55% of employers have increased salaries to improve staff retention
Employee Benefits – 15 August
According to research by The Chartered Institute for Personnel and Development (CIPD) and The Adecco Group, 55% of the 2,001 employees who responded have increased their staff salaries to solve retention problems. Employee Benefits cites weak productivity growth and Brexit as too potential reasons for difficulties in retaining employees.
Recruiter who refused to accept pay cut awarded £17,000 for unfair dismissal
People Management – 14 August
Mr Decker, a recruiter who refused to accept a pay cut has been awarded £17,000 for unfair constructive dismissal at an employment tribunal. Decker was asked to reduce his work hours but was not given a pay rise and therefore refused. According to the Employment Tribunal (ET), Decker’s employer failed to comply with the ACAS code of working and breached the employee’s employment contract.
Tribunal victory for woman accused of faking anxiety and depression
People Management – 10 August
People Management discusses the case of Miss M James v Capital Care Service and other 3200600/2017, where a woman who was accused of faking her anxiety and depression has been awarded over £8,000 on the grounds of victimisation. According to James, Mr Ali, her employer, contributed to and exacerbated her condition by his questioning and refusal to believe her.
UK regulators launch ad campaign to warn against pension scams
The Guardian – 14 August
The Financial Conduct Authority (FCA) and the Pensions Regulator have joined together to create a TV advertising campaign to warn the public about pensions scams. The campaign comes following new figures which reveal that victims of pensions scams are losing an average of £91,000 each. The ScamSmart advertising campaign will target those aged 45-65, as they are considered to be the age group most at risk.
Pension lifeboat to step in after House of Fraser collapse
FT Adviser – 10 August
Following the collapse of department store chain, House of Fraser, the pension lifeboat has said it will be stepping in to assess the current pension schemes. The store has two defined benefit (DB) schemes and entered discussions with The Pensions Regulator (TPR) earlier this year. The store has now been bought by Sports Direct tycoon, Mike Ashley, but it is not yet clear how this will affect the current pension schemes.
Businesses have halved total DB pension deficits in 18 months
People Management – 9 August
In the last 18 months, collective final salary pension deficits of businesses have been cut by almost half, reducing to £35 billion from £62 billion. This reduction is partly due to businesses contributing more to their schemes, and partly due to better performance of investment portfolios.
Pension transfers could cost members £2,600 over expected lifetime
Employee Benefits – 7 August
According to a report entitled Member Outcomes Under Freedom and Choice, employees who choose to transfer out of their employer’s pension scheme could receive £2,600 less over their expected lifetime. Wayne Segers, principal, XPS Pensions Group has suggested that the pensions industry needs to give better advice on pensions and charging structures.