Employment and Pensions Law (14 May - 28 May)

Employment News

Trainee pay slump followed scrapping of minimum wage

The Law Society Gazette – 24 May

The Solicitors Regulation Authority has published an impact assessment, revealing that abolishing the minimum wage for trainees has led to lower average pay and a wider gender pay gap. Trainees are now £560 worse off a year.

Regular pay increased by 0.4% in real terms since March 2017

Employee Benefits – 16 May

According to research by the Office for National Statistics (ONS), average regular pay for employees in Great Britain has increased by 0.4% in real terms. These statistics are based on January to March 2018, compared to the same period the previous year.

Employers could face action for telling women what to wear

People Management – 15 May

The Government Equalities Office are expected to release a set of guidelines in the coming months, detailing the rules employers are allowed to impose on staff in relation to dress codes. The release of some guidelines follow a petition to ban high heels which was sparked by a woman who was sent home for refusing to wear high heels at work: the petition gained over 150,000 signatures.

Pensions News

M&S completes buy-ins totalling £1.4bn with Aviva and Phoenix Group

Professional Pensions – 17 May

Marks and Spencer (M&S) has completed two buy-ins – with Aviva and Phoenix Group – totalling £1.4 billion. As a result of the two annuity insurance policies, roughly one-third of the company’s pensioner liabilities have been insured.

British people need at least £260,000 to retire without money worries, say

The Independent – 16 May

According to Royal London, British people need at least £260,000 to retire, which is more than a £100,000 increase since 2002. This figure becomes higher for those who don’t own property. Royal London has estimated that millennials who are renting at retirement age will have to have saved £445,000 to maintain a comfortable retirement.

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