story

Staff at 74 universities start 14-day strike over pay, pensions and conditions
Employee Benefits: Staff at 74 UK universities are today (20 February 2020) commencing a programme of strike action that will span 14 days in total, in an ongoing dispute over pensions, pay and working conditions. Read story

Brightstar Financial and Pure Planet named Best small companies for 2020
Employee Benefits: Commercial finance organisation Brightstar Financial, energy business Pure Planet and contact centre Stepchange Outsourcing have been recognised as the top three small businesses to work for in 2020. Read story

More than half of women put off asking for a pay rise
Employer News: Wages have been increasing at a faster rate than inflation since 2018. According to statistics released by the Office of National Statistics, the average weekly income for full-time workers has seen a year-on-year increase of 2.9%, rising from £568 to £585. Read story