At a glance: reward and benefits headlines this week

The headlines you might have missed between 6-13 May

LastMinutePension.com launched for late employers
Corporate Adviser: Master trust provider Carey Corporate Pensions has launched a new website targeting employers who have left the fulfilment of their auto-enrolment duties to the last minute. Read story

Lifetime Isa ‘direct attack on pensions’ – AMPS members
Corporate Adviser: The launch of the Lifetime Isa is considered a direct attack on the pensions industry by a massive majority of 87 per cent of Association of Member-Directed Pension Schemes (AMPS) members. Read story

Back to the drawing board: Industry takes Govt to task over Lifetime Isa
Money Marketing: The Government’s Lifetime Isa could be knocked off course just two months after being unveiled as the industry challenges key features of the flagship product. Read story

FCA chair’s record annual expenses bill hits over £40k
Money Marketing: FCA chairman John Griffith-Jones has surpassed the regulator’s executive expenses bill racking up more than £41,000 over 12 months. Read story

Ex- BHS boss calls on Frank Field to step down from pensions inquiry
Money Marketing: The former owner of BHS has called on Work and Pensions Committee chair Frank Field to resign from his committee’s probe of the collapsed retailer’s pension fund. Read story

University and College Union members vote for industrial action over pay
Employee Benefits: Higher education staff who are members of the University and College Union (UCU) have voted in favour of industrial action over pay. Read story

34% do not feel inspired to perform at their best at work
Employee Benefits: More than a third (34%) of respondents do not feel inspired by their organisation to perform at their best at work, according to research by the Chartered Institute of Personnel and Development (CIPD) and Halogen Software. Read story

FTSE350 defined benefit pension deficit hits £92bn
Employee Benefits: The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations reached £92 billion at the end of April 2016, according to research by Mercer. Read story

Pension dashboard 1.0 could be ready by year end, Origo chief
Professional Pensions: The first version of the pension dashboard could be in place by the end of the year as the project continues to make significant progress, the managing director of Origo has said. Read story

How Aegon’s BlackRock buy could change workplace distribution: Ian McKenna
Corporate Adviser: Adding BlackRock’s DC components to its existing offering gives Aegon the potential to offer EBCs and corporate IFAs considerably more says F&TRC director Ian McKenna. Read story

Labour calls on DWP to put state pension in dashboard
Corporate Adviser: Labour has joined industry calls for the Government to commit to ensuring that state pension is an integral part of the pensions dashboard targeted for delivery in 2019. Read story

Tackling panic disorders at work
HR Magazine: Around 5% of those who suffer from panic attacks have felt disbelieved by family, friends or at work. Read story

Pensions Regulator whistleblowing surges by a third
Money Marketing: The number of whistleblowing reports sent to The Pensions Regulator has soared by almost a third. Read story

Providers plan mass transfer out of outdated lifestyle funds
Money Marketing: Providers are eyeing a mass transfer of workplace pension customers from out-of-date lifestyle funds. 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

Halcrow plots rescue of DB scheme
Pensions Expert: Engineering company Halcrow’s pension scheme is expected to agree a liability-management exercise in coming weeks after the High Court ruled a previous proposal was illegal. Read story

PPI calls for industry to judge charges holistically
Pensions Expert: Schemes should not put undue focus on charges when assessing value for money, the Pensions Policy Institute said last week, after research showed charge levels do not necessarily correlate with outcomes. Read story

Discount rates and denial: Will local authorities soon see pension costs rise?
Pensions Expert: The last couple of Budgets have focused on freedom and choice, but March brought a little surprise for the public sector, and it is one it would probably have preferred to do without. Read story

Kingswood launches employee engagement programme
Employee Benefits: Kingswood has introduced an employee engagement programme and a range of new voluntary benefits for its 650 staff. Read story

Fox Agency achieves 90% take-up rate for workplace fitness scheme
Employee Benefits: Fox Agency has achieved a 90% take-up rate for its employee health initiative, which provides free personal training sessions to staff. Read story

80% believe a wide-ranging benefits offering is important
Employee Benefits: More than three-quarters (80%) of employer respondents feel that it is important to offer employees a wide range of benefits choices, according to research by Grass Roots Employee Solutions. Read story

Employees lacking understanding about retirement savings
Reward Guide: A poll by Wealth At Work has found that only 18% of employers believe their employees know how much to save. Read story

Ellison and Lord Myners tipped to sit on panel for BHS probe
Professional Pensions: The Work and Pensions Committee (WPC) is reported to be considering appointing a special panel to help with its inquiry into British Home Stores (BHS). Read story

Punter Southall Aspire launches AVC master trust
Corporate Adviser: Punter Southall Aspire is launching a new master trust for additional voluntary contributions (AVCs) for DB scheme members so schemes do not have to themselves meet the Pension Regulator’s new defined contribution Code of Practice. Read story

Pressure mounts on Pensions Regulator over BHS collapse
Money Marketing: Pressure is mounting on the Pensions Regulator after it emerged it only realised BHS was on the brink of collapse after reading about it in the newspapers. Read story

KPMG raises awareness of eating disorders with wellbeing events
Employee Benefits: Accountancy firm KPMG employs more than 13,000 staff across 22 locations in the UK. It is committed to supporting its employees and set up its Be Mindful Network in May 2015. Read story

Pensions questions your employees will definitely ask
HR Magazine: All businesses should be doing more to encourage people to talk openly about retirement plans. Read story

Air-IT launches employee engagement and development programme
Employee Benefits: Air-IT has launched a new employee engagement scheme to support the wellbeing and personal development of its staff. Read story

Infinite Energy to raise starting wage to $15 an hour
Employee Benefits: US natural gas provider Infinite Energy is to increase its minimum starting wage to $15 an hour for all full and part-time employees. Read story

38% likely to consider including lifetime Isa in remuneration package
Employee Benefits: More than a third (38%) of respondents are likely to consider introducing the new lifetime individual savings account (Isa) into their employee remuneration scheme in the future, according to research by law firm Sackers. Read story

Expat pensioners hit as Australia introduces £250k lifetime contribution cap
Money Marketing: Australia has imposed a harsh new cap for lifetime contributions to pensions, dramatically restricting the amounts the British savers will be able to take with them if they emigrate Down Under. Read story

Lisa on the cards for businesses
Pay and Benefits: Around two in five employers are currently considering, or are planning to consider, introducing a Lifetime ISA (LISA) as part of their remuneration package. Read story

Govt urged to include Pensions Bill in Queen’s speech
Professional Pensions: There are growing calls for a Pensions Bill to be announced at the state opening of parliament next week amid concerns about the regulatory framework. Read story

TPR: BHS trustees did not tell us about sale to Retail Acquisitions
Professional Pensions: The British Home Stores (BHS) pension trustees did not flag up concerns to the regulator about last year’s sale to Retail Acquisitions, according to Lesley Titcomb. Read story

Brooks: “Equality is about removing unconscious bias”
Reward Guide: Becky Brooks, member engagement manager at Employers Network for Equality & Inclusion (enei) opened Reward Live 2016 by discussing the importance of creating an inclusive workforce through HR practices and employee benefits offerings. Read story

Scams: What trustees can do to avoid members becoming victims
Pensions Expert: Trustees are, in fact, indirect victims of scams, so action to protect members is more often than not action that also helps themselves. Read story

Doors remain open as FAS prepares to close
Pensions Expert: From September 1 2016 the Financial Assistance Scheme will be closed to new applications. Read story

Underperforming managers still given bonuses
HR Magazine: The number of managers receiving bonuses has also increased over the past year, from 54% to 57%. Read story

Capital One and Easyjet shortlisted for best pensions communications
Employee Benefits: Capital One, Easyjet and Nationwide Building Society are among those shortlisted for the Best pensions communications award at the Employee Benefits Awards 2016. Read story

Government launches online pensions tracing service
Employee Benefits: The Department for Work and Pensions (DWP) has launched a new website to help people locate their pension savings. Read story

26% of 18-34 year olds feel their employer contributes to excessive alcohol consumption
Employee Benefits: More than a quarter (26%) of respondents aged between 18 and 34 believe their employer contributes to unhealthy levels of drinking among staff, according to research by Willis PMI Group. Read story

Jelf International issues warning over Dubai health insurance regulations
Cover Magazine: Jelf International has bought attention to new health insurance regulations in Dubai which may prove costly for employers and employees in the region. Read story

Revealed: The Sipp firms under pressure as capital deadline looms
Money Marketing: A worrying number of Sipp providers’ business models, including well-known firms, are unsustainable, new analysis has warned. Read story

Crabb: Master trusts not a ‘byword for poor practice’
Professional Pensions: Secretary of State for Work and Pensions Stephen Crabb has warned against allowing master trusts to become a “byword for poor practice.” Read story

Half of AE savers cannot afford contribution increase
Professional Pensions: Auto-enrolment (AE) is helping savers make better retirement plans, but almost half believe they cannot afford higher contributions. Read story

Small businesses risk fines of £25m for missing AE deadline
Professional Pensions: Small and micro businesses in the UK could face fines totalling £25m if they fail to meet their auto-enrolment (AE) deadlines. Read story

Royal London sees 86pc group pension surge
Corporate Adviser: Royal London’s group pension business surged by 86 per cent in the first quarter of 2016 compared to the same quarter last year, up to £959m on a present value of new business premiums (PVNBP) basis. Read story

Aegon warns on Lisa opt-out risk
Corporate Adviser: The Lifetime Isa presents a risk of employees opting out of workplace pensions and missing out on employer contributions warns Aegon UK chief executive Adrian Grace. Read story

RWE NPower’s flex strategy uses data to help scheme evolve
Employee Benefits: Energy firm RWE NPower soft-launched its flexible benefits scheme in November 2013 as part of its work on its employee proposition. Read story

Holiday Extras built flexible benefits scheme on employee input
Employee Benefits: The strategy behind Holiday Extras’ flexible benefits scheme has largely been driven by employee input and feedback. Read story

BHS trustees and Arcadia accuse TPR of ‘misrepresenting facts’ in Work and Pensions Committee evidence; Regulator issues clarification
Professional Pensions: The trustees of the BHS pension schemes and Arcadia have written to the Work and Pensions Committee accusing The Pensions Regulator of “misrepresenting facts” in oral evidence on Monday – a move that has forced the watchdog to issue a clarification. Read story

Lisa ‘not a cure all’ for retirement needs
Professional Pensions: The lifetime Isa (Lisa) has short-term benefits but pensions come out on top over the whole of a career, according to analysis from Fidelity International. Read story

Tesco staff in Ireland to strike over pay dispute
Employee Benefits: Tesco employees in the Republic of Ireland who are members of the trade union Mandate are to strike in a dispute over changes to pay and conditions. Read story

Money.co.uk introduces new volunteering and health benefits
Employee Benefits: Money.co.uk has added new volunteering and health and wellbeing initiatives to its employee benefits programme. Read story

JP Morgan and Sky make the most engaging benefits proposition shortlist
Employee Benefits: Goodman Masson, JP Morgan and Sky (pictured) are among those shortlisted for Most engaging benefits proposition at the Employee Benefits Awards 2016. Read story

Govt mulls switching British Steel to CPI to cut liabilities by £2.5bn
Professional Pensions: The government is considering changing the indexing of the British Steel Pension Scheme (BSPS) to make Tata Steel more attractive to potential buyers, according to reports. Read story

Third of savers would put spare cash in pensions
Professional Pensions: Pensions are growing in popularity as an increasing number of people would choose them to save their spare income, according to research. Read story

Lisa could be attractive for younger workers
Professional Pensions: The lifetime Isa (Lisa) offers the industry an opportunity to develop a savings culture among young workers such as graduates according to Hymans Robertson’s Rob Harper. Read story

Perceived unfairness at work ‘can damage employee health’
People Management: Unfair treatment decreases performance and affects wellbeing, study reveals. Read story

Trott: My personal experience
Reward Guide: Reward Live: Former England Test cricketer discussed how HR directors can support employees and address mental wellbeing. Read story

SLHG: What makes an award-winning strategy?
Reward Guide: Reward Live: Sunday Times toppers reveal the secret to an award-winning strategy and happy employees. Read story