At a glance: reward and benefits headlines this week 4-10 May 2018
The headlines you might have missed between 4-10 May
Savers over-taxed £280m on pensions since freedoms
Money Marketing: According to a newsletter published this week from HMRC, in the first quarter of the year more than £22m had to be repaid to those making flexible withdrawals from their pensions. Read story
Poll: 55% think more employers will offer collective DC pensions after Royal Mail
Employee Benefits: More than half (55%) of respondents think that more employers will follow the example set by postal organisation Royal Mail and implement collective defined contribution (DC) pension schemes. Read story
FTSE 350 defined benefit pension deficit falls to £53bn
Employee Benefits: The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 organisations has decreased by £19 billion, from £72 billion at the end of March 2018 to £53 billion at the end of April 2018, according to research by Mercer. Read story
TPR to appoint enforcement officers to seize assets for pension non-compliance fines
Employee Benefits: The Pensions Regulator (TPR) is to appoint high court enforcement officers (HCEOs) to enforce court orders or their equivalent on employers who have failed or refused to comply with auto-enrolment pension duties. Read story
House of Fraser and TPR discuss scheme's future after restructure plans
Professional Pensions: House of Fraser is in talks with The Pensions Regulator (TPR) around the future funding of its defined benefit (DB) scheme as it seeks to restructure the business. Read story
One in 10 over-55s targeted by pension freedom scammers - Pru
Professional Pensions: Nearly one in 10 over-55s fear they have been targeted by suspected scammers since the launch of the pension freedoms, research by Prudential has found. Read story
SPL discrimination cases: The lowdown
HR Magazine: Two recent parental leave cases have shone the spotlight on what constitutes sex discrimination in relation to paternity pay. Here are some key questions answered. Read story
Asos staff to have choice between pension and Lisa
Pensions Expert: Online clothing retailer Asos has issued a request for proposal for a new flexible employee savings provider, after it decided to let staff choose whether to focus on saving for retirement or shorter-term goals. Read story
Rise of the ‘total rewards’ era with flex benefits most wanted for employees
Incentive and Motivation: Employees and employers prefer variable pay and flexi benefits with salary, according to a new report by human resources firm TeamLease Services. Read story
Extending national living wage to under-25s would push them out of work, says minister
People Management: But MPs claim ‘discriminatory’ lower pay rates have not equalised youth unemployment. Read story
ITM completes management buyout in preparation for growth
Professional Pensions: Independent Transition Management (ITM) has completed a private equity-backed management buyout for an undisclosed sum. Read story
Inchcape introduces tool insurance for vehicle technicians across the UK
Employee Benefits: Automotive retailer Inchcape UK has updated its benefits package to include personal tool insurance for its 1,000 vehicle technicians, working across more than 100 centres around the UK. Read story
Oscar Mayer revamps benefits scheme to offer employer-paid healthcare
Employee Benefits: Food manufacturing organisation Oscar Mayer has revamped its Millie Benefits Scheme, to provide employer-funded healthcare and legal assistance benefits to 2,000 permanent employees across three UK operating sites. Read story
Think tank moots flat-rate pension tax relief
Money Marketing: The government should set pension tax relief at 28 per cent to make the retirement system fairer and help millennials save for later life, according to a think tank. Read story
IHG ups contributions ahead of 2019 deadline
Pensions Expert: Intercontinental Hotels Group has increased its default pension contributions to 2019 minimum levels a year early, after a multi-pronged member communications exercise last year sought to persuade employees to increase saving levels voluntarily. Read story
Technology to drive gig-style working for Tesco staff
Personnel Today: Tesco is implementing new technology that could see its employees working with levels of flexibility more associated with gig economy companies such as Uber. Rob Moss reports on the supermarket’s plans to optimise its workforce. Read story
Prudential reinsures $1.2bn of PIC's longevity risk
Professional Pensions: Prudential Insurance Company of America (PICA) has agreed to reinsure around $1.2bn (£900m) of Pension Insurance Corporation's (PIC) longevity risk. Read story
Average southern pension pots almost double those in the north
Employee Benefits: The average size of pension pots across the UK is £21,441, but this figure is far from evenly split among the various regions, according to research by online pension manager PensionBee. Read story
LME recommends higher penalties for non-compliance of employee pay rights
Employee Benefits: Sir David Metcalf, director of labour market enforcement (LME), has released the first annual strategy report setting out his recommendations for improving state-led enforcement of employee rights. Read story
Deliveroo to find medical cover for delivery riders in 12 countries
Employee Benefits: Food delivery organisation Deliveroo has updated its accident insurance provision to provide all of its delivery riders, across 12 countries, medical insurance if they are involved in an accident while working. Read story
Encouraging employees to take a full lunch break
HR Magazine: Many ignore this downtime, either by choosing not to eat or by eating at their desk while working. Read story
Employers ‘must do more’ as figures show almost half of staff contribute bare minimum to pension
People Management: ONS data reveals record number of people now saving – but 45 per cent are paying in less than 1 per cent of earnings. Read story
Older workers could pay ‘care tax’ under government plans
Health Insurance Daily: More than a million “silver strivers” — people working beyond the state pension age — would have to start paying National Insurance (NI) to prop up the social care system under plans being considered by the government. Read story
53% of employees do not think that they are paid appropriately
Employee Benefits: More than half (53%) of respondents do not think that they are currently paid appropriately, according to research by search engine Indeed. Read story
73% of employees have active workplace pensions due to auto-enrolment
Employee Benefits: In 2012, less than half (47%) of UK employees had active workplace pensions. By 2017, that number rose to almost three-quarters (73%), according to the Office for National Statistics (ONS). Read story
TPR to boost staff by 12% for more visible and forceful action
Professional Pensions: The Pensions Regulator has suffered what some critics call an 'annus horribilis'. James Phillips looks at how the watchdog has responded in its latest corporate plan. Read story
BT to inject £12bn over a decade to plug DB deficit
Professional Pensions: BT and the trustee of its pension scheme have agreed to contributions totalling £12.3bn over 13 years to plug its actuarial funding deficit. Read story
Data: The answer to a successful wellbeing strategy
HR Magazine: Employers can use data and wearable technology to shape health and wellbeing strategies. Read story
Report urges pensions overhaul to fix intergenerational unfairness
Pensions Expert: The UK’s intergenerational contract is under more strain than ever, and radical reforms are needed to secure the funding of increasing care costs while helping young people to save, according to Conservative peer Lord Willetts. Read story
Employers that mistreat staff risk costly penalties under new proposals
People Management: Holiday pay and Swedish derogation in the firing line – but experts advocate more support and guidance rather than punitive measures. Read story
Majority of workers rate THIS as more important than their salary
HR Grapevine: Most UK workers aren’t primarily motivated by money, with just over one in 10 classing their salary as the most important factor in their work. Read story
More than 200,000 workers to get back pay after NMW investigations
Personnel Today: HM Revenue and Customs has secured back pay for more than 200,000 workers who did not receive the minimum wage, according to the latest figures. Read story
Hundreds face investigation after failing to report gender pay gap
Personnel Today: Hundreds of organisations that still have not published their gender pay gap figures could be investigated after missing the extended deadline earlier this week. Read story