At a glance: reward and benefits headlines this week
The headlines you might have missed between 4 - 10 December 2015.
Govt eyes master-trusts clampdown amid auto-enrol fraud concerns
Money Marketing: The Government is eyeing a clampdown on trust-based pension schemes amid concerns lax rules around setting up master-trusts and poor controls on withdrawals are leaving auto-enrolled employees vulnerable to fraudsters. Read story
No vote urged in Towers Watson and Willis merger
WSB: Towers Watson shareholders are again being urged to vote against the proposed merger with Willis Group by proxy adviser company Glass Lewis and Co.
Credit Suisse extends parental leave for US staff
Employee Benefits: Credit Suisse is extending paid parental leave to 20 weeks for its US employees. Read story
Expatriates in Qatar enjoy largest financial gains
Employee Benefits: More than three-quarters (76%) expatriate (expat) respondents based in Qatar have a higher level of disposable income since moving there, according to research by HSBC. Read story
40% of employees want additional annual leave
Employee Benefits: Four in ten (40%) respondents want additional annual leave from their employer, according to research by recruitment firm Robert Half. Read story
Brewer's 'salami' derisking tactic is no small beer for liabilities
Pensions Expert: Midlands-based brewer Marston’s has bought in more than a third of its pension scheme liabilities since 2013 through a series of deals aimed at reducing volatility across its long-dated obligations and providing added security for members. Read story
DB funding pressure rises but scheme closures plateau
Pensions Expert: Data Analysis: The aggregate funding level of UK defined benefit schemes has deteriorated again despite asset allocation trends moving towards lower-risk investments, but the number of schemes open to new members has stayed level. Read story
Most men worse off within a decade of single-tier pension – DWP
Corporate Adviser: Most men and almost half of retirees of both sexes will be worse off within a decade of the new single-tier pension taking effect than they would have been under the old system, according to new figures published by the Department for Work and Pensions. Read story
Surge in workers looking to employers for retirement advice
Corporate Adviser: Record numbers of non-retired people are looking to their employers for advice on retirement planning, with 13 per cent of employees wanting advice through the workplace this year, compared to 7 per cent in 2013. Read story
A fifth of employees would ‘sell' back holiday
HR Magazine: Employees would forgo annual leave for a higher salary, despite not enjoying a good work/life balance. Read story
Fairline Boats fails to pay pension contributions
Employee Benefits: Luxury boat-building organisation, Fairline Boats, has failed to pay employees’ pension contributions for three months. Read story
11% believe staff save enough for retirement
Employee Benefits: Just over one in 10 (11%) respondents believe their employees are saving enough for retirement, according to research by Wealth at Work. Read story
A quarter of employers will not hold a Christmas party for staff
Employee Benefits: A quarter (25%) of organisations will not provide their workers with a Christmas party this year, according to research by the Institute of Leadership and Management (ILM). Read story
Bosses say higher minimum wage will increase productivity and retention
WSB: The vast majority of businesses believe the government’s incoming top-up to the national minimum wage is a good idea. Read story
HSBC slashes 'pension' payouts for top executives
Professional Pensions: HSBC is to cut pension payments to its highest executives from next year as part of plans to bring its policy in line with other top FTSE companies, according to reports. Read story
Employers under-prepared for compulsory living wage, warns report
CIPD: Government says organisations risk ‘falling foul of the law’ come 1 April 2016. Read story
Nationwide uses communications to increase staff pension contributions
Employee Benefits: The strategy included an interactive knowledge-sharing session for employees on pensions and a competition to design a poster illustrating their retirement dreams. Read story
AMNT launches ground-breaking Red Line Voting to boost trustee power
Professional Pensions: The Association of Member-Nominated Trustees (AMNT) has launched an initiative to give pension schemes more power to influence the companies they invest in. Read story
BT Pension Scheme pulls £8.4bn bond mandate from Hermes
Professional Pensions: BT Pension Scheme (BTPS) has pulled its inflation-linked bond mandate from Hermes Investment Management, cutting assets under management (AUM) at the business – which it still owns – by more than a quarter. Read story
Milton Keynes Council receives living wage accreditation
Employee Benefits: Milton Keynes Council has been accredited as a living wage employer by the Living Wage Foundation. Read story
13% look to employer for retirement planning support
Employee Benefits: More than one in ten (13%) employee respondents look to their employer for support with retirement planning, according to research by Baring Asset Management. Read story
39% have communicated national living wage to staff
Employee Benefits: Just over a third (39%) of respondents have communicated the upcoming implementation of the national living wage to staff, according to research by the Department for Business Innovation and Skills (BIS). Read story
GP culture change needed to embrace Fit for Work – Dunn
Corporate Adviser: A lack of engagement with sickness absence by GPs is proving a major barrier to roll out of the government’s new Fit for Work service, its director Mario Dunn told attendees at last week’s Corporate Adviser Group Risk & Healthcare Forum. Read story
Two thirds have never received personal finance education
HR Magazine: While many employees want personal finance help from their employers, few receive this. Read story
Why Osborne is wrong to target car benefits for tax hikes
WSB: HMRC data gives a clear indication of George Osborne’s benefits tax intentions while highlighting how policy changed car purchases. Owain Thomas examines the details. Read story
Expedia and Schuh among top employers for workplace culture
Employee Benefits: Expedia, GE and Schuh are among the UK winners at the 2016 Glassdoor employees’ choice awards, receiving accolades in recognition of their workplace culture. Read story
81% want employers to help with financial education
Employee Benefits: More than eight in ten (81%) respondents would like personal finance help from their employer, according to research by the Open University Business School (OUBS) and Share Radio. Read story
60% believe bikes-for-work schemes boost productivity
Employee Benefits: Almost two-thirds (60%) of employee respondents believe that cycling to work improves their productivity, according to research by the Cycle to Work Alliance. Read story
What is driving employers’ flexible benefits strategies?
Employee Benefits: Any flexible benefit scheme should factor in both employee and employer needs. Read story
PepsiCo relaunches flexible benefits to meet employee requirements
Employee Benefits: When food and drinks manufacturer PepsiCo looked to relaunch its flexible benefits scheme in 2015, it was keen to introduce a new benefit and so undertook a series of questionnaires and focus groups with employees. Read story
TPR urges public sector schemes to up their game
Professional Pensions: The Pensions Regulator (TPR) has told public sector schemes to improve their governance standards after research found just 28% had a plan to comply with recent reforms. Read story
Sports Direct staff ‘clock up extra hour a week unpaid’ due to employee searches
CIPD: Warehouse practices see temporary workers effectively receive below minimum wage, investigation claims. Read story
Unions call for recruitment and retention bonus to avert ambulance staffing crisis
CIPD: Low pay and low morale could create a catastrophe as Winter weather hits. Read story
Withers goes green with benefits portal
Employee Benefits: Withers has enhanced its benefits portal to communicate annual salary increases and bonus payment updates to its UK employees, moving away from paper communications in line with its commitment to conducting business in a sustainable manner. Read story
Institute of Chartered Accountants agrees £30 million pension buy-in
Employee Benefits: The Institute of Chartered Accountants has agreed a medically underwritten buy-in transaction for its £200 million pension scheme. Read story
60% of active scheme members are in defined contribution schemes
Employee Benefits: Almost two-thirds (60%) of respondents’ active pension scheme members are in a defined contribution (DC) scheme, compared to 32% in 2011, according to research by the Pensions and Lifetime Savings Association (PLSA). Read story
How Boston College is evolving its health and wellbeing
WSB: Boston College's health and wellbeing revolution has seen improvements in absence rates, stress levels and its Ofted inspection report. Read story
TUC tackles absence and workplace wellbeing
WSB: Correctly promoting health at work is one of the key considerations when implementing workplace wellbeing initiatives, according to the Trades Union Congress (TUC). Read story