Pensions & employee benefits roundup - June 2018

Katri Tuomainen, 06 June 2018

P&B Jun

Many employees are not satisfied with their current work-life balance, and are looking into a number of approaches in order to solve the challenge of combining a family life with career demands. 

Research from Working Families and Bright Horizons found that many parents do not think that their current workplaces promote a healthy work-life balance.  When asked how they feel about their employer in terms of work-life balance, 34% of parents said that they felt resentful.

Quite a few parents, particularly millennials, said that they are trying to rebalance their lives. For 41% of millennial parents said that they are looking to downshift into a less stressful job and 36% said that they’d be willing to take a pay cut to work fewer hours.  While flexible working can ease some of the conflict between work and free time, the research found that 81% of parents who worked flexibly still took some work home on evenings and weekends – meaning that just allowing flexible working doesn’t necessarily solve the challenge of achieving better work-life balance.

The most often cited ways employees thought employers could ensure a better balance in their worker’s lives, were changing the company culture more accepting of a good work-life balance (37%) and the second most popular suggestion was for firms to put more policies in place to help balance work and home lives (35%).

We asked in our research how employers could make their employees feel more valued and flexible working was among the top three responses, mentioned by 19.6% of employees.  

Flexible working is a workplace benefits many employees appreciate, and can be a relatively cost-effective way of making employees feel valued. In addition, those employees who feel that they can benefit from increased flexibility, are also under less pressure to look elsewhere for a better work-life balance.

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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 May 2018.

One in 10 ‘targeted by Pension Freedom scammers’
Prudential, 4 May

Nearly one in 10 over-55s fear they have been targeted by suspected scammers since the launch of Pension Freedoms, new research shows.

Pension participation at record high but contributions cluster at minimum levels
Office for National Statistics, 8 May

The introduction of automatic enrolment in 2012 has led to a surge in defined contribution pensions, ONS data has shown.

Job strain linked to onset of common mental illness
Black Dog Institute, 11 May

Workplaces that reduce job strain could prevent up to 14 percent of new cases of common mental illness from occurring, according to new research.

Stressed nation: 74% of UK 'overwhelmed or unable to cope' at some point in the past year
Mental Health Foundation, 14 May

A UK-wide stress survey has found that almost three quarters of adults (74%) have at some point over the past year felt so stressed they felt overwhelmed or unable to cope.

Gender and geography affect level of drawdown retirement income
Aegon, 17 May

New analysis highlights the impact that gender and geographical location have on how much people should take as income in retirement, if drawing down from their pension pot, to avoid running out of money part way through retirement.

Employers with unsupportive workplace cultures at risk of losing employees with children, as long-hours working culture takes toll
Working Families, 23 May

Tackling unsupportive workplace cultures is crucial in helping parents achieve a better work life balance, according to latest research. 

What impact will the DWP’s White Paper have on DB pension schemes?
Capita Employee Solutions, 24 May

At 76 pages, there is plenty in the Government’s White Paper Protecting Defined Benefit Pension Schemes. But what does this mean for sponsors and trustees of DB pension schemes and is the landscape really going to change?

Chief Executive, Lesley Titcomb to leave at end of her four year contract
The Pensions Regulator, 31 May

The Board of The Pensions Regulator has confirmed that Chief Executive, Lesley Titcomb has decided to leave TPR at the end of her four year contract in February 2019.

Younger workers crave more digital access to pension scheme information
PWC, 30 May

Companies are failing to satisfy employee appetite for information about their pension schemes despite technology providing the key to better communication and engagement, a PwC study has found.

About the author

Katri Tuomainen Research and Engagement Executive

Katri Tuomainen

Insight Research

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