At a glance: reward and benefits headlines this week
The headlines you might have missed between 8-14 April 2016
Co-operative Group chief executive requests 60% pay cut
Employee Benefits: The Co-operative Group’s chief executive has requested a 60% cut to his total remuneration package. Read story
16% refer staff to Pension Wise
Employee Benefits: Less than one-fifth (16%) of employer respondents are referring their employees to the Pension Wise service, compared to 20% in October 2015, according to research by Close Brothers Asset Management. Read story
35% speak to their manager about mental health problems
Employee Benefits: Around a third (35%) of respondents that have experienced mental health issues have discussed these with their manager, according to research by Willis PMI Group. Read story
Give everyone early state pension access – Aegon
Corporate Adviser: Early access to state pensions could temper backlash against future increases in state pension age says Aegon pensions director Steven Cameron. Read story
The Women in Finance Charter – What it entails
HR Magazine: The voluntary charter contains three elements: reporting, executive accountability and remuneration. Read story
Group risk: Growing in confidence
Cover Magazine: Group risk experts have praised levels of market growth highlighted in the latest Swiss Re Group Watch report but warned that the industry must focus on improving group IP. Read story
Employees ‘being held back’ on mobile learning
People Management: Lack of support and tailored content hindering staff, says Towards Maturity report. Read story
Cash plans should be zero rated for IPT
Cover Magazine: Sovereign Healthcare's Russ Piper asks whether Insurance Premium Tax should be levied on health care cash plans. Read story
Well Pharmacy increases pay for 4,500 employees
Employee Benefits: Pharmacy chain Well is increasing hourly pay rates by between 2% and 10% for 4,500 employees. Read story
45% of European employers view sedentary lifestyles as key health concern
Employee Benefits: Almost half (45%) of European employer respondents cite sedentary lifestyles as a key health concern, according to research by Willis Towers Watson. Read story
61% of US employers have a budget for employee engagement
Employee Benefits: Less than two-thirds (61%) of US employer respondents have some level of funding for employee engagement in 2016, compared to 71% in 2014, according to research by employee engagement and retention firm TalentKeepers. Read story
The bigger reward picture
Reward Guide: Wellbeing, engagement, retention…creating an over-arching employee benefits strategy. Read story
Rothesay Life buys £6bn annuity portfolio from Aegon
Professional Pensions: Aegon has sold a £6bn UK annuity portfolio to Rothesay Life in a bid to focus on expanding its investment platform. Read story
Lancashire/LPFA pool gets FCA approval
Professional Pensions: The UK watchdog has authorised the Lancashire County Pension Fund (LCPF) and London Pension Fund Authority (LPFA) to form the Local Pensions Partnership (LPP). Read story
Sean McSweeney: End of auto-enrol commission bigger than RDR
Money Marketing: The end of pension commission has arrived and the world for corporate advisers has fundamentally changed forever. Read story
NHS scraps controversial cash-for-pension offer
Money Marketing: An NHS trust has closed a deal it offered new nurses to opt out of the generous NHS scheme in favour of a higher salary. Read story
Women with vocational qualifications ‘earn 15 per cent less’
People Management: TUC says pay in female-dominated sectors remains low; concern that growth in apprenticeships may exacerbate the problem. Read story
Scottish Power introduces tool to help staff understand retirement outcomes
Employee Benefits: Energy firm Scottish Power has two defined benefit pension schemes, with some 4,000 members but, since 2006, has required all new employees to join a defined contribution (DC) stakeholder pension, provided by Fidelity. This currently has around 2,500 members. Read story
Brexit could pose holiday pay risk
Pay and Benefits: More than seven million workers could lose out on holiday pay if Britain exits the European Union (EU), the Trades Union Congress (TUC) has warned. Read story
Employees believe they must switch jobs for a pay rise
HR Magazine: More than half (57%) of UK employees believe they must switch companies to see changes in their pay and reward. Read story
Coca-Cola to enhance parental leave for US employees
Employee Benefits: Coca-Cola is to extend paid parental leave for male and female employees in the US. Read story
BBC switches payroll technology provider
Employee Benefits: The BBC has entered into a contract with IBM for the provision of outsourced finance, accounting payroll and associated technology provider. Read story
Royal Mail and BBC staff threaten strikes
People Management: Employers’ reluctance to use mediation – and further public sector austerity – mean more unrest is likely, says industrial relations expert. Read story
BP faces backlash over CEO’s 20 per cent pay rise
People Management: Dudley’s £13 million package may prove tipping point in fresh ‘shareholder spring’. Read story
PPF 7800 deficit falls £20.7bn in March as equity markets rise
Professional Pensions: The funding level of the 5,945 schemes in the Pension Protection Fund (PPF) 7800 index improved slightly to 81% by the end of March. Read story
Retirees with inadequate incomes to reach 15m by 2060
Professional Pensions: Policy changes will result in an extra three million retirees on inadequate incomes by 2060 on top of the 12.2 million already forecast, according to research. Read story
Ellipse and Johnson Fleming tie up for automated group risk quotes
Corporate Adviser: Group risk quotes will be generated automatically from auto-enrolment data under a new tie-up between Ellipse and employee benefit consultants Johnson Fleming announced today. Read story
Group life pension Isa worries overcooked
Corporate Adviser: The Government must create a new tax-advantaged framework for group life in the event it abolishes pensions tax relief, or risk being accused of taxing widows and orphans, Ellipse chief executive John Ritchie has warned. Read story
Neil Emery: EAT rules holiday pay calculations should include commission
Employee Benefits: In the case of Lock v British Gas Trading, the Employment Appeal Tribunal (EAT) has confirmed that an employee’s holiday pay should include an element in respect of commission. Read story
Tesco’s pension deficit drops 38% to £2.6bn
Professional Pensions: The deficit of Tesco’s defined benefit (DB) scheme has fallen by £1.6bn after reaching £4.2bn last year as the supermarket moves into the black. Read story
Michael Johnson: introduce workplace ISA to keep lid on opt-out rates
Professional Pensions: The UK should establish a workplace ISA to reinforce auto-enrolment (AE) and avoid high-opt rates according to Centre for Policy Studies research fellow Michael Johnson. Read story
Retiring at 65 out of reach for two thirds of workers
Professional Pensions: Almost one in four workers expect to work past the age of 65 because of seven years of low interest rates according to Canada Life research. Read story
28% cite flexible working as a factor in remaining with current employer
Employee Benefits: More than a quarter (28%) of respondents say that the ability to work flexibly has been a factor in them remaining with their current employer, according to research by the Chartered Institute of Personnel and Development (CIPD). Read story
Seven in ten return to work with rehab
Cover Magazine: Some 7 out of 10 people with serious health problems were supported back to work by Unum after using the insurer's vocational rehabilitation service provided via a Group Income Protection plan. Read story
Finance and health most stressed professions, survey finds
People Management: UK economy faces £57bn annual bill, as nearly a month of productive work lost per employee, per year. Read story
OPINION: Why gender pay gap reporting matters
Reward Guide: Is gender pay reporting really any more than a “tick the box” exercise? Fiona Hathorn, managing director, Women on Boards, investigates. Read story
Don’t brush dental cover under the carpet
Reward Guide: Employers are seeing their costs rise this year, but cutting out dental cover could be a short-term move that risks your company and employees’ health. Read story
Bentley gets backlash over plans to hit DB members with NI costs
Professional Pensions: Bentley Motors has been criticised over plans to pass £1.4m of national insurance (NI) costs onto the 1,300 members of its defined benefit (DB) pension scheme. Read story
PPF is most likely route for British Steel scheme
Professional Pensions: A majority of respondents believe the British Steel Pension Scheme will end up going into the lifeboat fund. Read story
TPR consults on guides to help trustees with new DC code
Professional Pensions: The Pensions Regulator (TPR) has launched for consultation a series of guides to help trustees implement its revised defined contribution (DC) code. Read story
Fall in DB experts is much slower than expected
Professional Pensions: The number of defined benefit (DB) industry professionals has declined by just 4% over the past five years according to the Pensions Management Institute (PMI). Read story
City of London Police launches health and wellbeing network
Employee Benefits: The City of London Police has launched a health and wellbeing network to support its employees’ mental and physical health. Read story
38% believe senior leaders are overpaid
Employee Benefits: More than a third (38%) of respondents believe that senior leaders are overpaid, according to research by reputation management consultancy Lansons and insight agency Opinium. Read story
35% of contractor health insurance claims relate to musculoskeletal conditions
Employee Benefits: More than a third (35%) of health insurance claims among contractors and tradespeople were related to muscle, bone or joint conditions, according to construction sector employee benefits firm ECIS. Read story
Wellbeing intentions and reality don't match
HR Magazine: Only 38% of employees participated in a wellbeing activity or health-related management programme in the last year. Read story
50-50 take up remains low, but tax changes could spur interest
Pensions Expert: Take up of a 50-50 option for members of local government pension scheme funds – which allows halving overall contributions – remains low but could rise with changes to pension tax next year. Read story
SAS offers benefits to reflect lifestyle, not generation
Employee Benefits: With some 700 employees in the UK, software organisation SAS already has a five-generation workforce. Read story