At a glance: reward and benefits headlines this week 28 February – 5 March 2020
The headlines you might have missed between 28 February – 5 March 2020.
No industry consensus on scrapping high-rate tax relief
Professional Pensions: There was no industry consensus on the benefits and negatives of scrapping high-rate tax relief from this week’s 115 Pension Buzz peers in split results. Read story
Chancellor should simplify 'hideously complex' pensions tax relief system
Professional Pensions: Lane Clark & Peacock (LCP) has suggested the chancellor should take advantage of a large parliamentary majority to introduce a fundamental reform to pensions tax relief to raise significant sums. Read story
Don’t wait for ethnicity pay legislation to start gathering data, firms urged
People Management: Business body warns employers must consider reporting challenges now, such as staff worried about the risk of discrimination. Read story
Almost three-quarters of UK employees do not receive healthcare benefits
Employee Benefits: Almost three quarters (72%) of UK employees do not receive any support, guidance, or benefits from their employer to help manage their daily health, according to research by Simplyheath. Read story
University of Bristol and University College Union reach deal to tackle gender pay gap
Employee Benefits: Plans have been set out to tackle the gender pay gap in an agreement between the University and College Union (UCU) and the University of Bristol. Read story
Northern Ireland nurses accept proposals to restore pay parity with England
Employee Benefits: Nurses working within health and social care (HSC) organisations in Northern Ireland, and who are members of professional body and trade union Royal College of Nursing (RCN), have accepted new government proposals on pay and safe staffing. Read story
Average worker does nearly £7,000 worth of unpaid overtime a year
Workplace Insight: UK employers claimed £35 billion of free labour last year because of workers doing unpaid overtime, according to an analysis of official statistics published today by the TUC. Read story
Employees say life insurance is one of their top three most valued benefits
Employer News: A study by Swiss Re Group Watch report has showed that life insurance is amongst the top 3 most valued of all employee benefits, followed by health insurance and employee discounts. Read story
Rolls Royce DB deficit falls by £849m
Pensions Age: The Rolls Royce defined benefit (DB) pension scheme deficit has fallen by £849m to £208m, the group's financial report has shown. Read story
TPR to assess protection of DB superfund savers
Pensions Age: The Pensions Regulator (TPR) has committed to assessing how savers transferring into defined benefit (DB) superfunds are protected. Read story
What are the true benefits of engaged employees?
HR Review: The 15th Annual Employee Engagement Summit 2020 will be taking place on the 04/03/20 at the Hilton Hotel Canary Wharf, and will provide an understanding of the latest research, data and thought leadership on successfully engaging employees in the workplace. Read story
Ministers 'should not rush' to raise pension access age beyond 55
Professional Pensions: Lane Clark & Peacock partner Steve Webb has urged ministers not to rush raising the pension access age amid growing speculation of a Budget announcement to accelerate the current timetable. Read story
Unions call for sick pay for outsourced workers in suspected coronavirus cases
People Management: Hospital cleaning and catering staff face ‘awful choice’ between losing wages and risking infecting others, says GMB. Read story
Waterstones employees to be given 6.2% pay rise in April
Employee Benefits: Waterstones employees will be given a 6.2% pay rise from 1st of April following on from a successful year for the book retailer. Read story
Kyocera commits to workplace mental health through new training course
Employee Benefits: Kyocera Document Solutions UK has committed to improving workplace mental health by participating in mental health first aid (MHFA) courses. Read story
Levi Strauss and Co offers new paid family leave benefit
Employee Benefits: Levi Strauss and Co has announced a new paid family leave benefit for all U.S corporate and benefits-eligible retail employees. Read story
London and NYC mayors urge pension scheme fossil fuel divestment
Pensions Age: London mayor Sadiq Khan and New York City mayor Bill de Blasio have urged the mayors of other major cities to follow their lead and divest their cities’ pension schemes from fossil fuel assets. Read story
Time is money: working hours and salary the main career-change considerations
HR News: In line with National Careers Week (w/c 2nd March), The Oxford Open Learning Trust has explored the major motivations behind people looking for a career change. Read story
PM to back remote working to curb spread of coronavirus
HR Review: Boris Johnson, Prime Minister of the UK is to advise millions of people to work from home in an attempt to stop the spread of coronavirus or COVID-19. Read story
TPR launches consultation on new DB funding code
Corporate Adviser: The Pensions Regulator has published a consultation on its proposals to revise the defined benefit funding code. Read story
DB scheme deficits grow by £100bn due to coronavirus impact
Professional Pensions: The impact of coronavirus has added £100bn to defined benefit (DB) schemes in just one week, according to Hymans Robertson. Read story
TPR opens 'robust and lengthy debate' on future of DB funding
Professional Pensions: The Pensions Regulator (TPR) has set out plans for twin-track defined benefit (DB) funding rules mixing clearer regulatory expectations with scheme-specific flexibility. Read story
Fraud costs pensions £6bn every year
Pensions Expert: Almost a decade after a wave of pension liberation tax schemes hit the UK retirement sector, fraudulent activity is still having a detrimental impact on savers – costing schemes £6bn every year, according to the latest analysis. Read story
Coronavirus could mean a fifth of the workforce is off sick, government warns
People Management: Newly published action plan says employers could be told to encourage working from home if outbreak worsens. Read story
Oxford City Council reports 10.2% mean gender pay gap
Employee Benefits: Oxford City Council has reported a 10.2% mean gender pay gap for fixed hourly pay, as at 31 March 2019. Read story
South Western Railway agrees 2.6% pay increase
Employee Benefits: South Western Railway has agreed a 2.6 increase basic pay and regional allowances, following negotiations with trade union the Transport Salaried Staffs’ Association (TSSA). Read story
Five million employees worked unpaid overtime in 2019
Employee Benefits: More than five million people work unpaid overtime each year, according to analysis of official statistics by the Trades Union Congress (TUC). Read story
How can employers introduce and manage a flexible benefits scheme?
Employer News: XpertHR provides guidance on ‘How to Introduce and Manage a Flexible Benefits Scheme’ for companies looking to offer a flexible benefits programme this year. Read story
Six million missing out on workplace pensions
Corporate Adviser: Figures show 6.3m employees are still without a workplace pension, despite the fact that the proportion of workers saving for retirement has hit an all-time high. Read story
DWP disappoints with 'unfortunate' decision to hike general levy by 10%
Professional Pensions: The Department for Work and Pensions (DWP) says it will press ahead with a 10% increase to the general levy from 1 April, despite a severe industry backlash to a consultation on the issue. Read story
Fujitsu moves DC scheme members to LifeSight master trust
Professional Pensions: Fujitsu Pension Scheme has moved its defined contribution (DC) members into Willis Towers Watson’s LifeSight master trust, passing on full responsibility for the management of its members’ pension provisions. Read story
Self-isolation: do employers need to pay statutory sick pay?
People Management: The government has announced SSP will apply from the first day of absence, but firms still need clarification around their responsibilities. Read story
Government publishes review of implementation of IR35 off-payroll rules
Employee Benefits: The government has published the results of its review into the implementation of the changes to the IR35 off-payroll working rules. Read story
A third of UK employees feel appreciated by managers at work
Employee Benefits: More than a third (36%) of UK employees say they feel appreciated by their managers at work on an ongoing basis. This places the UK above several European countries, according to research by SD Worx. Read story
Pay gap sees the average female employee work for free for two months per year
Employee Benefits: The average female employee works for free for the equivalent of two months per year due to the UK’s gender pay gap, according to analysis from the Trades Union Congress (TUC). Read story
Association of Accounting Technicians reduces gender pay gap from 13.7% to 4%
Employee Benefits: The Association of Accounting Technicians (AAT) has reduced its gender pay gap from 13.7% to 4% since 2018. Read story
Twitter & Google instruct staff to work from home
HR Grapevine: Over the last few weeks, several organisations have adjusted working arrangements to contain the spread of the Coronavirus. Read story
Auto-enrol founder pushes for carer top up for women
Money Marketing: One of the founders of auto-enrolment has urged the government to reform auto-enrolment to benefit lower paid women. Read story
Occupational DC scheme membership overtakes DB for first time
Pensions Age: Occupational defined contribution (DC) scheme membership has overtaken defined benefit (DB) participation for the first time. Read story
Almost half of UK workers would swap jobs because of an unpleasant workspace
HR News: Almost half of employees in the UK would be willing to leave their job because of an unappealing office, according to a new survey of almost 1,000 UK office workers to find out UK employees’ opinion on their current and preferred workspaces. Read story
Government tax rules mean employers cut private health cover
HR Magazine: A tax on health insurance that caused employers to ‘push’ thousands of private patients back onto the NHS is reportedly costing taxpayers more than £1 billion a decade in additional resources. Read story
Workers now entitled to SSP from day one
HR Review: Boris Johnson, Prime Minister of the UK has announced that employees will be entitled to Statutory Sick Pay (SSP) from day one instead of the fourth day off due to the spread of coronavirus or COVID-19. Read story
IFS: widespread confusion about pension options
Corporate Adviser: Many employees still feel confused about pensions and only just over half think their workplace pension will provide an adequate standard of living in retirement, according to new research. Read story
ACA calls on chancellor to commit to 'full-scale' review of pensions taxation in Budget
Professional Pensions: The Association of Consulting Actuaries (ACA) has urged the chancellor to commit to a "full-scale, careful review" of the pension taxation regime in the Budget on 11 March. Read story
Only two-fifths of employers have a multi-year gender equality strategy
Employee Benefits: Although 81% of organisation say improving diversity and inclusion is high on their agenda, only around two-fifths (42%) have documented a multi-year strategy for achieving gender equality, according to research by Mercer. Read story
John Lewis Partnership employees receive 2% profit-sharing bonus
Employee Benefits: Retail organisation John Lewis Partnership is awarding a 2% bonus to its 83,000 employees, as a result of its 2019/2020 profits. Read story
Govt to 'smooth the transition' from UC to state pension benefits
Pensions Age: The government has announced that it is amending regulations to “smooth the transition” from universal credit (UC) to state pension benefits. Read story
Flybe pension scheme members not entitled to PPF protection
Pensions Age: Flybe pension scheme members will not be entitled to compensation from the Pension Protection Fund (PPF), following the airline’s collapse this morning (5 March). Read story
Making parking a perk
HR News: When you are in the business of attracting the best talent, you need to use all the enticements available to you. Although space in the car park might not seem like much of a big deal, you would be surprised at how much it can become a badge of honour. The spaces closest to the company door can become a symbol of the status of the employee. Read story
Higher education has greater salary impact for men
HR Magazine: Men gain more financially from higher education qualifications than women, The Institute for Fiscal Studies’ research has found. Read story