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09 Jun 2017
by Rebecca Patton

At a glance: reward and benefits headlines this week 2-8 June 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 2-8 June 2017.

F3E3-1496996616_2016presslogosMAIN.jpg Flexible working where you'd least expect, part three
HR Magazine: Many firms claim flexible working ‘won’t work’ for them. These examples prove there are options for everyone. Read story

University of Lincoln launches new benefits platform
Employee Benefits: The University of Lincoln has launched a new employee benefits platform for its 1,700 core staff and 1,500 claims workers (who claim for hours worked rather receiving regular earnings). Read story

47% outsource some aspect of their benefits package
Employee Benefits: Just under half (47%) of employer respondents outsource some aspect of their benefits package, according to research by Employee Benefits and Staffcare. Read story

HR and recruitment salaries increase by 7.2%
Employee Benefits: Salaries for human resources (HR) and recruitment jobs have increased by 7.2% over the last 12 months, with an average annual UK salary of £32,821, according to research by Adzuna. Read story

Pension accounting shortfall sees tiny increase in May
Professional Pensions: The private sector's defined benefit (DB) deficit under IAS 19 remained relatively stable over May with the shortfall increasing by just £1bn, but a different measure showed a £20bn fall. Read story

Reward or recognition? How to maximise engagement
HR Grapevine: Pioneering entrepreneur Mary Kay Ash, Founder of Mary Kay Cosmetics, once said: “There are two things people want more than sex and money - recognition and praise.” Read story

Employers contacting sick employees
HR Magazine: Managers may unintentionally be creating a culture where staff are expected to always be available. Read story

Hoover pension proposal receives regulatory approval
Employee Benefits: The Pensions Regulator (TPR) has approved a regulated apportionment arrangement (RAA) for appliance retail organisation Hoover’s pension scheme. Read story

Nuclear Decommissioning Authority staff to vote on pensions deal
Employee Benefits: Nuclear Decommissioning Authority (NDA) employees who are members of trade unions GMB and Unite are to vote on proposals to replace the government organisation’s current final salary pension scheme with a career average revalued earnings (CARE) arrangement. Read story

FTSE 350 defined benefit pension deficit falls to £134bn
Employee Benefits: The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell from £145 billion at the end of April 2017 to £134 billion at 31 May 2017, according to research by Mercer. Read story

Should DB governance emulate the corporate world?
Professional Pensions: An argument has been made for DB schemes to copy corporate governance structures to boost trustees' accountability. James Phillips explores the idea. Read story

Smart Pension raises £15m to take on larger clients
Professional Pensions: Smart Pension has completed a £15m funding round to enable it to offer its services to large clients, acquire sub-scale master trusts, and expand overseas. Read story

Only a third of schemes have formal de-risking journeys
Professional Pensions: More than half (55%) of defined benefit (DB) schemes are now cashflow negative, yet many do not have formal de-risking plans, according to research. Read story

Father should have had equal right to time off after birth, rules tribunal
People Management: A tribunal has found that a male employee was discriminated against when his employer refused to allow him to take additional paternity leave at full pay. Read story

One-off perks ineffective in boosting morale
HR Magazine: Chances to exercise or opportunities for a greater work/life balance might work better. Read story

MiddletonMurray launches employee steps challenge
Employee Benefits: Recruitment and training organisation MiddletonMurray has launched a steps challenge for its 100 UK-based employees. Read story

84% offer salary sacrifice pension arrangements
Employee Benefits: More than three-quarters (84%) of employer respondents allow staff to contribute to their defined contribution (DC) pension through a salary sacrifice arrangement, according to research by Employee Benefits and Staffcare. Read story

Staff contribute an average of £158.18 a month into sharesave schemes
Employee Benefits: The average employee contribution to sharesave (SAYE) schemes was £158.18 a month in 2016, according to research by employee share ownership membership organisation Proshare. Read story

Flat rate of tax relief could save government £13bn
Professional Pensions: Introducing a flat rate of tax relief at 20% could save the Treasury up to £13bn, according to calculations by the Pensions Policy Institute (PPI). Read story

Almost 500 Tata Steel workers transfer out in 12 months
Professional Pensions: The British Steel Pension Scheme (BSPS) has revealed the number of steelworkers cashing in their defined benefit (DB) pensions more than doubled to 482 in the year to March 2017. Read story

Carclo to cancel dividends until 2018 as deficit continues to bite
Professional Pensions: Carclo has announced it does not expect to pay any dividends until at least April 2018 as its pension deficit continues to drain its reserves. Read story

Intelligent Pensions’ DB transfer business suspended by regulator
Corporate Adviser: Intelligent Pensions has been told by the FCA to suspend writing DB to DC transfer business with immediate effect. Read story

FCA should sort DB suitability rules before redress rules – Aegon
Corporate Adviser: The regulator’s consultation on redress for unsuitable DB transfers should be put on hold until a new definition of suitability has been determined, says Aegon. Read story

TPR undertakes AE spot checks on Manchester employers
Professional Pensions: The Pensions Regulator (TPR) has carried out spot checks in Greater Manchester to ensure employers are complying with their automatic enrolment (AE) responsibilities. Read story

PIC invests £61m in student accommodation debt
Professional Pensions: Pension Insurance Corporation (PIC) has invested £60.6m into a student accommodation project at the University of Essex. Read story

Combine three key types of appreciation for best effect
HR Magazine: A combination of celebrating service, rewarding results, and encouraging effort is most effective. Read story

7 companies with the quirkiest perks
HR Grapevine: Perks, as part of an employee’s remuneration package, are often written off as the unneeded dolly mixture on top of the sugar-laden, icing-topped, jam-filled remuneration cupcake. Read story

Workplace health screening for the masses: employee wellbeing game-changer?
Cover: Point of care health screening made affordable to all could represent the ultimate targeted wellbeing initiative says Health Shield Wellbeing's Carl Laidler. Read story

47% believe one-off perks are used to compensate for long working hours
Employee Benefits: Almost half (47%) of respondents believe their employer uses one-off perks to compensate staff for working long hours, according to research by bikes-for-work organisation Cyclescheme. Read story

Arthur J Gallagher acquires Total Reward Group
Employee Benefits: International insurance brokerage and risk management organisation Arthur J Gallagher has acquired UK consultancy Total Reward Group. Read story

The Royal College of Nursing recognises the importance of supporting age diversity
Employee Benefits: The Royal College of Nursing (RCN) has introduced a range of initiatives in recognition of the rising number of older workers. Read story

Patrick Thomson: Effectively managing age diversity will benefit employers and staff
Employee Benefits: The number of older people in society is growing; more people are living longer, which means more people are working longer. Read story

UK salesman could receive compensation after 13 years without paid holiday
People Management: Workers allowed to carry holiday forward if they are unable to take it for reasons beyond their control, says opinion in Sash Windows case. Read story

Dropping out of AE could see retirement income plummet 69%
Professional Pensions: Just small differences in approach to saving for retirement could cause people to lose huge portions of income, according to research by Royal London and Milliman. Read story

Financial stress impacting employee health and performance
Reward Guide: Employees with money worries more likely to report signs of poor mental health. Read story

Quick fix perks just don’t cut it
Reward Guide: In an effort to boost morale, companies have been offering one-off benefits but they don’t improve employees’ long-term happiness. Read story

Virgin Money sees mean gender pay gap narrow to 32.5%
Employee Benefits: Virgin Money has a mean gender pay gap of 32.5% for hourly fixed pay at April 2017, compared to 36% in April 2016. Read story

Canadian construction union branch to introduce medical marijuana coverage
Employee Benefits: A local branch of the Canadian construction union Labourers’ International Union of North America (Liuna) is introducing medicinal marijuana coverage into its benefits plan. Read story

79% offer private medical insurance to staff
Employee Benefits: More than three-quarters (79%) of employer respondents offer private medical insurance (PMI) to employees, according to research by Employee Benefits and Staffcare. Read story

Poll: 15% are examining the General Data Protection Regulation’s impact on benefits
Employee Benefits: Less than one-fifth (15%) of employer respondents are currently looking at the impact of the General Data Protection Regulation (GDPR) on benefits and pensions. Read story