At a glance: reward and benefits headlines this week
The headlines you might have missed between 15-21 July
Why embracing duty of care brings business benefits
HR Magazine: While Duty of Care is a legal requirement, companies that go above and beyond are reaping the benefits. Read story
Hull College Group launches car salary sacrifice scheme
Employee Benefits: Hull College Group has launched a car salary sacrifice scheme for its 1,200 employees. Read story
Harris and Co engages staff through outdoor team-building event
Employee Benefits: Accountancy firm Harris and Co held an outdoor activity day for it employees to encourage employee engagement and team building. Read story
TTF faces rifts as chair joins ‘secretive’ IA advisory board
Professional Pensions: The Transparency Task Force (TTF) faces internal rifts after founding chair Andy Agathangelou joined the Investment Association’s (IA) independent advisory board on cost transparency. Read story
Post Office faces strikes over plans to close DB scheme
Professional Pensions: The Post Office is facing strike action over plans to close its defined benefit (DB) plan to future accrual. Read story
Nine schemes submit case for LGPS Central pool
Professional Pensions: Nine Midlands-based local government pension funds have submitted a business case to Government to create a multi asset investment pool called LGPS Central. Read story
Railways Pension Scheme retains PQM Ready standard
Professional Pensions: The Railways Pension Scheme has been awarded the Pension Quality Mark (PQM) Ready standard for its Industry Wide Defined Contribution (IWDC) section for the fourth year running. Read story
Harrington new pensions ‘minister’, Mordaunt on disability
Corporate Adviser: Richard Harrington has been appointed as a replacement for pensions minister Ros Altmann in a newly created role of parliamentary under secretary of state at the Department for Work and Pensions. Read story
Webb: Credit to Altmann on pension Isa
Corporate Adviser: Outgoing pension minister Ros Altmann deserves credit for standing up to the Treasury on pension tax relief says her predecessor Steve Webb. Read story
Brexit and Pensions
Corporate Adviser: No-one can say with certainty what the future will hold for pensions, at least not in my experience. That was the case before the EU Referendum and continues to hold true after it. The prospect of Britain’s departure from the European Union has simply added some new variables to consider in the mix. Read story
Millennials set to earn less than previous generations
People Management: Inter-generational inequality is ‘nowhere clearer than on pay’, warns new report. Read story
Ros Altmann leaves government
Professional Pensions: Ros Altmann has left her role as pensions minister and has called on government to radically reform the pension system. Read story
Can British Steel pensions be saved without cuts?
Professional Pensions: Financier Edmund Truell believes he can protect British Steel benefits. Michael Klimes examines the details. Read story
DB contribution levels expected to meet investment shortfall
Professional Pensions: Companies could increase their defined benefit (DB) contributions rates to meet a £770bn funding gap over the next 60 years. Read story
British Airways i360 pays living wage to all staff
Employee Benefits: British Airways i360 will pay all 160 employees working at the Brighton tourist attraction the living wage following the commitment of its catering partner to the voluntary rate. Read story
37% of financial organisations introduce flexible-working initiatives
Employee Benefits: Over a third (37%) of financial service organisation respondents have introduced, or are planning to introduce, flexible-working initiatives as part of their employee value proposition, according to research by Mercer. Read story
AE contribution rates confirmed to rise
Reward Guide: After delays to contribution rises, new dates have been approved for rate increases. Read story
Employees ‘happy to contribute to dental benefit schemes’
Health Insurance Daily: UK employees want employers to do more to support their dental health and are happy to contribute to dental benefit schemes which can save them money on private care, research suggests. Read story
Fifth of firms missing auto-enrol staging dates
Money Marketing: Over one in five (21 per cent) small employers are missing their automatic enrolment staging date, risking fines from the regulator. Read story
Employers making us obese say workers
Corporate Adviser: More than a third of UK workers claim their employers have directly contributed to higher levels of obesity, with 34 per cent blaming their work conditions, new research has revealed. Read story
Physical ailments root of 40 per cent of workplace mental health issues
Corporate Adviser: More than half of employees who have taken time off work due to mental health issues feel uncomfortable speaking to their line manager about the real reason for their absence, according to independent research carried out by Westfield Health. Read story
Waiting for the sunshine: The challenges facing DB
Pensions Expert: British summertime is often more synonymous with overcast skies than sunshine. This week has been the exception, but a cloudy outlook remains for the pensions sector following the vote to leave the EU. Read story
Employers urged to ‘make the most’ of group protection
Health Insurance Daily: Trade body Group Risk Development (GRiD) has highlighted five signs that employers could be missing out on the full benefits of group risk protection. Read story
Employment tribunal to hear Uber workers’ rights cases
Employee Benefits: Two test cases will today (20 July 2016) be brought against taxi-app organisation Uber at the Central London Employment Tribunal, in order to determine whether drivers are entitled to employment rights such as holiday pay and a guaranteed minimum wage. Read story
30% do not feel able to speak openly to their manager about mental health
Employee Benefits: Around one-third (30%) of respondents feel that they do not have a close enough relationship with their line manager to talk openly about their mental health, according to research by Westfield Health. Read story
Total pay increases by 2.3%
Employee Benefits: Total pay, including bonuses, increased by 2.3% in Great Britain between March-May 2015 and March-May 2016, according to the Office for National Statistics (ONS). Read story
Top five priorities for pension policy
Professional Pensions: With MP Richard Harrington replacing Baroness Ros Altmann in a more junior role, what should the under-secretary of state for pensions prioritise over the next year? Read story
Members 'losing out' from further delay in PPF cap increase
Professional Pensions: Delaying an increase in the amount of money certain members receive from the Pension Protection Fund (PPF) is a huge injustice according to Ros Altmann. Read story
Watchdog urges trustees to beef up DC governance
Professional Pensions: The Pensions Regulator has called on defined contribution (DC) trustees to improve governance after revealing many small schemes are lagging behind. Read story
Master trusts to face capital adequacy rules
Professional Pensions: The government is looking to impose capital adequacy requirements on master trusts through the forthcoming pensions bill, PP understands. Read story
TPR disputes legal challenge over Halcrow restructuring
Professional Pensions: The Pensions Regulator (TPR) has said there is no legal basis for the Halcrow Pensioners' Association (HPA) to challenge the proposed restructuring of the scheme in the Upper Tribunal. Read story
Brexit could turn public off pensions
Professional Pensions: There is a risk savers could be “dissuaded” from starting their pension or increasing contributions as a result of Brexit, warns Natixis Global Asset Management. Read story
Are DB schemes ‘throttling’ younger workers’ savings?
Professional Pensions: The liabilities of DB schemes are often seen as a burden on younger savers, but is this really the case? James Phillips explores the arguments. Read story
Savers ‘need to put 22%’ into pensions post Brexit
Professional Pensions: A weakened economy following the vote to leave the EU means savers will have to put as much as 22% of their wages into pensions. Read story
74% agree that back-up care has positive impact on productivity
Employee Benefits: Around three-quarters (74%) of respondents agree that having access to back-up care for a child or adult has a positive impact on their productivity at work, according to research by Horizons Workforce Consulting, part of Bright Horizons. Read story
First Leeds bus drivers to strike over pay
Employee Benefits: First Leeds bus workers who are members of the union Unite will undertake strike action next week in a dispute over pay. Read story
35% of CFOs see sustainability as defined benefit pension scheme end goal
Employee Benefits: More than a third (35%) of chief financial officer (CFO) respondents cite scheme sustainability as the end goal for their organisation’s defined benefit (DB) pension scheme, according to research by Hymans Robertson. Read story
University of Reading sees momentum grow around salary sacrifice car scheme
Employee Benefits: The University of Reading launched a salary sacrifice-based car leasing scheme called Mycar through Leasedrive (now combined with Zenith) back in June 2014. Read story
PPF publishes £4.1bn surplus
Corporate Adviser: The Pension Protection Fund (PPF) has today reported a £4.1bn surplus and a 116.3 per cent funding ratio in its 2015/16 Annual Report and Accounts, published today. Read story