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10 Mar 2017
by Rebecca Patton

At a glance: reward and benefits headlines this week 3-9 March 2017

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 3-9 March.

D121-1489081235_2016presslogosMAIN.jpg Charges not a top 10 issue for DC savers
Corporate Adviser: ‘Good returns’ are considered the top attribute of DC pensions while charges are not front of mind, a survey of 15,000 members has found. Read story

Advisers slam TPR’s SSAS ban plan
Corporate Adviser: A massive 98 per cent of advisers believe that SSASs should not be banned, as proposed by The Pensions Regulator, but subject to tighter controls instead, according to a poll carried out by Sipp and SSAS provider Dentons Pension Management. Read story

Zero-hours contracts reach record levels
People Management: Nearly one million now in place, but think tank finds growth has slowed significantly because of negative publicity. Read story

TPR 'being bolder' and 'testing powers' to be more proactive
Professional Pensions: The Pensions Regulator (TPR) has said it will take a more interventionist approach and take advantage of rarely-used powers to prevent problems as early as possible. Read story

Understand the human value of the workforce as artificial intelligence advances
Employee Benefits: HR and benefits professionals should understand the human value of their work and that of employees as technology such as artificial intelligence (AI) and automation advances. Read story

Engaged employees are critical to business growth
Employee Benefits: Organisations need to create a working environment that engages employees in order for the business to grow. Read story

Group risk hit by new tax and NI charges
Corporate Adviser: New tax and National Insurance charges will be levied on group income protection (GIP) and excepted group life insurance (EGLP) offered through flexible benefit arrangements run through salary sacrifice, the Government has confirmed. Read story

Robert Cochran: Unlocking the secondary auto-enrolment market
Corporate Adviser: Is a secondary market in auto-enrolment schemes developing? Scottish Widows corporate pensions relationship specialist Robert Cochran believes so, and it is gaining serious momentum. So what is fuelling this increasing market activity? Read story

BAE Systems' Airbus section ready for take-off
Pensions Expert: British defence giant BAE Systems has created a new scheme section for Airbus employees, to increase transparency while giving direct responsibility to the companies involved. Read story

Government to appeal ruling on discrimination
Pensions Expert: The government is set to appeal the employment tribunal’s recent verdict that more than 200 judges suffered discrimination as a result of pension changes. Meanwhile, the Fire Brigades Union is planning to challenge the result of a similar discrimination case, which it lost this year. Read story

Aberdeen Asset Management and Standard Life agree all-share merger
Employee Benefits: Financial services organisations Aberdeen Asset Management and Standard Life have agreed an all-share merger, subject to share holder approval. Read story

51% would like a wellness allowance to support a personal approach to wellbeing
Employee Benefits: More than half (51%) of employee respondents would like to have access to a wellness pot or allowance to support a personal approach to staying mentally and physically well, according to research by Thomsons Online Benefits. Read story

International Medical Group acquires ALC Health
Employee Benefits: Global medical insurance and assistance services provider International Medical Group (IMG) has acquired UK-based international medical insurance organisation ALC Health. Read story

Perks of the job – what’s changing?
Reward Guide: A number of key changes to saving schemes and allowances are due to come in that employers and employees should be aware of. Read story

Annual allowance cut leads to 79% rise in breaches
Professional Pensions: The reduction of the annual allowance in 2014 has caused a significant rise in the number of people breaching the limit. Read story

‘Smart electricity meter’ for corporate healthcare market launched
Corporate Adviser: WPA is launching a new data analytics service for employee benefits consultants and employers to be able to model future cost projections for different benefit structures. Read story

Financial health as important as physical health say workers
Corporate Adviser: A majority of UK workers think their financial health is as important as their physical health, with 58 per cent thinking financial and physical health are equally important, new research has found. Read story

Metro Bank engages employees with business growth through share options
Employee Benefits: Still a fairly recent addition to the high street, Metro Bank opened its first branch in 2010 and was one of the first high-street banks to open in the UK for over 100 years. Read story

One in eight small firms missing AE staging date
Professional Pensions: Almost half (43%) of small businesses are leaving it until the last minute to comply with their auto-enrolment (AE) duties, according to new data. Read story

Opinion: Five dimensions for successful flexible working
People Management: Yvonne Sonsino and Jane Wheeler explain how managers can draw up arrangements that benefit both the business and the employee. Read story

PLSA calls for DB consolidation into single-sponsor ‘superfunds'
Professional Pensions: The Pensions and Lifetime Savings Association (PLSA) has advocated a "full merger" of defined benefit (DB) schemes which splits employers from their burgeoning obligations. Read story

British Land enhances shared parental pay
Employee Benefits: Real estate organisation British Land has introduced enhanced shared parental pay for its employees. Read story

Dance organisation Rambert gains living wage accreditation
Employee Benefits: Professional dance organisation Rambert has been accredited as a living wage employer by the Living Wage Foundation. Read story

65% of benefits professionals do not receive a car or car allowance
Employee Benefits: Almost two-thirds (65%) of HR and benefits professional respondents do not receive a car or car allowance as part of their benefits package, either as a business or perk driver, according to research by Employee Benefits. Read story

Retrospective MPAA hit for 1/2 million confirmed
Corporate Adviser: The Treasury has confirmed that the Money Purchase Annual Allowance (MPAA) will reduce to £4,000, from April 2017 and will be applied retrospectively to the more than 500,000 people who have accessed pension freedoms since April 2015. Read story

HM Treasury reports £1.7bn windfall as pension flexibilities raising more cash than expected
Professional Pensions: The government has said pensions flexibilities have raised £1.7bn more than expected so far as individuals are withdrawing more cash than previously thought. Read story

Master trust tax registration to align with authorisation
Professional Pensions: Master trusts will face a new tax registration process aimed at boosting savers' protection and aligning it with the incoming authorisation process. Read story

Treasury aligns tax regime for foreign and UK schemes
Professional Pensions: The government has confirmed in today's Budget that it will align the tax treatment of foreign and domestic schemes. Read story

T-Levels and taxes on self-employed
Personnel Today: Philip Hammond used today’s Spring Budget to launch a series of measures aimed at boosting technical skills and productivity and raising tax contributions from workers who are self-employed or who operate through limited companies. Read story

Govt hammers Qrops market with 25% tax charge
Money Marketing: Qrops transfers will be hit with a 25 per cent tax charge unless they are made within the European Economic Area or the Qrops is provided by the individual’s employer. Read story

Tax-free childcare to be rolled out from April 2017
Employee Benefits: The government’s tax-free childcare scheme will be rolled out from April 2017. Read story

Government to call for evidence on taxation of benefits in kind
Employee Benefits: The government is to publish a call for evidence on exemptions and valuation methodology for the income tax and employer national insurance contribution (NIC) treatment of benefits in kind. Read story

Master trust tax registration process to be aligned to regulator’s regime
Employee Benefits: The tax registration process for master trust pension schemes will be amended to align with the Pensions Regulator’s (TPR) authorisation and supervision regime. Read story

Government to publish call for evidence on employee expenses
Employee Benefits: The government is to publish a call for evidence to better understand the use of income tax relief for employees’ expenses. Read story

Government to monitor national insurance employment allowance
Employee Benefits: The government has announced that national insurance (NI) employment allowance is being actively monitored by HM Revenue and Customs (HMRC). Read story

Government to invest in developing batteries for electric vehicles
Employee Benefits: The government will invest in the development, design and manufacture of batteries to power the next generation of electric vehicles. Read story

31% feel their employer is more interested in their physical than financial health
Employee Benefits: Around a third (31%) of respondents believe their employer takes a greater interest in their physical health than their financial health, according to research by Wealth Wizards. Read story

49% do not receive eyecare benefits from their employer
Employee Benefits: Just under half (49%) of employee respondents state they do not receive any eyecare benefits from their employer, according to research by Specsavers Corporate Eyecare. Read story

Government to consult on accommodation benefits
Employee Benefits: The government is to consult on proposals to bring the tax treatment of employer-provided accommodation, board and lodgings up to date. Read story

Carillion Working Mums Network gives carers a community and voice
Employee Benefits: Multinational facilities management and construction services organisation Carillion launched its Working Mums Network as an affinity group in November 2012, to create a vocal community for working mothers in the business’s UK branch as part of a wider diversity and inclusion strategy. Read story

Kirstie Axtens: True flexibility is essential for carers’ work-life balance
Employee Benefits: Working Families published the 2017 Modern Families Index in January. This found that one in five parents and carers who are working full time are putting in five extra weeks a year, the equivalent of their annual holiday allowance, in unpaid work. They are stressed and burnt out. Read story

Mixed reaction to £5m budget pledge for returnships
People Management: While some back initiative as a ‘win’ for business, others criticise ‘modest sum’ and say more needs to be done to change workplace cultures. Read story

Opinion: Alastair Campbell
Reward Guide: Tony Blair’s former right-hand man talks to Jack Jones about mental wellbeing. Read story

Industry must change mind-set on DB consolidation
Professional Pensions: The industry must change its mind-set that consolidation of defined benefit (DB) funds is too difficult, according to DB Taskforce chairman Ashok Gupta. Read story

Cineworld enters buyout with Aviva
Professional Pensions: Cineworld has revealed it completed a buyout for its defined benefit (DB) pension scheme with Aviva Annuity UK last December at a cost of £4.8m. Read story

Danone launches global parental policy
Employee Benefits: Global food organisation Danone has launched a new global parental policy, including 18 weeks of fully-paid leave for primary caregivers and pre-and post-natal support initiatives. Read story

How the Spring Budget 2017 will affect employee benefits
Employee Benefits: On 8 March 2017, Chancellor Philip Hammond delivered his Spring Budget 2017 speech. Read story

Tata Steel UK to close defined benefit pension scheme to future accrual
Employee Benefits: Tata Steel UK has confirmed that it will close its defined benefit (DB) pension scheme to future accrual. Read story