Pensions & employee benefits roundup - November 2016

Gareth Davies, 10 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.

Nearly half of UK workers know someone who quit work because of stress
CIPD, 10 October

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

The Treasury's decision to abandon plans to let pensioners raise money by selling their annuities has been welcomed by the pensions industry. The controversial idea was first aired in March 2015 by the then Chancellor George Osborne as part of his plan for "pension freedoms". Despite deciding last December that the plan would go ahead next April, the government has now changed its mind.

PLSA launches Master Trust Committee
Professional Pensions, 19 October

Gary Smith joins the PLSA’s master trust committee, which will set the PLSA's strategic direction on master trust policy, support the development of the market, and help savers achieve a better income in retirement.

Brits ‘too busy at work’ to take holiday allowance
Health Insurance, 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”.

One in five of retired people who used property to finance retirement felt they had no choice
PLSA, 20 October

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.

Workers in denial over pensions: Most think they will retire at 62 - but savings are nowhere near enough
Daily Mail, 28 October

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.

Discrimination against working mothers costs businesses £280m a year
CIPD, 28 October

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.

About the author

Gareth Davies Head of Research and Engagement

Gareth Davies

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