Pensions & employee benefits roundup - November 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 October 2016.
National minimum wage rises to £6.95
Employee Benefits, 3 October
The national minimum wage has increased from £6.70 to £6.95 an hour for employees aged 21-24 years old, coming into effect from 1 October 2016.
34% of young employees prefer LISA to a pension
Pension Age, 4 October
Over a third, 34 per cent, of younger employees would prefer to save into a Lifetime ISA than a pension, Capita Employee Benefits has reported.
65% expect their employer to provide guidance on benefits
Employee Benefits, 4 October
Almost two-thirds (65%) of respondents expect their employer to provide guidance on the employee benefits available to them and how appropriate each benefit is for them and their family, according to research by Capita Employee Benefits.
Why employers need a better understanding of what fulfils their workforce
Personnel Today, 6 October
Research from LinkedIn shows a huge disparity between what employers thinks motivates staff and what employees really look for in terms of work satisfaction.
Research from Capita Employee Benefits found that nearly half (44 per cent) of UK workers know someone who has given up work because of stress.
How members' mental health issues affect pension schemes
Pensions Expert, 12 October
Every year 70m working days are lost due to mental health, while a quarter of people consider resigning due to stress, according to the Mental Health Foundation.
Employees seek greater flexibility but still value a good benefits package
HR News, 13 October
New research released in the fourth annual Capita Employee Benefits Insight Report suggests a reverse in the trend of benefits becoming less important to employees.
TPR and PPF call for muscular regulation
Pensions Expert, 13 October
Both the Pensions Regulator and the Pension Protection Fund have called for more wide-ranging, interventionist regulation of defined benefit schemes, evidence published by the Work and Pensions Committee has this week shown.
800,000 Lisa savers in 4 years - Government
Corporate Adviser, 17 October
Around 800,000 people will be saving through the Lifetime Isa by 2020/21, and the new vehicle’s impact on pension saving will be negligible says the Government.
Decline in at-retirement advice - PPI
Corporate Adviser, 17 October
The number of people seeking professional advice before entering the at-retirement market is in decline post freedom and choice, according to figures from the Pensions Policy Institute.
53% would prefer flexible-working arrangements to a pay rise
Employee Benefits, 13 October
Almost a fifth (18%) of working mother respondents have been forced to leave their jobs because a flexible-working request has been turned down, according to research by Workingmums.co.uk.
Employers targeting wellbeing to avoid £28k cost of replacing staff
Corporate Adviser, 18 October
Avoiding the £28,000 cost of replacing employees is a key reason why UK SME bosses see staff work/life balance as their top priority in 2017, according to new research from Axa PPP Healthcare.
Government right to shelve annuity sales, says industry
BBC, 19 October
Research from Direct Line Travel Insurance found 34% of workers said they do not use their full allowance because work is “too busy”.
Research from the Pensions and Lifetime Savings Association (PLSA) found that 17% of retired people use property to finance retirement – of these 19% felt that they had no choice.
What the Pension Schemes Bill means for master trusts
Professional Pensions, 24 October
Paul McBride comments on what the new Pensions Bill means and the regulations outlined in respect of master trusts.
Top tips for providing healthcare initiatives on a budget
Employee Benefits, 24 October
Alistair Dornan highlights the importance of understanding the workforce demographic to help employers out together a successful, targeted health and wellbeing strategy that is tailored to employee needs.
Earnings rise fastest for the low-paid, says ONS
BBC, 26 October
A 6.2% rise for the lowest paid UK workers meant pay inequality narrowed between April 2015 and early April 2016, the figures from the Office for National Statistics (ONS) indicate
£7.65bn withdrawn since pension freedoms were launched
Pension Age, 26 October
Approximately £7.65bn has been withdrawn since the launch of the pension freedoms in April 2015, HMRC has reported. Figures show that 1.1 million payments have been made since the introduction of the freedoms.
Mental health apps – silver bullet or nice-to-have?
Corporate Adviser , 26 October
Alistair Dornan comments on the importance of fast access and line manager training to tackle mental ill health. As well as enabling line managers to spot the early signs that someone is not coping, it can give them confidence to step in and help the employee.
66% feel they are most productive when working in the office
Employee Benefits, 28 October
Two thirds of respondents believe they are most productive when based in the office, compared to 26% who feel they are most productive when working from home, according to research by Peldon Rose.
Almost one in ten people aged 51 to 65 haven’t started putting their savings into a pension yet, a new study by the Prudential has revealed.
A study from the Equality and Human Rights Commission (EHRC) found British companies are losing nearly £280m a year as a result of women being forced out of their jobs because of pregnancy and maternity discrimination.