At a glance: reward and benefits headlines this week 6-12 September 2019
The headlines you might have missed between 6-12 September.
TPR prosecutes business owner for AE failings
Corporate Adviser: The Pensions Regulator is prosecuting a business owner for failing to give up-to-date pension information regarding the various companies he runs. Read story
Poll: 27% offer insurance benefits to support staff working with cancer
Employee Benefits: More than a quarter (27%) of Employee Benefits readers offer staff who are working with cancer insurance benefits, such as income protection or critical illness insurance. Read story
Geisinger launches paid parental leave for 32,000 staff
Employee Benefits: US-based healthcare organisation Geisinger has launched a new paid parental leave benefit for its 32,000 employees, effective from 1 September 2019. Read story
Defined benefit pension deficit increases to £340 billion as at August 2019
Employee Benefits: The deficit for defined benefit (DB) pension schemes in the UK has increased by £100 billion between July and August 2019, reaching £340 billion as at the end of August 2019, according to research by PricewaterhouseCoopers (PWC). Read story
Haywards Heath-based Serco Environmental Services staff vote to accept pay deal
Employee Benefits: Staff employed by public services organisation Serco Environmental Services, based at its Bridge Road depot in Haywards Heath, have voted to accept a new pay deal, mitigating strike action that was due to take place yesterday (Thursday 5 September 2019). Read story
4 in 5 savers underestimate retirement income requirement
Pensions Age: Four out of every five savers underestimate how much money they will need to save for retirement, research from Scottish Widows has found. Read story
45% of SMB employees have paid too much tax as a result of errors in their paycheck
HR News: At the start of National Payroll Week1, new research2 has found that 45% of SMB employees across the UK have paid too much tax as a result of being on the wrong tax code or through errors with deductions. Seven per cent of employees claim to be affected in the past year alone. Read story
Graduates still face financial background discrimination, TUC report finds
HR Review: Graduates from a wealthier background are twice as likely to start on a £30,000 salary compared to their working-class counter-parts. Read story
Thérèse Coffey becomes work and pensions secretary after Amber Rudd resigns
Professional Pensions: Amber Rudd has resigned as secretary of state for work and pensions with immediate effect, with Thérèse Coffey named as her successor. Read story
Plans to downgrade RPI could cost members £30,000
Pensions Expert: Pensioners could miss out on an additional 6.7 per cent in retirement income if the government goes ahead with plans to downgrade the retail price index, an analysis has revealed. Read story
One in five workers say their job prevents them exercising
People Management: Public sector is the UK’s least active, survey finds, though employees understand the link between physical and mental wellbeing. Read story
British Airways pilots strike for the first time in pay dispute
Employee Benefits: Pilots employed at airline British Airways, who are members of the British Airline Pilots Association (Balpa) trade union, are undertaking three-days of strike action starting today (Monday 9 September 2019), in an ongoing pay dispute. Read story
Govt NHS scheme proposals need ‘further action’ – NHS chief
Pensions Age: Government proposals to make the NHS pension scheme more flexible for staff needs “significant further action” to sustain NHS services, according to NHS England chief executive, Simon Stevens. Read story
UK workers call on employers to be more open and honest about pension savings
HR News: UK employers should be more open and honest about the challenges staff are facing when it comes to building up adequate pensions savings. Read story
Employees given overseas assignments should receive plenty of wellbeing support
HR Review: It is essential employers understand the stress their workers will go through when they are given an overseas assignment, from the preparation of the trip to returning back home, as well as offering mental health support to their staff throughout the process. Read story
Five more master trusts authorised
Corporate Adviser: Nest, the UK’s largest master trust, is one of five schemes to receive authorisation from The Pensions Regulator today. Read story
90% of DB schemes have set a long-term funding target
Professional Pensions: Almost all UK defined benefit (DB) schemes (92%) have set clear long-term funding targets, with most focused on buyout or self-sufficiency, according to Aon. Read story
‘Powerless’ employees see AE minimums as recommendations
Pensions Expert: Pension savers wrongly think minimum contribution levels required under automatic enrolment are the government’s recommendation for how much to save, research has revealed. Read story
Employers could be required to report ‘class pay gaps’ under social mobility proposals
People Management: TUC calls for class discrimination to be made illegal – but experts are sceptical about level of data collection involved. Read story
South Gloucestershire-based Suez staff vote to accept two-year pay deal
Employee Benefits: Around 230 refuse collection and recycling staff employed by waste and water organisation Suez in South Gloucestershire have voted to accept a two-year pay deal, avoiding four days of strike action. Read story
Seven in 10 employees are not actively engaged with their workplace pension
Employee Benefits: More than seven in 10 (72%) employee respondents are not actively engaged with their workplace pension, according to research by Atlas Master Trust, part of Capita. Read story
Good work-life balance comes with flexible working
HR Review: Nearly half of millennials have taken an extended period of time off work as the majority of the UK workforce favours flexible working as the key to achieving a good work-life balance. Read story
Failing to update retirement age can cost savers up to £10,000
Corporate Adviser: Millions of pension savers could be missing out on up to £10,000 each, because their providers have the incorrect retirement age. Read story
FTSE 350 employer contributions on the rise while executive pensions shrink
Professional Pensions: Willis Towers Watson has published a report looking at DC trends over the past year. Kim Kaveh looks at the findings. Read story
Licensed heating and ventilation staff at New York museums receive 63% pay rise
Employee Benefits: Licensed heating and ventilation staff employed across three museums in New York City, and who are members of the trade union Local 1503, are to receive a 63% pay increase to resolve a long-standing pay and retention dispute. Read story
Stevenson/Farmer: Most employers falling at first hurdle
Cover: Only one in five UK employers has met one of the six core standards laid out by Stevenson/Farmer's ‘Thriving at Work' review, a survey by Howden Employee Benefits & Wellbeing has found. Read story
Govt NHS pension overhaul plans announced
Pensions Age: The government has announced plans to overhaul the NHS pension scheme to tackle widespread opt-outs and workers cutting their hours by giving staff more flexibility in their retirement planning. Read story
Mental and emotional distress for dads: return to work or look after child
HR Review: Paternity leave seems to be missing the mark, with just under three quarters of dads saying they suffer either mentally or emotionally after the birth of their child and juggling the demands of returning to work. Read story
Pension Awareness Day: Industry's top tips for boosting engagement
Professional Pensions: Experts have called on the industry to personalise pension communications and expand auto-enrolment (AE) to all workers ahead of the fifth Pension Awareness Day on Sunday. Read story
North Carolina Supreme Court enhances secured parental leave for attorneys
Employee Benefits: The Supreme Court in North Carolina has amended its rules of practice to enable local lawyers to designate up to 12 weeks of secured leave, without court appearances, following the birth or adoption of their child. Read story
Half of UK residents are confident they can retire comfortably
Employee Benefits: Half (52%) of UK individuals are confident about their ability to retire comfortably, compared to 48% who agreed with this in 2017, according to research by Aegon. Read story
Zurich enhances parental leave and family-friendly policies for 4,500 UK staff
Employee Benefits: Insurance organisation Zurich has enhanced its family-friendly policies for 4,500 UK-based staff; this includes equalising parental leave to offer secondary carers up to 16 weeks of leave at full pay. Read story
BMW workers could face unpaid leave with no-deal
HR Grapevine: BMW is set to force workers based within its Oxford plant to take a number of weeks unpaid leave in the event of a no-deal Brexit – The Financial Times reported. Read story
Four day week not a good idea for UK, report concludes
Workplace Insight: The debate about the introduction of a compulsory four day week or shorter hours may take a new turn following the publication of a new report commissioned by the Labour Party which concludes that a blanket limit on the hours worked by people in the UK is both unrealistic and potentially counter-productive, in spite of the fact that there is clear evidence for its effect on wellbeing and productivity. Read story
AE workers increase by 25,000; outweighed by non-AE rise
Pensions Age: The number of workers in auto-enrolment (AE) pension schemes has continued to steadily increase, with another 25,000 workers being auto-enrolled in August 2019. Read story