At a glance: reward and benefits headlines this week 16-22 June
The headlines you might have missed between 16-22 June
Marginalisation of pensions warning as Opperman role expands to financial inclusion
Corporate Adviser: The Department for Work and Pensions’ confirmation that Guy Opperman will take the newly created role of Under Secretary of State for Pensions and Financial Inclusion has sparked fears it could signal a further sidelining of pensions. Read story
Bank of England staff stage protest in pay dispute
Money Marketing: The union Unite is staging a protest at the Bank of England today in an ongoing dispute about pay. Read story
Ros Altmann: Setting out the case for DB transfers
Money Marketing: There are some compelling arguments in favour of DB transfers but the decision is irrevocable. Read story
TPR sets sights on stronger DB supervision powers
Professional Pensions: The watchdog wants amendments to the way defined benefit (DB) schemes are assessed so it can be "more efficient and effective", according to its response to the government's green paper. Read story
Co-op trustees bid for £50m from bank bondholders
Professional Pensions: Trustees of the £10bn Co-operative pension fund are demanding £50m to split the scheme and enable a deal to rescue the struggling bank, according to reports. Read story
90% of all DB benefits could be paid off with cashflow-driven strategy
Professional Pensions: It should be possible to pay 85%-90% of the estimated £3.3trn of promised benefits if schemes have the right risk management and investment strategies in place, according to Redington. Read story
Workers underpaid by almost £3bn every year – and recruiters are among the worst offenders
People Management: Study warns of ‘desperate need’ to better protect employees; findings could be ‘the tip of the iceberg’, says researcher. Read story
Virgin Trains to invest £700,000 a year in mental and physical wellbeing support
Employee Benefits: Train operator Virgin Trains has signed the Time to Change pledge, committing to invest over £700,000 a year to improve the mental and physical wellbeing of its employees. Read story
78% saved into a workplace pension in 2016
Employee Benefits: More than three-quarters (78%) of eligible employees saved into a workplace pension in 2016, compared to 75% in 2015, according to research by the Department for Work and Pensions (DWP). Read story
41% offer health cash plans to staff
Employee Benefits: Two-fifths (41%) of employer respondents offer health cash plans to staff, according to research by Simplyhealth. Read story
Standard/Widows merger ‘would create UK’s biggest DC player’
Corporate Adviser: The rumoured merger of Standard Life and Scottish Widows would create the biggest DC pension provider in the UK with over £70bn of assets under management, says research consultancy Platforum. Read story
Monica Kalia: Overcoming the workplace disconnect on financial wellness
Employee Benefits: Over half (56%) of employers think that they help their employees with their ability to manage money, but 39% of employees say that their workplace offers poor or no support with this. Read story
Catherine Rickard: How can employers support financially stressed employees?
Employee Benefits: A culture of ‘spend today, rather than save for tomorrow’ is affecting many employees’ wellbeing and productivity. Read story
Low-paying sectors turn to EU staff because they can’t recruit Brits, study finds
People Management: CIPD and NIESR warn government that school leavers are not enticed by ‘meat factory or care home’ work. Read story
Industry welcomes new minister but says a number of policy issues must be sorted out
Professional Pensions: Guy Opperman's appointment as minister for pensions and financial inclusion has been received positively, but experts say he must tackle a number of outstanding policy issues. Read story
Support for FTSE 350 schemes weakest since recession
Professional Pensions: The UK's 350 largest listed companies are becoming increasingly unlikely to be able to meet their pension obligations, PwC research has suggested. Read story
Employees lose out on £2bn of matching contributions
Professional Pensions: Millions of workers are missing out on 'buy-one-get-one free' pension cash from their employers, according to analysis by Royal London. Read story
If you’ve got it – flaunt it
Reward Guide: Employers should not be shy about telling staff exactly what they are receiving – and the TRS is a perfect opportunity to remind them of their wider benefit offering, says Peter Crush. Read story
76% cite budget as biggest barrier to launching new benefits
Employee Benefits: Around three-quarters (76%) of employer respondents cite budget as the biggest barrier to introducing benefits they would like to offer, according to research by Employee Benefits and Staffcare. Read story
Continental enhances leave and flexible-working benefits for US staff
Employee Benefits: Technology and tyre manufacturing organisation Continental has enhanced the leave and flexible-working benefits available to its 18,000 US staff, including extending its parental leave policies and introducing sabbatical leave. Read story
Glasgow City Council is refused appeal in equal pay case
Employee Benefits: Scotland’s Court of Session has refused Glasgow City Council’s appeal bid in a long-running equal pay case. Read story
30% of private sector staff do not know if they are being rewarded equally
Employee Benefits: Less than a third (30%) of private sector employee respondents do not know if they are paid or rewarded equally in relation to their colleagues. Read story
UK Power Networks counters employees’ financial struggles with benefits
Employee Benefits: The organisation noticed that rental tenancy deposits were getting bigger and decided to help. Read story
Jo Thresher: Tackle common money issues to support employees’ short- and long-term finances
Employee Benefits: The fact that there is not a job for life anymore means an inability to plan the very long term, which means employers now need to help employees think differently. Read story
Australian Football League pay deal links remuneration to industry revenues
Employee Benefits: Athletes who play in the Australian Football League (AFL) will see their pay increase under a new six-year collective bargaining agreement (CBA), which links pay to industry revenue streams. Read story
44% would consider leaving their job if paid incorrectly
Employee Benefits: More than two-fifths (44%) of global employee respondents would consider leaving their job if they were paid incorrectly, according to research by global HR and payroll service provider SD Worx. Read story
23% of expatriates move abroad for increased pay and benefits
Employee Benefits: Just under a quarter (23%) of expatriate respondents move abroad to gain increased pay and benefits, according to research by global healthcare organisation Axa PPP International. Read story
Sweden's pension dashboard offers salutary lessons for the UK
Professional Pensions: The Swedish dashboard was launched 13 years ago but its progress has not been straightforward. Its chief executive Anders Lundström speaks to Michael Klimes. Read story
Public sector pay cap ‘forcing staff to go without food’
People Management: Rocketing inflation means many workers face real financial hardship, union warns. Read story
FCA publishes new DB transfer rule proposal
Corporate Adviser: The transfer value analysis requirement (TVA) used to assess suitability of DB transfers should be replaced with a comparison showing the value of the benefits being given up, says the FCA. Read story
Employers ‘increasingly valuing benefits’ – research
Corporate Adviser: The value of workplace benefits is being increasingly recognised by employees as financial pressures increase, pushing financial wellbeing up the corporate agenda, new research suggests. Read story
Parents suffer poor work/life balance
HR Magazine: Forty-one per cent of the UK parents surveyed do extra hours all the time or often. Read story
Building a holistic wellbeing strategy
HR Magazine: There are many factors that add up to a holistic H&W strategy, including mental and financial health. Read story
TPR suffers security breach as computer infected with ransom ware
Professional Pensions: The Pensions Regulator (TPR) has admitted it was subject to a partially successful ransomware attack during the past three financial years but had blocked over 40,000 other attempts. Read story
Government to introduce bill for merged guidance bodies
Professional Pensions: The Conservative minority government has set out its plans for a bill to merge the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise. Read story
TPR should get powers to allow 'second-best' outcomes for members
Professional Pensions: The Pensions Regulator (TPR) should be allowed to alter scheme indexation and benefits to ensure members get at least "second-best" outcomes. Read story
66% measure employee engagement through annual surveys
Employee Benefits: Two-thirds (66%) of employer respondents use the annual employee survey to measure engagement levels among staff, according to research by Employee Benefits and Staffcare. Read story
US law firm Downs Rachlin Martin introduces paid parental leave
Employee Benefits: US-based law firm Downs Rachlin Martin (DRM) has introduced a new paid parental leave policy, enabling parents to take up to 12 weeks of paid leave to care for their newborn. Read story
Teladoc to acquire Best Doctors
Employee Benefits: Telehealth platform organisation Teladoc has entered into a definitive agreement to acquire medical consultation organisation Best Doctors. Read story
18% of staff have critical illness or income protection cover
Employee Benefits: Less than one-fifth (18%) of employee respondents have some form of critical illness or income protection cover that would help them financially if they were to develop a serious illness, according to research by Canada Life Group Insurance. Read story
Employee who faked cancer at work ordered to pay back £1
People Management: Secretary received £15,000 in sick pay and loans; HR urged to use ‘good housekeeping and common sense’ to avoid similar scams. Read story
What the Queen’s speech means for HR
People Management: ‘Vague promises’ to improve workers’ rights; national living wage to increase. Read story
The new pensions minister - time for another change?
Professional Pensions: Richard Butcher says the role should be scrapped as pensions are too important to mess with. Read story
National Milk Records shareholders approve pension fund withdrawal
Professional Pensions: Shareholders have granted National Milk Records (NMR) permission to pull out of the multi-employer Milk Pension Fund (MPF) at a cost of £14.8m. Read story
Unhealthy employees are bad for business
Reward Guide: British employers are losing more than one month a year in lost productivity. Read story
How the Queen’s Speech 2017 will impact employee benefits
Employee Benefits: On 21 June 2017, the Queen attended the Houses of Parliament to deliver the Queen’s Speech, and officially open the next session of Parliament following the general election on 8 June 2017. Read story
JP Morgan employee files sex discrimination charge over parental leave policy
Employee Benefits: A US-based new father who is an employee at banking organisation JP Morgan has filed a class-action discrimination charge against the organisation, claiming that fathers are discriminated against because they are unable to take paid parental leave on the same terms as mothers. Read story
Atlanta City Council to increase minimum wage to $13 an hour
Employee Benefits: Atlanta City Council is to increase its minimum wage for full-time city employees from $10.10 (£7.97) an hour to $13 (£10.26) an hour. Read story
40% believe UK managers make fair decisions about how performance is linked to pay
Employee Benefits: Two-fifths (40%) of UK employee respondents think their manager makes fair decisions about how performance is linked to pay, according to research by Willis Towers Watson. Read story
Joanna Bean: Improving financial wellbeing at Samsung
Employee Benefits: Saving for retirement, or life after work as we call it at Samsung, is an important part of our approach to financial wellbeing and we incorporate this into everyday life and within our varied communications portfolio. Read story
Margaret May and Edward Brunsdon: Unravelling workplace financial wellbeing services
Employee Benefits: Economic austerity, welfare state retrenchment and depressed wages along with increased domestic and accommodation costs have contributed to an erosion of savings, rising household debt, revolving credit card use and, as a last resort, the use of expensive forms of borrowing. Read story