At a glance: reward and benefits headlines this week
The headlines you might have missed between 7 August - 13 August 2015
Microsoft boosts pension contributions and paid parental leave
WSB: Microsoft will make 50% matching contributions on all regular employee pension contributions and offer an additional 12 weeks of paid parental leave. Read story
Improved fit note training required for employers
WSB: A study by the University of Nottingham showed fit notes were not being used as intended by those involved in commissioning, completing, and processing them. Read story
Fleet purchases grow by over 10% in 2015
WSB: The number of company fleet vehicles bought in the first seven months of the year grew by over 12% compared to the same period last year. Read story
Pension transfer quotes double in six months
WSB: The number of transfer value requests in defined benefit (DB) schemes doubled from January to July this year according to research from Xafinity. Read story
Amey extends wellbeing strategy
Employee Benefits: Public and regulated services provider Amey has introduced new wellbeing initiatives to improve the health and wellbeing of its 21,000 members of staff. Read story
Government to end union fee payments
Employee Benefits: The government plans to end state-run trade union subscription payments for all public sector workers. Read story
Towers Watson launches employee benefits insurance agency in Japan
Employee Benefits: Global professional services firm Towers Watson has established an employee benefits insurance agency in Japan, known as Towers Watson Insurance Advisors Japan. Read story
Quarter of workers do not feel valued 'at all’
HR Magazine: A quarter (25%) of British workers feel they are not valued at all in their workplaces, according to research from B2B PR agency Lansons. Read story
MAS posts £786k loss as chief exec pay hits £180k
Money Marketing: The Money Advice Service has reported a loss of £786,000 for the year 2014/15 and handed chief executive Caroline Rookes a £20,000 pay rise. Read story
GKN saves £7m with Pie
Pensions Expert: Automotive and aerospace company GKN has made a £7m saving on its pension scheme following completion of a pension increase exchange exercise. Read story
Confusing stress and 'burnout' can cause significant harm
HR Magazine: Confusing ‘corporate burnout’ with much less serious levels of workplace stress can cause significant harm, according to research by leadership, management and coaching provider Awbery Management. Read story
Employees prefer ISAs and ignore pensions tax relief
WSB: Workers believe the tax treatment of pensions is too complex and would welcome switching to a system that treats pensions like ISAs. Read story
Unum buys National Dental Plan
WSB: Unum is buying dental benefits provider National Dental Plan (NDP) from Capita for £31.7m. Read story
Employers could struggle to change DC provider under EU proposals
WSB: Proposed changes to European pension rules would make it harder for employers to change their defined contribution (DC) provider. Read story
Peel Ports introduces car salary sacrifice scheme
Employee Benefits: Peel Ports Group has introduced a car salary sacrifice scheme for its 1,100 members of staff. Read story
Ruston Smith: ‘The pensions industry has a great opportunity’
Professional Pensions: NAPF chairman Ruston Smith talks about a tumultuous two years in pensions, and looks at the challenges ahead. Read story
Greater Manchester invests £10m in renewable energy
Professional Pensions: Greater Manchester Pension Fund (GMPF) has committed £10m to a company that funds small-scale renewable energy projects across the country. Read story
Survey shows shift in employers’ attitude to workers’ health
Corporate Adviser: Less than half of businesses believe they have a duty of care to employee health, with only 46 per cent of firms regarding staff health as an employer’s responsibility, new research has found. Read story
Is your scheme spending enough time on administration?
Pensions Expert: Some experts have said administration issues can become sidelined as trustees spend time on other activities such as assessing investments. But how can trustees be sure they are dedicating enough time to the day-to-day running of their schemes? Read story
Volkswagen launches pension sessions for staff
Employee Benefits: Volkswagen has introduced educational classes about the pension freedoms for its 960 UK staff. Read story
BT Pension Scheme invests £1 billion in private equity
Employee Benefits: BT Pension Scheme, one of the UK’s largest occupational pension schemes, has given a £1 billion mandate to private equity specialist Hermes. Read story
Employers anticipate median pay award of 2%
Employee Benefits: Excluding bonuses, respondents planning a pay review over the year to June 2016 expect to give a median pay award of 2%, according to research by the Chartered Institute of Personnel and Development (CIPD). Read story
Discount purchase programs struggle amid sea of voluntary offerings
Employee Benefit Adviser: Despite potential savings offered, voluntary programs that provide discounts on products, services and tickets to employees are rarely used and seeing almost no growth year-over-year. Read story
IFS Proshare eyes financial education launch
WSB: Exclusive: IFS Proshare appears set to unveil a financial education programme. Read story
Just Retirement and Partnership to merge
Money Marketing: Just Retirement and Partnership, the two insurers whose share prices were savaged by Chancellor George Osborne’s radical annuities overhaul, are to merge. Read story
Cancer Research closes DB scheme to future accrual
Professional Pensions: Cancer Research has closed its UK defined benefit pension (DB) scheme to future accruals, the charity announced in its latest financial report. Read story
PPF 7800 deficits pushed up by falling yields
Professional Pensions: Deficits in defined benefit (DB) schemes were pushed up by falling gilt yields in July, according to official figures. Read story
Care home recruiter criticised for offering nurses ‘golden hello’
CIPD: A nursing home struggling to attract talent said it has resorted to paying new joiners a £500 ‘golden hello’. Read story
Adidas collaborates with employees to test future workplaces
HR Grapevine: At the start of this month 300 Adidas Brand Management employees moved into a new office called PITCH WHERE they will trial multiple workplace concepts across three floors. Read story
FoI reveals surge in Govt lifetime allowance tax take
Money Marketing: Revenues from breaches of the lifetime allowance on pension contributions rose more than three-fold during the last Parliament, official figures reveal. Read story
Top companies cut pension contributions
Professional Pensions: The UK’s biggest companies cut contributions to defined benefit pensions by 15% last year, according to research from LCP. Read story
TPR to launch AE calculation tool for small firms
Professional Pensions: The Pensions Regulator (TPR) is to launch a tool to help small employers assess their work force for auto-enrolment and calculate contributions. Read story
PB Design launches employee ownership trust
Employee Benefits: Standby power supply firm PB Design has become 100% employee-owned after transitioning to an employee-ownership trust model. Read story
Balfour Beatty moves staff eyecare online
Employee Benefits: Infrastructure group Balfour Beatty has moved its employee eyecare benefits online with the introduction of e-vouchers. Read story
Employers paid £7bn towards DB pension deficits in 2014
Employee Benefits: Respondents paid £7 billion towards their defined benefit (DB) pension deficits in 2014, according to research by Barnett Waddingham. Read story
UK employment down as wage growth stalls
Money Marketing: The total number of people in work has fallen again, while wage growth has also dropped, official figures reveal. Read story
The workplace benefits offered by the UK's top law firms
Employee Benefits: Almost 70 firms participated in The Lawyer Employee workplace benefits and wellbeing research, conducted during May 2015. Read story
Are DB plans really more cost-effective than DC plans?
Employee Benefit News: It is assumed in some circles that defined benefit plans are more economical to run than defined contribution plans .Not so, concludes a study titled, “Defined-Contribution Plans Are Cost-Effective,” issued today by the Manhattan Institute for Policy Research. Read story
TPR: Assess covenant at least every three years
Professional Pensions: The Pensions Regulator (TPR) has told defined benefit trustees to assess employer covenants as part of their triennial valuations, and monitor employer support regularly. Read story
Tax take from LTA breaches quadruples under Osborne
WSB: The amount of tax the government has collected from people breaching the lifetime pension allowance (LTA) has risen by 276% since George Osborne became Chancellor. Read story
Adobe enhances family leave package
Employee Benefits: Adobe will be introducing extended maternity and paternity leave for its 6,500 US employees from November 2015. Read story
Cam Specialist Support commits to living wage
Employee Benefits: All employees at window cleaning firm Cam Specialist Support will receive the living wage of £7.85 per hour, or £9.50 in London. Read story
Wealth at Work in management buyout
Employee Benefits: Equistone Partners Europe has completed a management buyout of financial education and wealth management provider Wealth at Work. Read story