At a glance: reward and benefits headlines this week 17-23 February 2017
The headlines you might have missed between 17-23 February 2017
ABI: £30 NI GIP break would save Govt £220m
Corporate Adviser: A £30 per employee flat rate reduction in National Insurance could see a further 1.5m UK workers covered by group income protection and save the Government £220m over 5 years, says the ABI. Read story
Publish pay ratios and put workers on RemCos, says CIPD
HR Magazine: The CIPD and High Pay Centre have made several recommendations to the government around executive pay. Read story
20 years of pensions law: The cases which changed the sector
Professional Pensions: Pension schemes have been forced to rethink and reshape by the courts over the last 20 years. James Phillips looks back at the most impactful cases. Read story
Coats nears end of three-year saga; TPR to drop action soon
Professional Pensions: The Pensions Regulator (TPR) has given Coats Group written assurances that action over two of its defined benefit (DB) schemes will be dropped once settlement is complete. Read story
Argos to provide back pay to 37,000 employees
Employee Benefits: Retail organisation Argos is to provide back pay to 37,000 current and former store employees after they were found to have been paid below the statutory national living wage rate prior to December 2016. Read story
Paul Avis: Why massive state benefit cuts make group risk more valuable than ever
Corporate Adviser: A series of deep cuts in state benefits mean the need for group risk products has never been greater, says Canada Life Group Insurance marketing director Paul Avis. Read story
DWP sets out major occupational pension consultation
Corporate Adviser: The DWP has launched a consultation paper on occupational pensions that will consider cuts to inflation proofing, how final salary schemes are valued and what investment strategies they follow and greater responsibilities for pension scheme trustees. Read story
Henderson agrees recovery plan after funding fall
Pensions Expert: Investment manager Henderson Group has agreed a recovery plan with its trustees after its defined benefit scheme fell out of surplus at the latest triennial valuation. Read story
TSB channels inspiring leadership to engage employees
Employee Benefits: TSB has built its employee engagement strategy on the values of directness, honesty and authenticity. Hari Miller, head of internal communications and community engagement, works closely with Paul Pester, TSB’s chief executive, to keep employees informed and engaged with the organisation. Read story
Govt looks to cut benefits on DB pensions
Money Marketing: The Government is to announce plans to change the way defined benefit pension payments are indexed, leading to less generous income payments for members. Read story
95% of benefits professionals belong to a workplace pension scheme
Employee Benefits: Almost all (95%) HR and benefits professionals belong to a pension scheme provided by their employer, according to research by Employee Benefits. Read story
47% cite pay and remuneration as their biggest motivator at work
Employee Benefits: Almost half (47%) of European respondents cite pay and remuneration as their biggest motivator at work, according to research by HR management software and services organisation ADP. Read story
Govt fires starting gun on future of DB pensions
Money Marketing: The Government has set out a range of radical proposals to ensure defined benefit schemes are more sustainable in future. Read story
DWP's green paper: Indexation could be suspended for underfunded schemes
Professional Pensions: There could be a case to suspend indexation for schemes which are underfunded and where sponsors are in stress, the government has said. Read story
Providing LISA could be a great addition to the benefits package
Reward Guide: Jonathan Watts-Lay, director, WEALTH at work, explores what the LISA can do for employees. Read story
Less than 10 per cent of employees feel comfortable disclosing mental health problems
People Management: Fewer than 1 in 10 employees feel comfortable talking to their managers about mental health problems – though the overwhelming majority of employers think there is no such barrier. Read story
Open plan offices and sedentary work damaging health
Corporate Adviser: Staff in open plan offices are most likely to have poor health habits linked to cancer risk, with smoking, alcohol consumption, weight gain and a lack of exercise all linked to workplace environmental factors, new research suggests. Read story
PCA Predict engages staff through a tailored approach to benefits
Employee Benefits: Employee engagement is an important focus for Worcester-based technology firm PCA Predict, and one way it is looking to achieve this is through the use and delivery of employee benefits. Read story
'Greenest of green papers' explores DB sustainability options but lacks urgency
Pensions Expert: A wide-ranging government green paper is exploring a number of possible changes to improve the sustainability of defined benefit schemes, but although experts welcomed the variety of issues discussed, some noted a lack of urgency. Read story
Gender pay gap will remain if government fails to address structural issues, warn MPs
HR Magazine: The Women and Equalities Committee has warned that the government is not effectively tackling the structural causes of the gender pay gap. Read story
Removal of childcare vouchers could undermine employee engagement
HR Magazine: The Tax-Free Childcare scheme could prevent employers talking to staff about childcare needs. Read story
42% overeat or eat unhealthily because of workplace stress
Employee Benefits: More than four in 10 (42%) employee respondents overeat or eat unhealthy foods because of workplace stress, according to research by Canada Life Group Insurance. Read story
Berkshire pension fund to take 20% stake in Gresham House
Professional Pensions: The Royal County of Berkshire Pension Fund is set to take a 20% shareholding worth £8.2m in Gresham House alongside plans to invest in the asset manager's new alternative investment fund. Read story
Companies could offer less generous pensions under government proposals
People Management: Shift away from retail price index could cost average employee £20,000, say experts. Read story
Altmann: Brexit White Paper would breach TCF
Corporate Adviser: The White Paper for the triggering of Article 50 is so light on detail as to the potential economic downside of Brexit that it would fail the FCA’s Treating Customers Fairly test, Baroness Altmann has told the House of Lords. Read story
31pc would save more in ‘social pension’
Corporate Adviser: More than three in 10 DC scheme members say would save more if they had a pension offering positive impact on society as well as a financial return, research by ComRes has found. Read story
Steve Lewis: Probability-based or safety-first? The retirement income conundrum
Corporate Adviser: A probability-based approach to retirement income still has its place, but pension freedoms mean a safety-first model is more important than ever says LV= head of sales and market Steve Lewis. Read story
Political uncertainty main challenge facing employers
HR Magazine: According to the REC, employers are concerned about political uncertainty and skills shortages. Read story
Haseltine Lake launches global wellbeing activity programme
Employee Benefits: European intellectual property firm Haseltine Lake has launched a year-long global health and wellbeing programme for its 144 employees. Read story
4% feel they can talk to their manager about depression
Employee Benefits: Less than one in 20 (4%) of employee respondents who experience depression feel they can speak to their manager about it, according to research by Legal and General. Read story
73% experience musculoskeletal problems
Employee Benefits: Almost three-quarters (73%) of employee respondents have experienced musculoskeletal problems, such as back, neck and shoulder pain, according to research by Axa PPP Healthcare. Read story
Bereavement and compassionate leave: What’s the right thing to do?
Personnel Today: Facebook has announced that employees can now take up to 20 days of paid leave if an immediate family member dies. Read story
Demand for DB transfer advice to soar this year, says UBS
Professional Pensions: High-net worth savers will increasingly seek advice on transferring their defined benefit (DB) pots over the next 12 months, according to UBS. Read story
Job loyalty denting millennials’ pay and careers, report finds
People Management: Resolution Foundation says drop in earnings for UK workers in their 20s is ‘unprecedented’. Read story
10 unexpected UK firms offering UNLIMITED holiday
HR Grapevine: Firms such as Netflix have been famed for their enviable HR policies, which allow members of staff to take as much holiday as they like. Read story
Spreading the reward love: delivering family-focused benefits
Reward Guide: How can companies look after their employees after the working day has finished? Read story
Express Newspapers agrees to offer pay increase to staff
Employee Benefits: Media organisation Express Newspapers has agreed to offer a pay increase to staff, including a 2% pay rise for employees earning less than £60,000 a year. Read story
Average total remuneration for university vice-chancellors rises to £277,834
Employee Benefits: The average total remuneration package for university vice-chancellors, including salary, benefits, employer pension contributions and bonuses, was £277,834 in 2015-2016, up by 2% from £272,432 in 2014-15, according to research by the University and College Union (UCU). Read story
Deliveroo chief: Directly employed staff would restrict flexibility
HR Magazine: Gig economy bosses defended their business models at a Work and Pensions Select Committee inquiry. Read story
Will salary sacrifice changes hail the end of work perks?
Cover Magazine: When the government announced the proposed changes for salary sacrifice in the Autumn Statement last year, it felt like the end of workplace benefits, writes Jeff Fox. Read story
DB transfers could fall 36pc for ‘stressed’ schemes
Corporate Adviser: The DB Green Paper proposal to allow stressed schemes to reduce or suspend inflation increases could cut transfer values by up to 36 per cent, Xafinity has warned. Read story
How is technology changing approaches to measuring employee engagement?
Employee Benefits: Technology has enabled organisations to conduct engagement surveys on a more frequent basis. Read story
The jury is still out on robo-advice
Pensions Expert: The pensions industry must focus on technology and consumer engagement to keep up with changing demographics and work habits, but opinions are divided over whether robo-advice is the best solution. Read story
We need to learn the lessons of the past 20 years
Professional Pensions: Helen Morrissey looks back on 20 years of Professional Pensions. Read story
Minister defends green paper; says it's 'legitimate' to look at indexation
Professional Pensions: Richard Harrington has said the government has not made up its mind on indexation after it was criticised for trying to raid pensions in its green paper. Read story
Nick Sherry: Mounting pension costs means governments 'will never stop meddling’
Professional Pensions: Western governments will never stop interfering in pensions due to affordability challenges arising from ageing populations, the former Australian pensions minister has warned. Read story
Over 100,000 people with multiple jobs miss out on AE
Professional Pensions: Despite earning above the £10,000 trigger, around 106,000 people with more than one job are excluded from auto-enrolment (AE), according to Citizens Advice. Read story