At a glance: reward and benefits headlines in week of 2-8 December 2016
The headlines you might have missed between 2-8 December 2016.
28% provide financial education for all staff
Employee Benefits: More than a quarter (28%) of employer respondents provide financial education for all staff, compared to 32% in 2015, according to research by Employee Benefits and Close Brothers. Read story
Federal judge blocks US overtime rule
Employee Benefits: A federal judge has issued a preliminary nationwide injunction to block an increase in the minimum salary threshold for paid overtime in the US. Read story
TPR 'surprised' DB trustees don't use flexibilities, Titcomb says
Professional Pensions: Defined benefit (DB) trustees should make greater use of the flexibilities within regulations, The Pensions Regulator's (TPR) chief executive has said. Read story
DWP to consult on future of DB in January, Richard Harrington says
Professional Pensions: The Department for Work and Pensions (DWP) will issue a green paper on the future of defined benefit (DB) schemes in early 2017, the pensions minister has confirmed. Read story
Young people need to support adequate state pension provision
Professional Pensions: Tim Sharp says younger people should support the triple lock. Read story
Pension participation rates hit new high thanks to auto-enrolment
People Management: Three-quarters of eligible employees are now enrolled; ministers launch consultation into extending scheme to self-employed workers. Read story
Managing benefits when salary sacrifice arrangements are cut
People Management: Health insurance, gym membership, and mobile phones provided under these schemes will need a re-think. Read story
Sage uses app to demonstrate the value of its benefits package
Employee Benefits: In March 2016, multinational business software organisation Sage introduced an interactive app in order to help senior executives understand the value of their benefits package, Sage Rewards. Read story
Government publishes draft legislation on limitations of salary sacrifice tax advantages
Employee Benefits: The government has published draft legislation on the limitation of tax and employer national insurance contribution (NIC) advantages where benefits are offered through a salary sacrifice arrangement or where the employee is provided with a choice between a benefit in kind (BIK) and cash allowance. Read story
Bloomberg and Deutsche Bank recognised for LGBT workplace policies
Employee Benefits: Bloomberg, Deutsche Bank (pictured) and Hasbro are among the organisations in the United States which have been recognised for workplace policies that provide equality for lesbian, gay, bisexual, transgender and queer (LGBTQ) employees by the Human Rights Campaign Foundation. Read story
Government consults on measures to tackle pensions scams
Employee Benefits: The government has launched a consultation into potential measures to counteract pensions scams, including a ban on cold calling. Read story
Mercer acquires Sirota Consulting
Employee Benefits: Mercer has acquired global employee engagement organisation Sirota Consulting. Read story
‘Christmas of discontent’ looms as rail workers follow Post Office staff on strike
People Management: Thousands of employees affected as ‘severe disruption’ feared in separate disputes. Read story
Industry welcomes plans to tackle fraudulent transfers
Professional Pensions: A government proposal to limit the right to transfer pension funds amid increasing scam activity has been welcomed by the industry. Read story
Government sets out plans to crack down on pension scams
Professional Pensions: The government has launched a consultation on banning pensions cold calling and limiting the right to transfer after a rise in scams since the pension freedoms. Read story
Govt runs £31m administration tender for Royal Mail scheme
Professional Pensions: The government is looking for a new administrator to service the Royal Mail Statutory Pension (RMSPS) Scheme, the UK's sixth largest public sector pension fund. Read story
ABI calls for Brexit transition plan to prevent insurer flight
Corporate Adviser: The UK government must get an early agreement with its European partners on a high level transitional implementation period following Brexit or risk insurance companies leaving the country, ABI director general Huw Evans warns. Read story
Aon: Salary sacrifice ‘still powerful’
Corporate Adviser: Salary sacrifice remains a powerful benefits mechanism for employee and employer savings despite the Chancellor’s Autumn Statement attack on the strategy says Aon Employee Benefits. Read story
BlackRock threatens votes against excessive executive pay
Money Marketing: BlackRock has threatened to veto board director re-appointments at companies where top executives received disproportionate pay packets. Read story
Pensions minister challenged on lifetime allowance
Money Marketing: Pensions Minister Richard Harrington has faced calls from advisers to abolish the lifetime allowance. Read story
British workers can expect real wage growth of 1.9% in 2017
HR Magazine: UK wages will increase by 2.5% next year, despite economic and business turmoil caused by Brexit. Read story
Expedia named best place to work in the UK 2017
Employee Benefits: Expedia has been named the best place to work in the UK at Glassdoor’s Best Places to Work 2017 Employees’ Choice Awards. Read story
Ikea US enhances paid parental leave to up to four months
Employee Benefits: Ikea US has enhanced its paid parental leave policy to offer both salaried and hourly staff up to four months of paid leave. Read story
Government publishes final draft regulations on gender pay gap reporting
Employee Benefits: The government has published the final draft regulations for the gender pay gap reporting requirements due to come into effect in April 2017. Read story
BA: Trustees' actions led to 'corrosion' of role and responsibilities
Professional Pensions: Airways Pension Scheme (APS) trustees' misunderstanding of the purpose of a defined benefit (DB) scheme was not consistent with regulation and produced "absurd results", British Airways' (BA) lawyer has told the High Court. Read story
DB costs rise 37% in a year as small schemes under pressure
Professional Pensions: Private sector defined benefit (DB) schemes have seen a significant increase in running costs per member since 2015, according to the Pensions and Lifetime Savings Association's annual survey. Read story
Industry bodies propose reforms to speed up pension transfers
Professional Pensions: Trade bodies have launched a consultation to explore how all types of pension transfers can be sped up to improve access for members. Read story
Failure to report gender pay gap could result in more than reputational damage
Personnel Today: Employers could face legal consequences if they fail to comply with the new gender pay gap rules, which were published in draft form yesterday. Read story
Hot topic: Extended maternity benefits
HR Magazine: The CBI has said it wants to see statutory maternity pay extended to 52 weeks from 39. Read story
Hot topic: Extended maternity benefits, part two
HR Magazine: What benefits would a longer maternity period bring? What should organisations consider doing? What legal issues may a firm run into? And in what cases might parents need extra time? Read story
QROPS: Between expat need and tax loophole
Pensions Expert: High earners sometimes prefer to move their pension overseas and out of the UK taxman's reach, so how should trustees deal with requests to transfer to a qualifying recognised overseas pension scheme? Read story
Lendlease uses activity tracker loan scheme to address health hotspots
Employee Benefits: Property and infrastructure organisation Lendlease is helping employees improve their physical activity levels with the aid of an activity tracker loan scheme, which is part of its overall health and wellbeing strategy. Read story
Axa to introduce global parental leave policy
Employee Benefits: Insurance organisation Axa is to introduce a global parental leave policy for its 166,000 employees across 64 countries. Read story
Precious Cells introduces stem cell storage benefit for its employees
Employee Benefits: Precious Cells has launched a new benefit for its 40 employees that allows staff and their families to cryogenically store their stem cells for free. Read story
Tata Steel to consult on closure of defined benefit pension scheme to future accrual
Employee Benefits: Tata Steel UK is to consult on the closure of the British Steel pension scheme (BSPS) to future accrual. Read story
FTSE 350 defined benefit pension deficit falls by £22bn
Employee Benefits: The accounting deficit of defined benefit (DB) pension schemes for the UK’s largest 350 organisations fell by £22 billion from £149 billion on 31 October 2016 to £127 billion on 30 November 2016. Read story
PPF Purple Book shows marked asset allocation shifts
Professional Pensions: UK pension schemes' average allocation to bonds has risen to over 50% for the first time according to The Pension Protection Fund's (PPF's) Purple Book. Read story
BA case: Trustees did not need a specific power to award increases
Professional Pensions: Trustees of the Airways Pension Scheme (APS) could have awarded a discretionary increase without amending the scheme rules, their lawyer has told the High Court. Read story
IASB rejects calls to change DB accounting standard as it should 'reflect economic reality’
Professional Pensions: International Accounting Standards Board chairman, Hans Hoogervorst, has said arguments to change the accounting standard are "flawed" as it should reflect the economic reality, no matter how ugly. Read story
Gender pay gap reporting extends ‘employee’ definition to contractors
People Management: ‘Snapshot’ date also changed in finalised regulations that take effect in April; experts warn gathering data will be ‘big challenge’ for HR in 2017. Read story
Nearly half of Brits don’t prioritise long term saving
Reward Guide: Survey reveals that UK savings goals are increasingly short term, finds Stuart Stone. Read story