At a glance: reward and benefits headlines this week 25-31 May 2018
The headlines you might have missed between 25-31 May.
TPR gives master trusts just one chance for authorisation
Professional Pensions: Master trusts will have just one chance to demonstrate to The Pensions Regulator (TPR) that they should be authorised under the upcoming regime, the watchdog has said. Read story
OTS review challenges 'emergency tax' on pension withdrawals
Professional Pensions: The Office for Tax Simplification has urged HM Revenue & Customs to review the usage of emergency tax codes for lump sum pension withdrawals. Read story
In depth: The rise and rise of the corporate cash plan
Corporate Adviser: Richer benefits, better MI, greater coverage and visibility – advisers are seeing cash plans as more than just a PMI excess management tool. Sam Barrett investigates. Read story
International healthcare: Why protecting overseas workers is a productivity issue
Corporate Adviser: The health and productivity of the growing army of overseas workers is a top priority for companies with a foreign footprint. But the disparate nature of their needs means a flexible approach is needed, says Suzanne Clarkson. Read story
Two in five take a maximum of half their leave
HR Magazine: As many as 40% of employees take a maximum of just half their holiday entitlement, with an average employee taking just 62% of their leave, according to Glassdoor. Read story
Disability pay gap highest since 2013
Personnel Today: Disabled workers earned on average £1.50 less an hour last year that those without a disability, which has pushed the disability pay gap to its highest level since 2013. Read story
TGI Friday’s waiters strike in dispute over tips and minimum wage
Employee Benefits: Waiters at American restaurant chain TGI Friday’s who are members of the trade union Unite are undertaking 24-hour strike action today (Friday 25 May 2018) in a dispute over tip policy and minimum wage non-compliance. Read story
Salesforce UK, Hilton and The Sovini Group named 2018’s UK Best Workplaces
Employee Benefits: Admiral Group, Hilton, Pets at Home, The Sovini Group and Salesforce UK (pictured) are among the organisations that have been named the UK Best Workplaces 2018 by the Great Place to Work Institute. Read story
59% believe flexible working is the most important benefit
Employee Benefits: More than half (59%) of employee respondents believe that flexible working is the most important benefit when looking for a job, according to research by Totaljobs. Read story
Poll: 79% think shared parental leave should be paid the same as enhanced maternity pay
Employee Benefits: More than three-quarters (79%) of respondents think that shared parental leave should be paid at the same rate as enhanced maternity pay. Read story
Quarter of employees value extra holiday over pay-rise
Cover: Half of Generation X and Baby Boomers see health insurance and death in service as major concern compared to a fifth of Generation Z and Millennials. Read story
'Millions' may have misplaced retirement savings
Cover: Just over one in five people with multiple pension pots have lost track of some of their retirement savings, Aegon research finds. Read story
Top tips to increase benefits engagement
Health Insurance Daily: Aon Employee Benefits has created 10 tips to help organisations increase employees’ engagement with their benefits. Read story
Jeremy Hunt vows to close NHS doctors gender pay gap
Personnel Today: Health secretary Jeremy Hunt has launched a review into how NHS doctors are paid in a bid to close the 15% gender pay gap that exists. Read story
Firefighters’ 96-hour shift pattern ‘contrary to’ Working Time Regulations, rules High Court
People Management: Judge finds cost-saving work schedule infringed rights to daily rest breaks. Read story
Does flexible working work for businesses?
Incentive and Motivation: Did you know that 8 million people work part time (30 hours a week or less) and around 4 million usually work from home. On top of this an estimated 8.7 million UK-based full time workers want to work flexibly right now (whether part time or more remotely)? Read story
How to successfully navigate the world of employee rights
HR Magazine: Are your policies on issues like gender pay and harassment up to date? Here are four steps to ensure they are. Read story
Japan offers $356,224 expatriate pay package for middle managers
Employee Benefits: Japan offers the highest expatriate pay package for middle managers of $356,224 (£269,392.62), including a base salary of $82,996 (£62,765.31) and benefits amounting to $125,111 (£94,614.57), according to research by ECA International (ECA). Read story
TPR used enforcement powers 35,862 times to tackle pensions non-compliance in Q1
Employee Benefits: The Pensions Regulator (TPR) used its enforcement powers for pensions auto-enrolment non-compliance 35,862 times between January and March 2018, compared to 28,446 times last quarter, according to research by TPR. Read story
New Zealand government launches taskforce to review Holiday Act
Employee Benefits: The New Zealand government has established a taskforce of employer, employee and government representatives to review the Holidays Act 2003 and ensure it is fit for purpose for modern workplace practices. Read story
Death by discount rate: The fundamental flaws of the accounting approach to pension scheme valuation
Professional Pensions: Controversy over the discount rate used to value defined benefit pension liabilities is nothing new but, as Tim Wilkinson and Frank Curtiss explain, the flaws may be more serious than many realise. Read story
Schemes facing 2018 valuations not on track to wipe out deficits, says TPR
Professional Pensions: Pension funds conducting triennial valuations this year will need to increase deficit recovery contributions (DRCs) to meet their existing recovery plan targets, the regulator has said. Read story
FOS data: Sipps now most complained about pension product
Corporate Adviser: Sipps have overtaken personal pension plans to become the most complained about pension product, with complaints rising 37 per cent year-on-year, the Financial Ombudsman Service (FOS) has confirmed. Read story
Employer told to pay £11,000 for inserting ‘maternity pause’ clause into contract
People Management: Optician was told she had to repay training fees after declining to return from leave. Read story
1 in 4 UK candidates would switch jobs to work remotely
HR Grapevine: As rail chaos continues to affect commuters across the UK, it probably comes as no surprise that many would prefer to be working from the comfort of their homes – and research from Totaljobs suggests giving workers that option could result in a hiring boon. Read story
Carphone Warehouse closes stores as Pret staff get £1000 bonus
Personnel Today: Carphone Warehouse is to close 92 stores after the retailer became the latest to issue a profit warning, amid continuing woes on the high street. The chain’s owner Dixons Carphone, however, said that staff would be redeployed to larger outlets. Read story
EU workers posted abroad to be entitled to local pay rates
Personnel Today: Workers posted to another EU country will be entitled to the same rate of pay and working conditions as their local counterparts, under revised rules that have been adopted by the European Parliament. Read story
Legal services has 'highest incidence' of mental illness
Cover: Of five sectors compared as part of Aon Employee Benefits' ‘Benefit and Trends Survey 2018', law and professional services reported the highest level of employee stress and mental health-related illnesses but lowest budget allocated to workplace health and wellness programmes. Read story
Virgin Atlantic launches online financial education programme
Employee Benefits: Airline organisation Virgin Atlantic has launched an online financial education programme for its 9,500 UK-based staff, including Virgin Holiday employees. Read story
30% do not know the total value of their pensions
Employee Benefits: Less than a third (30%) of employees do not know the total value of their pensions, according to research by retirement, workplace savings and protection solutions provider Aegon. Read story
50% of employers are clear on auto-enrolment requirements
Employee Benefits: Half (50%) of employers are clear on auto-enrolment requirements and which employees are eligible, according to research by maritime pension scheme provider Ensign. Read story
Lesley Titcomb to quit TPR next February
Professional Pensions: Lesley Titcomb is to leave The Pensions Regulator (TPR) at the end of her four-year term as chief executive in February 2019, the watchdog has announced. Read story
Scottish Widows completes its biggest ever buy-in with Littlewoods
Professional Pensions: The trustees of the Littlewoods Pensions Scheme have agreed an £880m pensioner buy-in with Scottish Widows. Read story
Young workers want digital pension information
HR Magazine: Organisations are failing to provide accessible ways for employees to find information about their pensions, PwC has found. Read story
Around 400,000 construction staff to receive two-year pay deal
Employee Benefits: Approximately 400,000 construction employees who operate under the Construction Industry Joint Council (CIJC) agreement will receive a two-year pay deal, effective from Monday 25 June 2018. Read story
'Rogue' pension firms wound up for 'scant regard' to £21m savings
Professional Pensions: The High Court has wound up six pension and finance companies after they were found to have abused millions of pounds of people's savings. Read story
PASA launches mediation service for third-party admin transfers
Professional Pensions: The Pensions Administration Standards Association (PASA) has begun piloting a mediation service to help schemes resolve disputes when changing third-party administrator. Read story
Sipp complaints up 37% amid pension transfer fears
Money Marketing: Sipp complaints have risen by 37 per cent in the last year, according to the latest Financial Ombudsman Service data. Read story