Employment-3-255x200

Employment and Pensions Law (25 March – 8 April)

Employment News

Employers must make ‘action plans, not excuses’ over gender pay

People Management – 5 April

As the deadline for the second year of gender pay gap reporting has come to a close, experts are claiming that employers must make ‘action plans’ to tackle the pay gap. Compared to last year, the median gender pay gap has increased from 9.2% to 9.6% and 77.8% of organisations are paying men more than women (compared to 77.1% in 2017/18).

National living wage increase brings pay rise for 1.8 million

People Management – 1 April

The new National Minimum Wage (NMW) has come into effect as of 1 April 2019. The national living wage has increased by almost 5%, reaching £8.21, whilst the minimum wage for 18-21-year-olds and 21-24-year-olds has increased by 25p and 32p per hour respectively.

Visiting Music Teacher found to have worker status

Farrer & Co – 27 March

Farrer & Co discuss the case of a visiting music teacher, who an Employment Tribunal found to have worker status. The teacher rented a teaching space from the school, with whom she had a contract with, and was paid directly by parents.

Pensions News

Government approves phased implementation of pensions dashboard

Employee Benefits – 5 April

The government has advised pension schemes to start preparing for the pensions dashboard, as a phased implementation will be introduced over the next three to four years. These plans were detailed in the government’s response to the Pensions dashboards: Working together for the consumer consultation, and include further details of the project.

Retirees are 'too cautious and considered'

FT Adviser – 1 April

Recent research conducted by Aegon concluded that retirees are ‘too cautious and considered’ in their retirement planning. The research features 250 advisers and revealed that 53% of clients prioritise low risk options over those generating higher returns. 38% stated that running out of money was their biggest fear.

New funding rules could see £100bn rise in DB pension deficits

Pension Age – 29 March

According to research by KPMG, the new pensions funding code could increase the current defined benefit (DB) pension deficit by £100 billion. The pensions funding code is expected in 2020 and could result in a doubling of pension contributions for a typical employer.

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