At a glance: reward and benefits headlines this week 20-26 October 2017
The headlines you might have missed between 20-26 October.
DWP: DB white paper won't immediately lead to legislation; Bill before 2020 unlikely
Professional Pensions: The Department for Work and Pensions (DWP) has suggested its forthcoming white paper on defined benefit (DB) provision will only show the direction of travel on consolidation, rather give than a definitive answer. Read story
Richard Butcher pledges to 'open up' PLSA
Professional Pensions: The newly-appointed chairman of the Pensions and Lifetime Savings Association (PLSA) has pledged to "open up" the organisation in a bid to improve policy development. Read story
Tide of consultation on the way as minister indicates regulatory timetable
Professional Pensions: A raft of consultations and draft regulations will greet the industry over the coming weeks and months, the pensions and financial inclusion minister confirms. Read story
30% of employers plan to prioritise wellbeing for 2018
Employee Benefits: Just under a third (30%) of employer respondents plan to prioritise wellbeing in 2018, according to research by Reward Gateway. Read story
Enterprise sales managers receive 2017’s highest bonuses
Employee Benefits: Enterprise sales managers and global account managers receive the largest median bonuses in the UK of up to £55,000 and £33,500 respectively, according to research by Glassdoor. Read story
Hays holds pensions roadshows for 3,500 UK employees
Employee Benefits: Recruitment organisation Hays is holding a series of pensions-themed roadshows for its 3,500 employees across 17 of its UK sites. Read story
Pension tax relief fears raised as Parliament publishes reform paper
Corporate Adviser: A House of Commons briefing paper published yesterday has reiterated the arguments for a fundamental overhaul of tax relief on pensions, alarming pension professionals that big changes could be on the way in next month’s Budget. Read story
Teach employees to budget and save for retirement
HR Magazine: A PLSA conference panel discussed the importance of financial education and opportunities for young employees to progress. Read story
Employee Recognition Ideas
Incentive and Motivation: If you’re looking for some employee recognition ideas, have a look at these. Some are old as time, some are a bit new! Which do you use in your business? Read story
5 minutes with…Susan Gee, Yorkshire Water
Reward Guide: Employees play a vital role in every business’s productivity and profitability, so it is equally important for employers to ensure their staff are both physically and mentally healthy. Read story
Just 22% of New Zealand employers offer parental leave on equal terms
Employee Benefits: Just over a fifth (22%) of respondents who are working fathers based in New Zealand say their employer offers parental leave on equal terms to their female counterparts, according to research by Hays. Read story
Australian government confirms two-year pay deal for 33,000 public sector staff
Employee Benefits: The Australian government has confirmed a two-year pay deal for more than 33,000 public sector employees who are members of the Civil Service Association (CPSU/CSA) trade union. Read story
Moyses Stevens Flowers gains living wage accreditation
Employee Benefits: Luxury florist Moyses Stevens Flowers has been accredited as a living wage employer by the Living Wage Foundation. Read story
City of Pittsburgh adds gender affirmation surgery to medical insurance plan
Employee Benefits: The City of Pittsburgh has extended its medical insurance coverage to include surgical treatments for full gender affirmation surgery. Read story
Why TPR 'will act' if schemes fail to take data seriously
Professional Pensions: For the first time, The Pensions Regulator (TPR) is asking schemes to submit information around data as part of the annual scheme return. Read story
UK pensions system falls four places in world rankings
Professional Pensions: The UK's ranking has dropped to 15 in the Melbourne Mercer Global Pension Index (MMGPI) despite the country attaining a better score than last year. Read story
Worry has motivational benefits
Incentive and Motivation: A recent study undertaken at the University of California, Riverside, argues there’s an upside to worrying. Read story
Whole-team rewards and nudge tactics the best practice for incentives
Incentive and Motivation: Nudge tactics and rewarding a top-performing a team, instead of having team members compete with one another, make up some of the findings in a newly-released for designing incentives. Read story
No retirement plan for almost 3 out of 10 middle-aged professionals
Reward Guide: Middle-aged professionals who have an above average income, don’t know how or when they will be able to afford to stop working. Read story
66% view being valued and recognised as most important aspect of employment
Employee Benefits: Two-thirds (66%) of respondents view being valued and recognised by their employer as the most important aspect of employment, according to research by Sage People. Read story
Sandwell Council to pay living wage to 800 employees
Employee Benefits: Sandwell Council will enhance pay to the voluntary living wage rate for 150 council employees and 650 school staff. Read story
Fitflop holds global step challenge for 200 staff worldwide
Employee Benefits: Global shoe retail organisation Fitflop is holding a global step challenge for its 200 employees in seven countries to improve employee health and wellbeing. Read story
One in 20 members request DB transfers, finds research
Professional Pensions: Almost half (47%) of employers say defined benefit (DB) transfer requests exceed 5% of scheme members, an Association of Consulting Actuaries (ACA) study has found. Read story
What to expect from the Autumn Budget
Money Marketing: The first Budget after an election traditionally dispenses the unpalatable medicine but Brexit could mean the Chancellor will want to limit surprises. Read story
Office workers win £30,000 after row over annual leave
People Management: A pair of office workers have been awarded almost £30,000 by an employment tribunal after a mix up with their HR department over annual leave entitlement. Read story
Employers’ staff retention problems soar as turnover rises
Corporate Adviser: Staff turnover has reached its highest level for four years, with 15.5 per cent of employees resigning in 2016, up from just 10.6 per cent in 2012, new figure show. Read story
Closing a pension scheme to accrual: considerations for employers
Personnel Today: British Airways recently announced proposals to close its New Airways Pension Scheme (NAPS) due to a “significant and growing funding deficit” and that a consultation exercise would commence in the coming weeks. Read story
New Zealand to increase minimum wage to $20 an hour
Employee Benefits: The national minimum wage in New Zealand is to increase by 27% to $20 (£10.50) an hour by 2020. Read story
Savers access £14.2bn through pension freedoms
Employee Benefits: Retirement savers have accessed approximately £14.2 billion through the pension freedoms since the pension reforms were introduced in April 2015, according to data from HM Revenue and Customs (HMRC). Read story
Weetabix Food Company reports a 5.4% mean gender pay gap
Employee Benefits: Food and cereal manufacturing organisation the Weetabix Food Company has reported a mean gender pay gap of 5.4% for fixed hourly pay as at 5 April 2017. Read story
Govt defeated by Lords on cold calling ban
Professional Pensions: The government was defeated in the House of Lords last night as peers demanded a ban on cold calling be included in the upcoming Financial Guidance and Claims Bill. Read story
Why you need a 'children in the workplace' policy
HR Magazine: Not all are comfortable with colleagues bringing in their youngsters. Read story
Employer-hired IFAs could solve member DB transfer advice struggle
Pensions Expert: Sixty-one per cent of employers say members are having difficulty in finding advisers for pension transfers, a new survey has found, as experts highlighted the need for companies to engage independent financial advisers on behalf of scheme members. Read story
Iceland reports an unadjusted gender pay gap of 16.1% for 2016
Employee Benefits: The unadjusted gender pay gap for employees in Iceland was 16.1% in 2016, according to research by Statistics Iceland. Read story
Independent review recommends mental health standards for employers
Employee Benefits: An independent review into mental health practices in the workplace has recommended six mental health core standards to help employers better support their staff, including employees with poor mental health or wellbeing. Read story
Mears Group to face legal action over holiday pay
Employee Benefits: Housing maintenance organisation Mears Group is to face legal action for failing to pay Wigan and Leigh-based employees holiday pay. Read story
DC investment costs to be published as trustees face £50,000 fine
Professional Pensions: Defined contribution (DC) occupational schemes will be forced to disclose to members costs and charges associated with investing their retirement pots, the government has announced. Read story
Small trust-based schemes face highest charges, DWP survey finds
Professional Pensions: Trust-based defined contribution (DC) schemes with between one and five members face the highest ongoing charges for investing their retirement pot, research has revealed. Read story
Govt advisers search for answers on auto-enrolment
Money Marketing: There is still a lack of consensus around some of the key features of auto-enrolment, including who should be included in the scheme, according to the chairs of the group working on the Government’s review. Read story
Two thirds of workplace scheme providers don’t know scale of transaction costs – Govt report
Corporate Adviser: Pension providers and trustees do not know the extent of transaction costs being levied on the schemes they oversee because fund managers are refusing or unable to give them the information they need, a major Government probe has found. Read story
Workplace schemes to be required to publish charges
Corporate Adviser: Pension schemes will be required to publish the fees they charge their members for investing their pension, secretary of state for work and pensions David Gauke has said today. Read story
Govt proposes plans for pension schemes’ costs and charges disclosure
Pensions Age: The government has proposed plans for pension schemes to disclose costs and charges made to members for investing their pensions. Read story