At a glance: reward and benefits headlines this week 21-27 July 2017
The headlines you might have missed between 21-27 July
Frank Field: We will shine a light on employers that shirk their duties
Professional Pensions: The Work and Pensions Committee (WPC) chairman talks to Michael Klimes about the challenges for occupational schemes and his unfinished business with Sir Philip Green. Read story
Lorica re-enters benefits sector
Corporate Adviser: Lorica is back in the corporate advisory space, three years after its employee benefits business was sold to Aon. Read story
Government urged not to introduce law to equalise benefits for cohabitees
Professional Pensions: Extending survivor benefits to unmarried partners would increase liabilities and be a lawyers' paradise according to PP research. Read story
FCA sets out data rules for post-pension freedoms world
Money Marketing: Providers will have to submit data on pension transfers, the rate of withdrawal from drawdown, number of annuities sold and use of advice and Pension Wise. Read story
The BBC pay report: You are now entering an era of transparency
HR Magazine: Publication of the BBC's pay report may be a milestone on the way to greater pay transparency generally. Read story
A generational approach
Reward Guide: How can employers look after all the demographics in their workforce? It is worthwhile considering the options. Read story
One in five apprentices not receiving mandatory minimum wage
People Management: Government urged to take action so ‘good companies aren’t undermined by bad ones’. Read story
DWP consults on auto-enrolment measures for DB schemes and offshore staff
Employee Benefits: The Department for Work and Pensions (DWP) has launched a consultation into whether auto-enrolment regulations relating to the quality of defined benefit (DB) schemes used for auto-enrolment purposes, and occupational pension provision for seafarers and offshore staff is working as intended. Read story
The Methodist Council gains living wage accreditation
Employee Benefits: Religious governing body The Methodist Council has been accredited as a living wage employer by the Living Wage Foundation. Read story
Secondary school headteachers have largest gap between perceived and actual pay
Employee Benefits: Secondary school headteachers are perceived to earn £50,000 a year, compared to their actual average annual salary of £76,192, according to research by Oxford Open Learning. Read story
Now Pensions withdraws from master trust assurance list in bid to resolve client contribution issues
Professional Pensions: Now Pensions has voluntarily withdrawn from the master trust assurance list for auto-enrolment providers as it battles to deal with historic contribution issues. Read story
Scapa sticks to risk management strategy with Pie
Pensions Expert: Adhesive tape manufacturer Scapa has carried out a pension increase exchange exercise, in its latest move to manage the cost and risk of its legacy defined benefit scheme. Read story
Employers lose returner talent as women swap industry for flexibility
Reward Guide: New mothers are more likely to swap industry and role to have a better work life balance. Read story
Female stars call on BBC to ‘act now’ to end gender pay row
People Management: HR professionals urged to keep an eye on their organisation’s pay differentials or ‘face backlash’. Read story
Is it time to incentivise financial planning?
Incentive and Motivation: Saving more now could make a real difference to the lives of your employees, but is it something that business should be meddling in? Read story
Japan pioneers incentive programmes for reduced overtime
Incentive and Motivation: If you’ve thought that business is all about trying to get people to exceed their working hours and maximise output – you may surprised to read that companies in Japan are trying to cut down overtime hours by offering bonuses and other benefits for employees who clock out on time. Read story
Capital Law gains living wage accreditation
Employee Benefits: Commercial legal services organisation Capital Law has been accredited as a living wage employer by the Living Wage Foundation and Cynnal Cymru – Sustain Wales. Read story
17% receive employer-supported education on the impact of sleep on wellbeing
Employee Benefits: Less than one-fifth (17%) of employee respondents state that their employer proactively educates staff on the impact of sleep on general wellbeing, according to research by Willis Towers Watson. Read story
Median base salaries for FTSE 100 chief executive officers increase by 2%
Employee Benefits: The median increase to base salaries for FTSE 100 chief executive officers in 2016-2017 is 2%, according to research by Fit Remuneration Consultants. Read story
BBC to hold consultation meetings with staff to address gender pay gap
Employee Benefits: The British Broadcasting Corporation (BBC) will hold consultation meetings with staff over the next two months in order to accelerate efforts to close its gender pay gap. Read story
Government to invest in battery technology and autonomous vehicle development
Employee Benefits: The government will invest £246 million into the research and development of battery technology and £25 million into connected and autonomous vehicle development. Read story
FCA DB transfer review passes on enforcement action after 18 months of investigation
Money Marketing: The FCA has been looking into the defined benefit transfer market for more than 18 months, but no firms have faced enforcement action so far, Money Marketing has learned. Read story
Andrew Tully: Get ready for a busy autumn for pensions
Money Marketing: The recent Queen’s Speech contained little on pensions, which may lead some to think the next six or nine months will be a quieter period. But that is absolutely not the case. Read story
TPR: How we are helping schemes meet their obligations to members
Professional Pensions: TPR has been criticised for being 'draconian' and not responding in a proportionate way to risks. Nicola Parish disagrees. Read story
Employee Motivation Ideas: What Employees Need (Not Want!)
Incentive and Motivation: A survey of 1,000 UK office workers commissioned by Workfront could help provide UK businesses get a clearer and deeper understanding of what external factors truly affect employee motivation and productivity. Read story
A new bonus landscape?
HR Magazine: While some firms have ditched bonuses completely, others are investigating how they could be used better. Read story
19% have employer-provided private medical insurance
Employee Benefits: Less than one-fifth (19%) of UK respondents are covered by private medical insurance (PMI) provided by their employer, according to research by Cigna. Read story
Paul Lewis: Can we afford the state pension?
Money Marketing: The future of the state pension hangs in the balance as policy and data are in flux. Read story
Pension freedom withdrawals hit record £1.8bn in Q2
Professional Pensions: A total of £12.7bn has been withdrawn from pensions since Freedom and Choice was introduced in April 2017, according to latest HM Revenue & Customs (HMRC) statistics. Read story
Boots scheme invests in multi-factor equity fund
Professional Pensions: Boots Pension Scheme has invested in Legal & General Investment Management's (LGIM) newly-launched multi-factor global equity fund. Read story
Can I refuse or cancel an employee’s holiday?
People Management: With the summer holiday season upon us, employment law specialist Melanie Morton answers the question business owners are often too nervous to ask. Read story
US maritime organisation introduces 12 weeks of paid parental leave
Employee Benefits: Marine transportation and logistics organisation Crowley Maritime Corporation has introduced a new parental leave policy to allow its US-based staff to take 12 weeks of leave at full pay. Read story
GKN closes UK defined benefit scheme to future accrual
Employee Benefits: Engineering organisation GKN has closed its UK defined benefit (DB) pension arrangement to future accrual. Read story
Supreme Court rules that employment tribunal fees are unlawful
Employee Benefits: The Supreme Court has ruled that fees imposed on claimants to take employment law complaints to tribunal are unlawful. Read story
9% offer emergency adult and eldercare support
Employee Benefits: Less than in 10 (9%) employer respondents offer emergency adult and eldercare support, according to research by My Family Care and Hydrogen. Read story
Poll: 26% believe dependent contractor status will provide greater clarity
Employee Benefits: More than a quarter (26%) of employer respondents believe the dependent contractor status proposed in the Taylor Review will bring greater clarity. Read story
Government to end the sale of petrol and diesel cars by 2040
Employee Benefits: The government has confirmed that it will end the sale of all new conventional petrol and diesel cars and vans by 2040 in order to tackle air pollution levels. Read story
Deloitte UK reports a 18.2% mean gender pay gap
Employee Benefits: Professional services organisation Deloitte UK has reported a mean gender pay gap of 18% for hourly fixed pay at 5 April 2017. Read story
FCA urges switch away from LIBOR benchmarks as underlying market thins
Professional Pensions: The Financial Conduct Authority has said LIBOR is likely to end by 2021 and has urged markets to begin transitioning to alternative benchmarks. Read story
PIC invests additional £60m in social housing
Professional Pensions: Pension Insurance Corporation has invested £60m with Red Kite Community Housing, a regulated housing association based in High Wycombe. Read story
QROPS transfers down for second year in succession
Professional Pensions: Transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) are down for the second tax year in a row - to 9,700 transfers worth £1.22bn in 2016/17 - according to HM Revenue & Customs data. Read story
Pensions regulator levies another fine as scheme fails to hand over information
Money Marketing: The Pensions Regulator has fined a local government pension scheme manager for failing to submit its scheme return. Read story
SJP keeps ‘cautious’ stance on DB transfers as adviser numbers surge
Money Marketing: St James’ Place says it is still cautious about defined benefit transfers despite seeing an increase in enquiries. Read story
Outsourcing admin: What to look out for
Pensions Expert: Analysis: Outsourcing pensions administration or transitioning to a different provider can be a complicated and time-consuming process. What steps can trustees take to smooth the journey? Read story
A – Z of voluntary benefits: Part four
Reward Guide: Voluntary benefits have changed rapidly over the past 15 years, as benefits that employees would have traditionally bought for themselves are now readily available through their workplaces. Kimberley Dondo reports. Read story
One in 10 employers confess to paying women less than men
People Management: Experts ‘shocked but not surprised’, as almost half of HR professionals say new reporting requirements won’t reduce gender pay gaps. Read story
“Recognition must be about reinforcing culture and values” argues expert panel.
Incentive and Motivation: An industry discussion hosted by award-winning reward & recognition and employee benefits provider Xexec, recently looked at how organisations can implement a successful recognition strategy. Read story