At a glance: reward and benefits headlines this week


Your quick-read round up of the reward and benefits stories appearing in the press in the past seven days.

The headlines you might have missed between 24-30 June

Brexit pain warnings for DB schemes
Corporate Adviser: Pension deficits are likely to increase and will be more volatile following the UK’s decision to leave the European Union, experts are warning. Read story

Analysyts predict post-Brexit recession as markets nosedive
Corporate Adviser: Analysts are predicting the UK is heading for a recession following the vote to leave the UK confirmed this morning. Read story

Third of laws ‘up for grabs’ as FCA confirms EU regs remain in place
Corporate Adviser: The FCA has confirmed that UK financial regulation derived from EU legislation will remain in place until changed by the Government, but lawyers say a third of laws governing businesses are now up for grabs. Read story

EU referendum ‘leave’ vote expected to impact workplace benefits
Employee Benefits: The UK has voted to leave the European Union (EU), with potentially far reaching consequences for employers and employees. Read story

68% of US managers think student loan assistance would improve employee morale
Employee Benefits: More than two-thirds (68%) of US manager respondents think that offering student loan assistance as part of an employee benefits package would improve employee morale, according to research by IonTuition. Read story

30% of line managers are frustrated with stress support from HR
Employee Benefits: Just under a third (30%) of UK line manager respondents are frustrated with their organisation’s HR department when it comes to helping employees avoid stress, according to research by IDC and Cornerstone OnDemand. Read story

Pensions shrouded in uncertainty as UK votes to leave
Pensions Expert: The pound fell on Friday following news the United Kingdom had voted to leave the European Union, but experts warned schemes not to overreact. Read story

Employers urged to start considering Brexit implications immediately
People Management: Uncertainty among experts over status of EU workers in the UK, and long-term impact on skills. Read story

England’s footballers might be earning their money. But what about our senior executives?
People Management: Leicester City proved you don’t need to pay the earth to succeed, but businesses have yet to learn the same lesson, says Ruth Thomas. Read story

DB deficit jumps £80bn overnight after Brexit vote
Professional Pensions: The combined deficit of UK defined benefit (DB) pension schemes has hit £900bn following Britain's historic decision to leave the EU. Read story

Update: FTSE plunges 4.4% and gilt yields fall to record lows following Brexit vote
Professional Pensions: The FTSE 100 has slumped by 4.4% following the UK's vote to leave the European Union in yesterday's referendum, while government bond yields have fallen to record low levels. Read story

Brexit: How will pension regulation change?
Professional Pensions: Britain's vote to leave the European Union has shocked pollsters and investors, but what are the legislative and regulatory changes schemes and trustees can expect? James Phillips reports. Read story

How could Brexit affect UK pensions?
Professional Pensions: With the referendum on Britain’s membership of the EU just two days away, what should pension scheme managers and trustees expect in the event of Brexit? James Phillips reports. Read story

Workers ‘should self-certify illness for two weeks’
Health Insurance Daily: Workers should be able to self-certify sickness for up to two weeks to reduce the growing burden on GPs, doctors have said. Read story

Brexit: Law firms mull pay freezes in wake of Leave vote
The Lawyer: Law firms are considering whether to cancel planned pay rises in the wake of Brexit. Read story

GPP provider list will raise standards, trustees say
Pensions Expert: The Pensions Regulator has added the first group personal pension provider to its list of recommended GPPs open to all employers. It expects more providers to apply for inclusion, and said GPP demand will increase ahead of auto-enrolment compliance deadlines. Read story

Brexit ‘could increase healthcare costs for expat workers’
Health Insurance Daily: Reciprocity on state healthcare could end. Read story

BREXIT - ten things to consider
Reward Guide: It will take some time for the dust to settle on the outcome of the EU Referendum. There are obvious, and less obvious ways in which the ‘leave’ result could affect employee benefits and reward. Read story

93% believe childcare vouchers are best tax-efficient benefit
Employee Benefits: The majority (93%) of respondents feel that childcare vouchers are the most popular tax-efficient benefit offered by their organisation, according to the Employee Benefits/Xerox HR Services Benefits research 2016, published in June 2016. Read story

54% believe fathers would be judged for taking same parental leave as mothers
Employee Benefits: More than half (54%) of respondents believe colleagues would judge a father who took the same amount of parental leave as a mother, according to research by Deloitte. Read story

Data8 launches voluntary benefits scheme
Employee Benefits: Data8 has launched a new employee wellbeing and reward benefit for its 35 staff members. Read story

85% of students expect an annual pay rise when they start work
Employee Benefits: More than four fifths (85%) of students expect an annual pay rise when they join a workforce, according to research by mobile app Debut. Read story

NEST will lift restrictions on trustees in light of freedoms
Professional Pensions: The National Employment Savings Trust (NEST) has confirmed it will lift restrictions on trustees as part of its response to the consultation on planned scheme rule changes. Read story

We need transparency on charges
Professional Pensions: John Gray asks why UK pension schemes do not have access to important information on charges. Read story

Employers need to talk openly about mental health
People Management: Businesses and employees alike would benefit from ‘conversations to normalise mental health issues’, says diversity expert. Read story

Dental cover gives BNP Paribas a competitive edge
Employee Benefits: Working in a competitive sector, financial organisation BNP Paribas UK knows it needs to have a compelling benefits proposition to compete for and retain talent. Read story

Bracing for Brexit: How schemes should react
Professional Pensions: As the country comes to terms with last week’s shocking Brexit vote, pension schemes face uncertain times ahead for their investments. They should respond cautiously and avoid kneejerk reactions, finds Stephanie Baxter. Read story

PBUK: Labour will help 'secure future of pensions and economy’ after Brexit
Professional Pensions: The Labour party will work to ensure the fallout from Brexit does not undermine the sustainability of the UK’s economy and pensions system according to Angela Rayner. Read story

PBUK: Altmann says housing and infrastructure projects could solve DB challenges
Professional Pensions: The pensions minister has said investing in growth boosting and social projects could be part of a solution for deficit-ridden schemes struggling with falling gilt yields. Read story

Labour's reshuffles pensions pack following cabinet resignations
Professional Pensions: Debbie Abrahams has been promoted to shadow work and pensions secretary following a series of resignations and promotions. Read story

BNP Paribas supports staff in Nine Peaks Challenge
Employee Benefits: Employees at BNP Paribas Real Estate will take on the Nine Peaks Challenge in September to help raise £30,000 for the organisation’s charity partner, the Alzheimer’s Society. Read story

Reward Gateway to launch global wellbeing allowance for staff
Employee Benefits: Reward Gateway is to launch a wellbeing allowance and holiday buy and sell for its 330 staff worldwide. Read story

Pensions Ombudsman supports Signet Group in ruling on spouse’s pension
Employee Benefits: The Pensions Ombudsman has ruled that the widow of a deceased member of the Signet Group Pension Scheme was not entitled to receive a spouse’s pension because the couple were not married at the point the scheme rules required in order to qualify for the benefit. Read story

Part-time working women missing out on AE
Pay and Benefits: Around three million part-time female employees are excluded from workplace pensions, according to analysis from the Trades Union Congress (TUC). Read story

Brexit: ABI reassures on resilience of insurance industry
Health Insurance Daily: The Association of British Insurers (ABI) is seeking to reassure customers on the resilience of the insurance industry after the European Union referendum caused huge volatility in the world’s stock markets. Read story

TPR’s Titcomb calls for enhanced powers on DB schemes
Professional Pensions: Lesley Titcomb has suggested a number of measures which could enable The Pensions Regulator (TPR) to better help struggling defined benefit (DB) schemes to manage risks. Read story

PBUK: AE is 'cruel and deceptive' and should be abolished
Professional Pensions: Pension experts have blasted auto-enrolment (AE) as “a glorified ISA” and "pointless scheme", warning savers will not get a decent retirement pot. Read story

81% use benefits as a retention tool
Employee Benefits: The majority (81%) of respondents claim that they use employee benefits as an effective retention tool, according to research by Employee Benefits and Xerox HR Services. Read story

Mars named best multinational workplace in Europe
Employee Benefits: Mars has won the ‘Best multinational workplace in Europe’ award at the annual Great Places to Work (GPTW) 2016 awards. Read story

Legal and General launches two-year income protection plan
Employee Benefits: Legal and General has updated its income protection benefit offering with the launch of a two-year limited benefit plan. Read story

TPR issues first trustee chair’s statement fine
Corporate Adviser: The Pensions Regulator (TPR) has imposed its first fine on a trustee of a DC scheme, fining the trustee of Abbey Manor Group Pension Scheme £500 for failing to prepare an annual governance statement. Read story

Reed Smith boosts engagement with workplace Isa
Employee Benefits: International law firm Reed Smith introduced a workplace individual savings account (Isa) in 2012, launching the scheme alongside its auto-enrolment roll-out as a way of boosting staff engagement with the new pension scheme. Read story

Disengaged employees searching for overseas roles
HR Magazine: Britain leaving the EU has prompted some staff to start searching for new positions abroad. Read story

84% offer life assurance as a group risk benefit
Employee Benefits: A large proportion (84%) of respondents offer employees life assurance, also known as death-in-service benefit, as part of a group risk offering, according to research by Employee Benefits and Xerox HR Services. Read story

Cisco takes part in team relay triathlon for Sports Relief
Employee Benefits: Cisco UK and Ireland will compete in the Leaderboard charity team relay triathlon this weekend to raise funds for Sports Relief. Read story

40% believe workplace stress could be reduced if organisations recruited more staff
Employee Benefits: Just under half (40%) of respondents believe that stress in the workplace could be lowered if employers hired more people, according to research by MetLife Employee Benefits. Read story

Industry urges action to tackle sickness absence
Reward Guide: Tax breaks for medical treatments urged to reduce burden on stretched NHS. Read story

 



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