At a glance: reward and benefits headlines this week 2-8 February 2018
The headlines you might have missed between 2-8 February.
InterContinental Singapore enhances benefits for 360 employees
Employee Benefits: Hospitality organisation InterContinental Singapore has enhanced its employee benefits package for the organisation’s 360 employees, effective from January 2018. Read story
Asda, PepsiCo UK and Ireland and Sackers among the UK’s Top Employers for 2018
Employee Benefits: Asda (pictured), PepsiCo UK and Ireland, Sackers and Starbucks UK are among the 85 organisations that have been recognised in 2018’s Top Employers UK list, compiled by the Top Employers Institute. Read story
Royal Mail confirms pay and collective DC pensions scheme
Employee Benefits: Postal organisation Royal Mail has confirmed a new pay and pensions deal for 110,000 postal employees, including a backdated 5% pay increase and the introduction of the UK’s first collective defined contribution pension scheme. Read story
Sexual harassment is a rare problem in pensions, says industry
Professional Pensions: Most men and women in this week's Pensions Buzz believe sexual harassment is not a big issue in the industry. Read story
Nissan defies carmaker trend towards DC
Pensions Expert: Car manufacturer Nissan is consulting on a proposed switch to a career average scheme to reduce the volatility of its pension liabilities, amid recent and proposed moves to DC in the industry. Read story
Money matters need care, too
Reward: Jonathan Watts-Lay, director, WEALTH at work, answers questions on financial wellbeing in the workplace.
Employees are consumers too!
Reward: When it comes to attracting and retaining members of staff with benefits via a digital platform, employers and providers need to consider everyone as customers first and foremost, writes Kimberley Dondo.
TPR ‘urged’ British Steel trustees talk to members about advice
Money Marketing: The Pensions Regulator “urged” trustees at the British Steel Pension Scheme to talk to members about the importance of getting independent financial advice, according to a report published today. Read story
BT to challenge high court ruling over RPI to CPI indexation swap
Professional Pensions: BT will appeal last month's High Court ruling which barred it from swapping the inflation indexation used for one section of the BT Pension Scheme (BTPS). Read story
TPR hits ex-BHS owner Chappell with £10m bill
Professional Pensions: Former BHS owner Dominic Chappell has been issued with a £10m bill by The Pensions Regulator (TPR) as it seeks to recover money for the collapsed retailer's pension scheme. Read story
FTSE 350 defined benefit pension deficit falls to £73bn
Employee Benefits: The accounting deficit for FTSE 350 defined benefit (DB) pension schemes has decreased by £3 billion, from £76 billion at the end of December 2017 to £73 billion at the end of January 2018, according to research by Mercer. Read story
Airbus, Ford and Porsche employees in Germany strike over pay and working hours
Employee Benefits: Employees working in the metal and electrical industries for organisations such as Airbus, Ford, Mercedes-Benz and Porsche in Germany have undertaken three days of strike action in a dispute over pay and working hours. Read story
Nic Cicutti: Auto-enrolled pension guidance is a no-brainer
Money Marketing: MPs should ignore their whips and reinstate the Financial Guidance and Claims Bill amendment. Read story
Mothers suffer part-time pay penalty
HR Magazine: Research highlights a ‘striking’ issue with part-time work in general, with workers typically missing out on year-on-year pay rises and promotions. Read story
More than 980,000 employers complete auto-enrolment duties
Employee Benefits: Nearly one million (983,446) UK employers have completed their pensions auto-enrolment duties as at December 2017, according to research by The Pensions Regulator (TPR). Read story
40% do not feel recognised for demonstrating organisational values
Employee Benefits: Two-fifths (40%) of employee respondents do not believe their employer recognises them when they demonstrate organisational values, according to research by Reward Gateway. Read story
Lowe’s enhances family-friendly benefits for 260,000 US employees
Employee Benefits: Home improvement retail organisation Lowe’s has enhanced its family-friendly benefits for more than 260,000 US employees and is to award a one-off bonus payment for hourly-paid staff. Read story
TPR fines Now: Pensions £70,000 over admin failings
Money Marketing: The Pensions Regulator has fined trustees at Now: Pensions £70,000 over administration failings and says these problems must be fixed by July 2018. Read story
Regulator publishes British Steel section 89 report
Pensions Expert: The pensions watchdog has outlined its decision-making process in a regulatory report on the British Steel Pension Scheme, published six months after greenlighting the regulated apportionment arrangement to separate the BSPS from Tata Steel UK. Read story
Study reveals breakdown in workplace recognition
Incentive and Motivation: A new study from global employee engagement company, Reward Gateway, which surveyed 500 workers and 250 senior decision makers across the UK, has revealed that only 19% of employees feel completely informed about their employer’s corporate mission and only 23% of employees feel completely informed about the values of the organisation they work for. Read story
Lack of education around pensions ‘disadvantages young people and women’ in the workplace
People Management: A combination of a lack of financial education and poor access to pensions information among young employees and women may leave them significantly unprepared for retirement, according to a new survey. Read story
Gender pay gap: Linklaters kickstarts magic circle rates
The Lawyer: Linklaters has published its gender pay gap figures, which reveals that the average hourly rate for women is over 23 per cent lower than for men. Read story
Government proposes holiday and sick pay entitlements for all workers
Employee Benefits: The Department for Business, Energy and Industrial Strategy (BEIS) has proposed a number of day-one rights for all workers, including the right to holiday and sick pay and the right to receive a payslip. Read story
Tesco to face legal action over equal pay
Employee Benefits: Supermarket retail organisation Tesco is to face legal action over equal pay, as approximately 1,000 current and former female store-based employees claim they are paid less than male staff working at the retailer’s distribution centres. Read story
Airline's pension trustees fined over audit failings in first for TPR
Professional Pensions: Four trustees of Pakistan International Airlines' Retirement and Death Benefits Plan have been fined £500 each by the regulator for failing to audit accounts on time for two years in a row. Read story
Is it time to rethink your rewards strategy?
Incentive and Motivation: James Malia, Director of Employee Benefits at Sodexo Engage, asks how organisations can make incentives work harder for their business. Read story
Government slammed over Taylor Review response
HR Grapevine: Today’s response from Government to last year’s Taylor Review into modern employment practises has been slammed by a leading legal expert – with a trade union claiming the changes don’t go far enough. Read story
Most employers offer paid bereavement leave, finds XpertHR
Personnel Today: The majority of employers provide paid bereavement leave for employees who lose a loved one, family member or dependant, despite there being no current statutory obligation to do so, new research finds. Read story
Stotts Tours Oldham fined £60,000 for failing to pay workplace pension contributions
Employee Benefits: Bus services organisation Stotts Tours Oldham and its managing director have been sentenced to pay more than £60,000 in fines and backdated pension contributions after being found guilty of failing to automatically enrol 36 employees into a workplace pension. Read story
Linklaters reports a 23.2% mean gender pay gap
Employee Benefits: Global law firm Linklaters has reported a 23.2% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
SSE launches online financial education programme
Employee Benefits: Energy organisation SSE has launched an online financial education programme for 20,000 employees based across 150 UK operating sites. Read story
Taylor Review response 'offers prospect' of pensions for gig economy workers
Professional Pensions: Gig economy workers could become eligible for auto-enrolment pensions as result of a consultation launched by the government in response to the Taylor Review. Read story
Default pension funds underperform by almost 5 per cent a year
Money Marketing: Many employees are losing out financially by selecting the default fund options on their workplace pension, according to new research by Hargreaves Lansdown. Read story
Airline hit with first fine for audit delays
Corporate Adviser: The Pensions Regulator has issued its first ever fines under S10 of the Pensions Act, fining four trustees of the pension scheme of an international airline for failing to get accounts audited on time for two years in a row. Read story
Experts warn of rush of claims following Tesco pay case
HR Magazine: Social media, increased appetite from law firms, and scrutiny around gender pay could all lead to more private sector claims. Read story
Consolidation could see 4 in 5 schemes disappear
Pensions Expert: Consolidation will see just 1,000 defined benefit schemes still operating in 25 years’ time, according to a new report, but some experts doubt the appetite from government or the private sector to bring about economies of scale. Read story
“Start small but think big” to achieve recognition success, say Sainsbury’s & Xexec
Incentive and Motivation: The little things can make a big difference and at a macro level, employee recognition initiatives that increase engagement could make a huge difference to operational performance, suggested Meir Adler, Head of Organisational Effectiveness at Sainsbury’s at a recent Xexec event. Read story
Emergency blood couriers recognised as employees
Personnel Today: Couriers delivering emergency blood supplies have won full employment rights in an out-of-court settlement with pathology company The Doctors Laboratory (TDL). Read story