Pensions & employee benefits roundup – August 2016
Throughout the month our research team keep a close eye on what is happening in the pensions and employee benefits industries. Here is a roundup of the best news articles and stories for July 2016.
PMI sets out vision for the future
Pension Funds Online, 7 July
The Pensions Management Institute (PMI) is marking its 40th year by setting out its vision for the industry. Recently appointed chief executive, Gareth Tancred, outlined what lies ahead for the organisation, indicating that the need to provide an authoritative voice to the industry and articulate the options of its members. Tancred also commented that PMI needs to continue to remain relevant to its members and potential members and evolve as the industry does so.
Spending hours online ‘increases risk of flu’
Health Insurance Daily, 11 July
The survey of 500 adults by scientists from the Swansea and Milan Universities found excessive internet use damages the immune system. Four out of 10 (40%) said they were mildly or significantly addicted to the internet.
40% have never received retirement advice
HR Magazine, 13 July
Britons now expect to save for 30 years before they retire, compared with the current generation of retirees who saved for 23. Four in 10 (40%) UK workers have never received any advice or information on retirement, according to a global report from HSBC. The report also highlighted that 21% of working age people haven’t started saving for retirement and of the 79% who have, 28% have either had to stop or faced financial difficulties.
Fewer pensions cashed in over winter
BBC, 14 July
Between October and December 65,610 people made full cash withdrawals, the Financial Conduct Authority (FCA) said, a 42% fall from the previous quarter.
Millennials may be first to earn less than previous generation – study
The Guardian, 18 July
A report by the Resolution Foundation highlighting the UK’s growing intergenerational divide showed that millennials, who are aged between 15 and 35, fared significantly worse than their parents in Generation X during their first years of employment.
Wellbeing in the workplace is no longer something organisations can afford to take lightly. One-in-six British workers experiences depression, anxiety or stress in their lifetime, and, in England alone, 16 million sick days per year are attributed to mental ill-health, costing billions of pounds in lost working days and making it one of the leading causes of sickness absence.
Working parents face summer childcare struggle
BBC, 20 July
Families face a struggle to find summer holiday childcare as councils across Britain report a lack of places. In Wales and the east of England, none of the councils responding to a Family and Childcare Trust survey, said it had enough places for all age groups. Average holiday childcare fees are down slightly on 2015 but remain 20% higher than in 2010, the study found.
Londoners 'least likely' to have life insurance
Health Insurance Daily, 25 July
Approximately 47% of British parents do not have life insurance and 44% have never discussed the financial implications of death with their partner, a survey shows.
Savers access £6.1bn through pension flexibilities
Employee Benefits, 29 July
Savers have received flexible pension payments worth a total of more than £6.1 billion since the introduction of the pension flexibilities in April 2015, according to data from HM Revenue and Customs (HMRC). Between April and June 2016 approximately 159,000 individuals took advantage of the pension flexibilities to access a total of £1.7 billion of their pension savings.
Graduates value culture over salary
HR Magazine, 29 July
The 2016 UK University Graduate Employment Study found that almost eight out of 10 students (79%) graduating this year considered the job market before selecting their area of study.