At a glance: reward and benefits headlines this week
The headlines you might have missed between 5-11 August 2016
Addleshaws cancels pay reviews and equity drawings for partners
The Lawyer: Equity partners' drawings and pay reviews for salaried partners will be "deferred" until later this year. Read story
Workers who cycle are more productive
HR Magazine: Employees who cycle to work are more likely to be on time, perform better and save employers money. Read story
65% believe offering benefits strengthens their reputation as a good place to work
Employee Benefits: Around two-thirds (65%) of employer respondents feel that offering employee benefits can strengthen an organisation’s reputation as a good employer to work for, improving talent attraction and retention, according to research by Busy Bees Benefits. Read story
Apple achieves pay equity among US employees
Employee Benefits: Apple has achieved pay equity for similar roles and performance among its US workforce, according to its latest Inclusion and diversity report. Read story
86% do not receive seasonal summer perks
Employee Benefits: More than eight in 10 (86%) respondents do not receive any additional workplace perks or seasonal benefits during the summer months, according to research by Peldon Rose. Read story
Deficits rise to worst level ever following rate cut
Professional Pensions: Defined benefit liabilities have risen by an eye-watering £70bn on the back of the Bank of England’s (BoE) decision to cut interest rates and launch a new round of quantitative easing (QE). Read story
PLSA calls for ‘proportionate’ regulator response to BoE decision
Professional Pensions: The Pensions and Lifetime Savings Association (PLSA) has called for the Pensions Regulator (TPR) to “take a proportionate and flexible approach” to defined benefit (DB) scheme funding. Read story
Ten take-aways from the BoE's 'bazooka' announcement
Professional Pensions: A round-up of the key points after yesterday's rate cut by the Bank of England, and the introduction of what one economist dubbed its "bazooka surprise”. Read story
Lloyds equal pensions deal could cost firms £13bn
Money Marketing: Employers running defined benefit pension schemes could be on the hook for billions in extra payments as a Lloyds Bank union pushes for a new deal for women. Read story
FTSE 100 CEO pay rises another 10%
HR Magazine: CEO pay in the FTSE 100 is continuing to grow at a double digit rate, according to research released by the High Pay Centre. Read story
HMRC shared parental leave figures confirm take-up still low
HR Magazine: The first 'true' data on SPL take-up suggests more must be done to raise awareness and support father's leave, says Working Families' Sarah Jackson. Read story
Chiswick Park holds Olympics-themed event for employees
Employee Benefits: Chiswick Park Enjoy-Work hosted an Olympics-themed ‘Winner Takes It All’ event on Friday 5 August 2016 as part of its summer activity programme. Read story
Average FTSE 100 CEO pay rises to £5.5m a year
Employee Benefits: Average pay for FTSE 100 chief executive officers (CEOs) increased from £4.96 million in 2014 to £5.48 million in 2015, according to research by the High Pay Centre. Read story
Union to bring equal pensions case against Lloyds Banking Group
Employee Benefits: Lloyds Trade Union (LTU) is preparing to bring a class action lawsuit against Lloyds Banking Group regarding equal payments for members of its defined benefit (DB) pension scheme. Read story
Lloyds' union launches legal action to equalise GMPs
Professional Pensions: A Lloyds Bank union is taking legal action to close the pay gap between men and women who took out guaranteed minimum pensions (GMPs). Read story
MPs launch probe into DB regulation
Professional Pensions: The Work and Pensions Committee (WPC) has launched an inquiry into the regulation of defined benefit (DB) pension schemes. Read story
LGPS transparency code to launch this Autumn
Professional Pensions: A transparency code for asset managers will soon be introduced in the Local Government Pension Scheme (LGPS) to improve and standardise the reporting of investment costs. Read story
Railways scheme on track with cost management
Pensions Expert: The Railways Pension Scheme has saved £100m in fees, having restructured its external management and pooled fund arrangements, but despite being cost-conscious, the fund remains focused on net returns. Read story
Amazon deploys chopsticks in all dining halls
Reward Guide: Amazon already offer some great benefits but unlike many tech companies, they don’t offer free lunches. According to Business Insider, staff must pay to eat in the cafeterias. Read story
Most mothers ‘forced to give up work after second child’
People Management: Study suggests low-skilled workers struggle with cost of childcare, as take-up of shared parental leave reaches just 1.5 per cent. Read story
Snowflake Gelato uses voluntary benefits platform to retain staff
Employee Benefits: In 2015, Snowflake Gelato implemented a voluntary benefits platform, provided by Perkbox, to help to retain staff. Read story
Executive pay leading to ‘sense of unfairness’
Pay and Benefits: The growing gap between executive salaries and pay for the rest of the workforce is leading to ‘a real sense of unfairness’. Read story
Paying your way: International tax and benefits
HR Magazine: Ensure your overseas employees’ benefits match up to domestic ones, and that they’re legally sound. Read story
ITN appoints Sian Williams first mental health champion
Employee Benefits: The news and content provider’s mental health champions initiative is the first scheme to launch following its internal mental health awareness week, which ran between 11 and 20 May 2016. Training for 20 champions is due to commence in September. Read story
51% of employers view mental health as biggest threat to staff health
Employee Benefits: Around half (51%) of employer respondents believe that mental health conditions are the biggest threat to their employees’ health over the next five years, according to research by Axa PPP Healthcare. Read story
SG Fleet acquires Fleet Hire
Employee Benefits: SG Fleet has acquired contract hire, fleet management and salary sacrifice provider Fleet Hire. Read story
Employers warned they face £22m in auto-enrolment fines
People Management: ‘Limited understanding’ of responsibilities will cost micro-businesses dear, as Lloyds is hit with pension discrimination tribunal. Read story
AE reaches 200,000 employer milestone
Professional Pensions: More than 200,000 companies have completed their workplace pension automatic enrolment (AE) duties according the Pensions Regulator (TPR). Read story
Tarmac introduces technology salary sacrifice scheme
Employee Benefits: Building materials organisation Tarmac has introduced a technology salary sacrifice scheme for its 7,000 UK employees. Read story
Associated British Ports to roll out financial education programme to all staff
Employee Benefits: Associated British Ports is to roll out a multi-generational lifestyle and financial education programme to all of its 2,000 employees. Read story
Manweb Group agrees £1bn pension longevity swap
Employee Benefits: Manweb Corporate Pension Trustee has agreed a £1 billion longevity swap with Abbey Life Assurance, which covers around 4,000 members of the Manweb Group of the Electricity Supply Pension Scheme (ESPS). Read story
Gender pay gap reporting: what now?
HR Magazine: Despite being given a reprieve on gender pay reporting, HR must still get up to speed. Read story
Time to take action on spiralling DB deficits
Professional Pensions: As deficits soared following the Bank of England’s rate cut and stimulus package, the future for DB looks even more challenging. A major re-think is needed to avert a pensions crisis, writes Stephanie Baxter. Read story
Scottish Power enters £1bn longevity swap
Professional Pensions: Scottish Power has completed a longevity swap with Abbey Life to hedge £1bn of liabilities, covering 4,000 pensioners in the Manweb section of the Electricity Supply Pension Scheme. Read story
What surprises will the 2017 auto-enrolment review bring?
Professional Pensions: Adrian Boulding was part of the team that reviewed auto-enrolment back in 2010. As the 2017 review approaches he outlines what should be considered this time around… Read story
Norcros moves to mastertrust in bid to improve governance
Pensions Expert: Bathroom and kitchen products company Norcros is transferring its money purchase section to a mastertrust arrangement to provide "more focused governance" and greater flexibility. Read story
Government consults on tax-efficient benefits
Employee Benefits: HM Revenue and Customs (HMRC) has launched a consultation on limiting the range of benefits that attract relief on tax and national insurance contributions (NICs) when provided as part of a salary sacrifice arrangement or flexible benefits scheme. Read story
Chipotle enhances education benefits for US staff
Employee Benefits: Mexican grill restaurant chain Chipotle has launched a new education initiative to give US-based staff access to online college classes and university degree programmes at a discounted rate. Read story
91% believe technology will impact employee wellbeing
Employee Benefits: The majority (91%) of employer respondents believe that technology will continue to impact the wellbeing of their workforce over the next 10 years, according to research by Bupa UK. Read story
FTSE 350 pension deficits increase by £10bn in five days
Employee Benefits: The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed organisations increased by £10 billion in the five days to 4 August 2016, according to research by Mercer. Read story
Supreme Court to hear same sex partner benefits appeal
Professional Pensions: A man will make a case in the Supreme Court for his husband to receive the same death benefits a wife would be entitled to. Read story
Royal Mail plans to close DB to future accrual
Professional Pensions: Royal Mail’s defined benefit (DB) scheme could be closed to future accrual after its contributions are set to more than double from 2018. Read story