At a glance: reward and benefits headlines this week
The headlines you might have missed between 4-10 November 2016.
Axe triple lock say MPs – it could double state pension cost
Corporate Adviser: The state pension triple lock should be abolished because in increases intergenerational unfairness and threatens the social contract of the welfare state, a report from a committee of MPs proposes. Read story
NAO: Just 18pc know what expect from new state pension
Corporate Adviser: There is no evidence that the new state pension has achieved one of its primary aims of providing a system people understand, a National Audit Office report has found. Read story
TPR to move from education to enforcement ‘far earlier’
Professional Pensions: The Pensions Regulator (TPR) will make companies meet their pension obligations earlier and will not be bounced into agreeing bad deals, Andrew Warwick-Thompson has said. Read story
BA trustees: Leading counsel called increase amendment an ‘elegant solution’
Professional Pensions: Amending scheme rules to allow for discretionary increases provided an “elegant solution” to the indexation debate, according to the Airways Pension Scheme’s (APS) leading counsel. Read story
More workers on boards would not improve pension coverage
Professional Pensions: Most respondents to this week's Pensions Buzz do not believe more workers on company boards would improve pension coverage. Read story
56% cite uncertainty around how best to access pension benefits as a retirement concern
Employee Benefits: More than half (56%) of employer respondents believe uncertainty about how to make the best decisions when accessing pension benefits is an area of concern for employees, according to research by Employee Benefits and Close Brothers. Read story
Domestic and General launches employee recognition scheme in run up to Christmas
Employee Benefits: Appliance care organisation Domestic and General has launched an employee reward and recognition initiative to motivate staff in the run up Christmas. Read story
74% view wellbeing programmes as a key part of their employee value proposition
Employee Benefits: Almost three quarters (74%) of employer respondents believe their wellbeing programme is an important element of their employee value proposition, according to research by Xerox HR Services. Read story
86% of employees who have more good days at work feel appreciated
Employee Benefits: More than three quarters (86%) of respondents who have more good days at work feel appreciated, compared to 60% of respondents who do not have as many good days at work, according to research by Robertson Cooper and the Bank Workers Charity (BWC). Read story
HMRC rejects 98 pension scheme applications
Money Marketing: HM Revenue & Customs has rejected 98 of the 1,400 applications to register new pension schemes it received over the last six months. Read story
Alstom energised by employer guarantee and extra contributions
Pensions Expert: The Alstom Pension Scheme has agreed an increase in recovery plan contributions following a drop in its funding level, but the decision has been buoyed by a strengthened sponsor guarantee. Read story
'Rules lottery' continues after Court of Appeal's RPI/CPI judgment
Pensions Expert: Trustees of the Barnardo Staff Pension Scheme will not be allowed to provide indexation of benefits in line with the consumer price index, according to a Court of Appeal decision earlier this week. Read story
One in five people who return to work after cancer face discrimination
Cover Magazine: An estimated 20,000 of those who are diagnosed with cancer each year in the UK will face discrimination in their workplace, according to new research released by Macmillan Cancer Support and YouGov at the World Cancer Congress in Paris. Read story
52% believe the lifetime Isa will discourage younger staff from pension saving
Employee Benefits: More than half of employer respondents believe the lifetime individual savings account (Lisa) is likely to discourage younger employees from saving into a workplace pension, according to research by the Association of Consulting Actuaries (ACA). Read story
61% believe staff are not fully aware of the healthcare services available to them
Employee Benefits: Almost two thirds (61%) of people management professional respondents who work for an organisation that has a health and wellbeing strategy believe that employees are not fully aware of the healthcare services available to them, according to research by Axa PPP Healthcare. Read story
Female tech workers earn 9% less than male colleagues
Reward Guide: A report ahead of Equal Pay Day on 10 November estimates the current gender pay gap across sectors at 13.9%. Read story
BA trustees: Members had a reasonable expectation of RPI
Professional Pensions: Members of the Airways Pension Scheme (APS) had an expectation to receive payment increases in line with the Retail Price Index (RPI), the trustee board’s lawyer has argued. Read story
Bruce Moss: Why FAMR sets employers free
Corporate Adviser: The Government has cleared the way for employers to promote financial wellbeing in the workplace says EValue founder and strategy director Bruce Moss. Read story
Iris Worldwide uses an on-site personal trainer to encourage physical activity
Employee Benefits: Marketing and advertising organisation Iris Worldwide launched a physical activity programme five years ago for the 400 staff in its London-based head office, with the aim of energising and motivating employees who were putting in long hours tackling a demanding workload. Read story
BA trustees: We had a unilateral power to amend scheme rules
Professional Pensions: Trustees of the Airways Pension Scheme (APS) had a unilateral power to amend the scheme rules, their lawyer has said. Read story
M&S faces £127m ‘sting in the tail’ charge following DB closure
Professional Pensions: Marks and Spencer’s (M&S) decision to close its defined benefit (DB) scheme to future accrual from April 2017 has resulted in a £127m charge. Read story
Patagonia, Spotify and Western Union give staff time off to vote in US election
Employee Benefits: Patagonia, Spotify, SurveyMonkey, TaskRabbit, and Western Union are among the organisations encouraging US staff to take time off today (Tuesday 8 November 2016) to vote in the US presidential election. Read story
Jelf Employee Benefits sees 14% of staff take up Christmas savings scheme
Employee Benefits: Jelf Employee Benefits has achieved a 14% take-up rate for its Christmas savings club, with 168 employees saving through the scheme over the last 12 months. Read story
Average UK pay rises to reach 3% in 2016
Employee Benefits: Average UK pay rises are set to reach 3% in 2016, according to research by Willis Towers Watson. Read story
Sean Nesbitt: Uber by numbers – what next for worker status?
Employee Benefits: The Uber judgment is only the end of the beginning for the gig economy and the debate on worker status. You would need an algorithm to track the implications. Read story
36% are using auto-re-enrolment to introduce wider pensions communications
Employee Benefits: More than a third (36%) of employer respondents are using pensions auto-re-enrolment as an opportunity to introduce wider communications around pensions and pension savings, according to research by Employee Benefits and Close Brothers. Read story
Morganstone gains living wage accreditation
Employee Benefits: Welsh construction organisation Morganstone has been accredited as a living wage employer by the Living Wage Foundation. Read story
32% of financial services organisations do not offer extra flexibility around pension allowance changes
Employee Benefits: Around a third (32%) of London-based financial services organisation respondents are not providing additional flexibility for employees who may be affected by the changes to the annual and lifetime pensions allowances, according to research by Punter Southall Aspire. Read story
Markets hit as 'wildcard' Trump triumphs over Clinton to become US President
Professional Pensions: Equity markets and the dollar have been hit as Republican Donald Trump beats Democratic candidate Hillary Clinton in the 2016 US Presidential Election. Read story
BA: Best estimate assumptions would have allowed discretionary increases
Professional Pensions: Company adviser modelling of the Airways Pension Scheme (APS) funding position would have allowed for discretionary increases if adopted, British Airways (BA) has admitted. Read story
'A recipe for economic uncertainty': The market implications of a Trump presidency
Professional Pensions: Investor reaction to Donald Trump's victory over Democratic presidential candidate Hillary Clinton in the 2016 US Election has been largely negative, with warnings about the implications of his win for the US economy and stockmarket. Read story
3 Monkeys Zeno uses gift vouchers to recognise staff
Employee Benefits: PR firm 3 Monkeys Zeno has been awarding gift vouchers to staff for eight years. Read story
Get the Gloss staff to leave work early in support of Equal Pay Day
Employee Benefits: Beauty and health site Get the Gloss is allowing its employees to leave work early today (Thursday 10 November 2016) in support of Equal Pay Day. Read story
33% do not offer employees support for dementia
Employee Benefits: A third (33%) of respondents state that their employer does not offer any additional help or support for staff with dementia, according to research by PMI Health Group. Read story
Sheffield Theatres increases basic pay for front of house staff
Employee Benefits: Sheffield Theatres is increasing the basic rate of pay for front of house show staff to £8.25 an hour. Read story
23% of female staff believe male colleagues are paid more for the same role
Employee Benefits: Almost a quarter (23%) of female employee respondents believe that their male colleagues are paid more for carrying out the same role, according to research by Totaljobs. Read story
Tata Steel’s plans to close British Steel scheme ‘raised in talks’
Professional Pensions: Tata Steel UK’s intention to close the British Steel Pension Scheme (BSPS) to future accrual has been “raised” in discussions with unions, according to a lawyer close to the matter. Read story
Sainsbury’s pension deficit rises £674m in six months
Professional Pensions: Sainsbury’s has seen the shortfall of its defined benefit (DB) scheme increase to £1.1bn by 24 September following a “significant” fall in discount rates. Read story