A recent survey conducted by Standard Life - part of Phoenix Group who are the largest long-term savings and retirement business in the UK - has revealed that older workers are increasingly planning to work beyond the state pension age in search of financial security in retirement. The survey found that workers aged 45-64 expect to retire, on average, at age 68, two years later than the current state pension age.

This trend of working longer has been growing in recent years as people are living longer and retiring with less savings than they need to sustain their lifestyle. The traditional notion of retiring at 65 is becoming outdated, as many individuals now want to work for longer in order to accumulate more savings and secure their financial future.

There are a number of factors driving this trend. One is the increasing cost of living, particularly in urban areas where housing, food and other essentials can be expensive and another is possibly that the responsibility for funding retirement has now shifted to individuals. Older workers may feel that they need to work longer in order to maintain their standard of living, particularly if they have not been able to save enough for retirement.

Another factor is the changing nature of work itself. Many older workers are choosing to work part-time or on a freelance basis, which can provide greater flexibility and control over their working lives. This can be particularly attractive for those who want to reduce their hours but still earn a living.

The survey also found that older workers were more likely to seek financial advice in order to plan for their retirement. This is a positive sign, as it suggests that people are becoming more aware of the need to plan ahead and take control of their financial future but is in contrast to current retirees who on average stopped work at the age of 61 and of whom only 18% based their decision to retire on when they felt financially secure.

Dean Butler, Managing Director for Customer at Standard Life, commented:

“People are expecting to retire later than their predecessors, allowing further time to build up their financial security to last throughout their retirement. In contrast, current retirees were more likely to base their decision to retire around their health and being ready to stop working, with financial security less of an influence. Of course, it’s yet to be seen whether the expectation of a later retirement will become a reality, but this does illustrate a real shift in mindset for people considering their plans.”

The UK's Best Workplaces list is an annual ranking that celebrates the top organisations that create positive and engaging work environments. This list is compiled by the Great Place to Work® Institute, a global research and consulting firm that helps organisations create high-trust, high-performance cultures. The UK's Best Workplaces list is a benchmark for companies that want to measure and improve their workplace culture, employee engagement, and organisational performance.

To make it onto the UK's Best Workplaces list, organisations must undergo a rigorous assessment process, which includes an employee survey and a culture audit. The employee survey measures the levels of trust, pride, and camaraderie among employees, while the culture audit evaluates the organisation's policies, practices, and values. The results of these assessments are used to determine the organisation's overall score and ranking on the list.

The UK's Best Workplaces list includes organisations of all sizes and industries, from multinational corporations to small and medium-sized enterprises. The companies that make it onto the list share a commitment to creating a positive and engaging work environment for their employees. They understand that their success depends on the happiness and well-being of their workforce, and they invest in creating a workplace culture that fosters trust, respect and collaboration.

One of the key factors that distinguishes the UK's Best Workplaces is their focus on employee development and career growth. These organisations understand that their employees are their most valuable asset, and they invest in their development and training. They provide opportunities for learning and development, mentoring and coaching and career progression. They also encourage their employees to take on new challenges and responsibilities and they recognise and reward their achievements.

Another hallmark of the UK's Best Workplaces is their commitment to diversity, equity, and inclusion. These organisations understand the importance of creating a workplace that is welcoming and inclusive for employees of all backgrounds and identities. They have policies and practices in place that promote diversity and prevent discriminations and they provide training and resources to help employees understand and respect each other's differences.

Being on the UK's Best Workplaces list is not just a badge of honour for these organisations; it is also a business imperative. Companies that invest in creating a positive and engaging work environment see benefits in terms of employee retention, productivity, and innovation. They are also better able to attract top talent, who are increasingly looking for employers that prioritise work-life balance, career development and social responsibility.

This year’s list comprises of 344 organisations across four categories; small (20-50 employees), medium (51-250 employees), large (251-1000 employees) and super large (1001+ employees) and the top ten characteristics of the best workplaces were as follows:

1. Company culture

2. Benefits

3. Senior management

4. Wellbeing

5. Diversity, inclusion and belonging

6. Communication and involvement

7. Career and development

8. Social wellbeing

9. People focus

10. Flexibility

The top five organisations in each category were:

Top five small organisations (20-50 employees):

• Hatmill (supply chain and logistics company) comes top for the first year it has run in this category
• Top 5 in this category: Hatmill, ResourceIT, Monday.com, BlakYaks and edison365 (all 5 of these are new entrants)

Top five medium organistaions (51-250 employees):

• Software company Braze takes the number one spot
• Top 5 in this category: Braze, Evolved Search, Reachdesk, Elements Talent Consultancy and Bryson

Top five large organisations (251-1000 employees):

• Tech company NVIDIA tops the list for the second year in a row
• Top 5 in this category: NVIDIA, Slalom, Credera UK, Lindt & Sprüngli UK Ltd and xDesign

Top five super large organisations (1001+ employees):

• Cisco is top of the list of this year’s 57 Super Large Best Workplaces
• Top 5 in this category: Cisco, Hilton, Salesforce, Baringa and Version 1

The full report can be downloaded here:

The Pensions Regulator (TPR) is the UK regulator of work-based pension schemes, responsible for protecting the interests of pension scheme members. Because of automatic enrolment, more people than ever before are saving into workplace pensions and those savers have become an increasingly diverse group. Consequently, in recent years TPR has made a commitment to promoting equality, diversity and inclusion (EDI) within the workplace and pension schemes it regulates.

TPR believe that:

“A diverse pensions governing body made up of people who have a broad range of characteristics, backgrounds, life experiences, expertise, and skills will tend to lead to wider discussion and better decision making, which should result in long-term improvements to savers’ outcomes.”

To support this commitment, TPR has published an EDI guidance scheme for both governing bodies and employers that outlines its approach to EDI and provides practical advice to pension schemes on how they can promote EDI.

The scheme includes several key components:

TPR's commitment to EDI: TPR sets out its commitment to promoting EDI and explains why it is important for pension schemes to promote EDI.

Understanding EDI: The scheme explains the key concepts of EDI, including what it means and why it matters.

Practical guidance: The scheme provides practical guidance to pension schemes on how they can promote EDI, including tips on recruiting diverse talent, promoting an inclusive culture, and ensuring equal treatment for all members.

Monitoring and reporting: The scheme outlines how pension schemes can monitor and report on their progress in promoting EDI.

Training and development: The scheme recommends that pension schemes provide training and development opportunities for staff to promote understanding and awareness of EDI issues.

Louise Davey, TPR’s Director of Regulatory Policy, Analysis and Advice, said:

“All savers deserve to be in a well-run pension scheme that makes decisions in their best interests."

“Harnessing diverse views can help pension scheme governing bodies weigh issues in more detail and openly consider aspects important to those impacted by their decisions." 

“This enables all those involved to better understand and mitigate scheme risks, avoid unintended consequences, and learn from what is working and what is not.”

A judge has ruled that laughing at someone when they fall over at work is not harassment.

Kesarajith Perera started working at The George pub - owned by Stonegate Pub Company - in January 2020 as a kitchen team member and in March of that year, he slipped on an oil spill.

The following October, after failing to provide documentation that proved his  right to work in the UK, he was dismissed and subsequently launched a tribunal claim complaining of racial and religious harassment. For race discrimination, the Claimant relied upon being of Sri Lankan ethnic origin. For religious discrimination, the Claimant relied upon being a Catholic. In the claim, as part of his evidence Mr Perera submitted the allegation that his former boss - team leader Hesham Badra - had deliberately put oil on the floor to make him fall and laughed when he succeeded.

However, employment judge David Maxwell dismissed this, calling it “ridiculous” and ruled that laughing at someone when they fall over at work did not constitute harassment.

In his judgment, he stated:

“We accept that Mr Bandara laughed when the Claimant slipped and fell over. Whilst it might be tempting to hope that one colleague would only ever react in a sympathetic way towards the misfortune of another, common experience suggests this is not always the case. The slapstick element of a fall may prompt laughter.”

Judge Maxwell also noted that:

“We do not find, as the Claimant suggested in his witness statement that Mr Bandara put oil on the floor deliberately to cause this fall..……Unfortunately, it appears to us, the Claimant has a tendency to jump to conclusions when he encounters misfortune. Furthermore, the Claimant’s allegation was undermined by his own evidence, which was to the effect that the location where he fell was one prone to spillages.”

The panel concluded the laughter - or any other of Mr Perera's complaints - had anything to do with race or religion. They commented:

“There were no facts, from which in the absence of an explanation, we could have made a finding of any such connection.”

Nonetheless, the tribunal did rule in Mr Perera’s favour regarding unlawful deductions of wages and awarded him £1,426.11. A further payment of £908.91 was given for the company’s failure to provide written particulars of employment.

The Pensions Regulator (TPR) has announced that they have assessed and authorised the Royal Mail’s Collective Pension Plan as the UK’s first Collective Defined Contribution (CDC) pension scheme.

TPR’s Executive Director of Frontline Regulation, Nicola Parish, announced:

“I am delighted that we have authorised the first CDC scheme, which is a clear demonstration that we are serious about embracing innovative approaches to deliver the pensions of tomorrow.”

Collective Defined Contribution pension schemes are a type of retirement savings plan created as a third option to the Defined Benefit (DB) and Defined Contribution (DC) schemes. CDC schemes are sometimes referred to as "collective pensions" or "shared-risk pensions".

In a CDC scheme, contributions are paid into a central fund, which is invested to provide retirement benefits for members. However, unlike a traditional DC scheme, the investment risk is shared among all members of the scheme, rather than being borne solely by the individual.

In a CDC scheme, the retirement benefits are based on the overall performance of the fund, rather than on the contributions made by the individual. The amount of retirement income a member receives is not guaranteed, but rather is dependent on the performance of the fund.

CDC schemes differ from traditional DB schemes in that the benefits are not guaranteed and are subject to the overall performance of the fund. However, unlike DC schemes, CDC schemes provide a degree of risk-sharing among members.

Currently, CDC schemes can be set up by single employers, for that employer only, or for employers in the same group of companies and TPR has published guidance for CDC schemes explaining how they are assessed for authorisation and then supervised.

CDC schemes are currently only available in a few countries, including the Netherlands, Denmark, and Canada. In these countries, they are seen as a way to provide retirement benefits that are more predictable than DC schemes, while also avoiding some of the risks and costs associated with traditional DB schemes.

Laura Trott - Minister for Pensions - said:

“TPR authorising the first CDC scheme is a landmark moment, and this is just the beginning. We have seen the positive effect of these schemes in other countries and our plans to extend our CDC framework will enable more pensioner savers to achieve the retirements they want.” 

In June 2022, Four Day Week Global started a trial of more than 3,000 people working for 70 organisations, who agreed to work a shorter week (80% of the week) for six months with no loss of pay but with the commitment to maintain 100% productivity.  The trial concluded in February 2023 and found that 92% of companies involved intended to continue using the new format. 

With this in mind, GetApp - the UK’s leading B2B software comparison site - surveyed 1,047 UK SME employees, who primarily work at least five days a week using a computer, for their thoughts on a four-day working week.

The objective of the research was to “understand more about employee preferences and whether the introduction of flexible working practices could improve staff retention.”

GetApp also wanted to know whether this was known by and appealed to the UK workforce. In fact, 86% had heard of the system and its implementation in businesses in the country. 

According to GetApp’s research, 85% of employees would want their company to implement the four-day working week and 74% would contemplate moving companies to achieve this - so long as the new role offered the same conditions, such as perks, salary and contract. Of those interested in the scheme, 94% said they would only accept a four-day schedule if their salary was unaffected - and of this group, 60% said they would accept the same hours per week but condensed into four days instead of five.

The results of the survey suggested that the majority of employers were not planning to implement a four-day week, even though over three-quarters of employees expressed some level of dissatisfaction in their current job - and 54% voted work-life balance as one of the most important factors in helping achieve job satisfaction. Additionally, an improved work-life balance and family time was voted by employees as the most significant advantage of a four-day week.

Even though 91% of employees who work flexibly say that flexible working hours are important to their current job and 83% who work strict daily hours would like more flexibility when organising working hours, 54% of SME employees state that their company hasn’t considered this four-day working practice an option.

David Jani, Content Analyst at GetApp UK, commented:

“Many of the employees in our sample showed great interest in the four-day working week and predicted positive impacts if it were implemented in their organisation. This reflected a broader trend amongst employees demonstrating preferences for more flexibility in terms of working hours and the ability to work from home or remotely.”

Julia Sommer - a former Swiss Re underwriter - was back in court recently seeking £5.1 million in compensation for the sex and maternity discrimination and unfair dismissal case she won at tribunal last year.

Julia Sommer joined Zurich-based Swiss Re in June 2017 and worked in London as a political risk underwriter for Swiss Re Corporate Solutions, which is part of the reinsurer. However, she was made redundant in April 2021, just months after returning from maternity leave  in July 2020.

Following her redundancy, Sommer sued the firm for sex discrimination and maternity-related discrimination - as well as other allegations, including sex-related harassment - alleging that a senior manager had commented on her breasts, made sexual references and discriminated against her. 

Last year a three-judge panel at the Central London Employment Tribunal and led by Employment Judge Mark Emery, ruled that the redundancy was "retrofitted" on to a pre-existing decision to dismiss her and that a senior manager, whilst attempting to joke, had repeatedly humiliated her.

The tribunal found that senior managers had decided that Sommer should be removed from the business but this had been delayed because they did not want to run a dismissal process during Sommer’s maternity leave.

They stated:

“We considered that the use of redundancy was retrofitted on to a pre-existing decision to exit the claimant. It follows that the respondent has not proven the reason for dismissal, and it is accordingly unfair,”

Some other claims, including equal pay and victimisation, were however rejected by the tribunal.

During last week’s appearance, Gavin Mansfield - Swiss Re's lawyer - asked a tearful Sommer to justify the size of the claim and explain why having brought the case would prevent her from returning to work in insurance or financial services.

Sommer replied:

"People know I brought a claim against Swiss Re and have been out of work because of depression and anxiety - and all of these things matter (in job interviews)."

Sommer told the court she wanted to study theology and retrain as a pastor to "find purpose and meaning through spirituality."

The deadline for buying National Insurance (NI) years to fill any gaps back to 2006 has been extended until 31st July 2023 - which is an extension from the previous deadline of 5th April.

A new state pension system was brought in on 6th April 2016 - therefore most people who are aged around 70 or under are eligible. Currently, the maximum state pension is £185.15 a week, however how much a person receives depends on how many full years NI have been paid.

Most people who started their NI record before 2016 need about 35 years of full NI contributions, however qualification is based upon age and NI record up to date, which means that more than 40 years could be necessary.

‘Transitional’ arrangements are in place  for anyone who has ‘missing’ years between 2006 to 2016 - to be able to top up or purchase these years to enable them to qualify for the maximum amount of state pension. After 31st July, the number of extra years anyone is able to purchase drops down to the last six tax years.

Checking the Government’s state pension forecast calculator gives information on how much state pension an individual will receive based on their NI record to date - and also how much state pension they are likely to get if they work up to state pension age. If the prediction does not show the full amount of £185.15 a week, gaps in the NI record can be checked for and purchased, or topped up if necessary.

It is not only work that earns NI years, as they can also be gained through activities such as being on statutory maternity, paternity or adoption pay, on statutory sick pay, unemployed but searching for work, being a carer, or married to a member of the armed forces.

It is worth noting that only full qualifying NI years count towards the state pension. However information and advice can be gained from the Future Pension Centre or the Pension Service who can provide personalised information about one’s current NI record.

The Financial Services Compensation Scheme (FSCS) has revealed the outcome of their research into how the cost of living crisis is affecting pension savings.

The FSCS conducted continuous consumer research between September 2022 and February 2023, polling a total of 4,479 UK adults aged over 18 - 2,974 of them with a pension. Because claims involving pensions and investment advice are, according to the FSCS, now the most common ones they receive and often the most complex and costly to resolve - they focused their research on the impact that the current economic conditions are having on consumers’ behaviour towards their pensions.

The findings showed that as a result of the cost of living crisis, 26% say they are taking more risks with their money to gain a better return - in those aged under 35 this increases to 45% and to 36% in wealthier households. Additionally, under-35s are significantly more likely to be relying on their savings (60%) than the average for all adults which is 46%.

Nearly a fifth (18%) of those with a pension have stopped contributions altogether in the past few months, and a further 5% have cut their contributions. The FSCS point out that “Although this could provide a temporary relief and help households cover day-to-day costs, a prolonged reduction in pension contributions can derail retirement plans. In addition to missing out on investment growth derived from compound interest, people who stop contributing to a workplace pension also lose contributions from their employer and tax relief.”

Conversely, 64% of those with a pension have kept their contributions unchanged over the past few months and 13% have increased the percentage they contribute - with 87% of those likely to keep the contributions the same in the next six months.

The FSCS believes this means that these consumers are likely to think they have already absorbed the impact of the cost of living crisis when it comes to their pension contributions.

The key take-aways from the research are that consumers are taking action in how they manage their finances in response to higher prices and a squeeze in their real incomes. This includes taking more risks with their money in order to gain a better return and adjusting contributions and making other decisions about their pensions, with some of those eligible opting to access their pots.

The FSCS issues a reminder that the risk of consumer harm can be very high when it comes to pensions and investments because of the amounts at stake and also because of the complexity of the products and the lack of knowledge among consumers and any disruption to pension savings could have consequences for their retirement income plans.

Analysis by leading specialist employment law firm GQ Littler, of NHS data for the year ending September 2022, showed an 11% increase in the number of fit notes issued by medical professionals.

Healthcare professionals issue fit notes - also known as medical statements or a doctor’s note - to employees once they have been off work for seven consecutive days. Prior to this they can self-certify their absence from the workplace.

A fit note gives a medical assessment as to a person’s fitness to work - or not - and advises whether a person is “not fit for work” or “may be fit for work taking into account the following advice”. If the latter option is given, the healthcare professional may suggest some of the following options for the patient and their employer to consider for helping them return to work:

• Returning to work gradually, for example starting part time
• Temporarily working different hours
• Performing different duties
• Having other support

Until recently, fit notes could only be issued by GPs but in July 2022, legislation was changed to also allow nurses, occupational therapists, pharmacists and physiotherapists to certify fit notes - this was designed to alleviate pressure on GPs.

The research by GQ Littler showed that the issuance of fit notes hit a record high of 10.4 million in 2021/2022 and they have put this down to a number of reasons:

• During the pandemic fit notes became difficult to obtain and employers were therefore more lenient in their requirement for them
• The economic climate and repercussions of the pandemic has led to more mental health related absences
• There has been an increase in illnesses as restrictions eased and people mixed more
• Employers required employees to attend the workplace again once COVID restrictions ended

Sophie Vanhegan - Partner at GQ Littler said:

“Employers are now back to following their policies of requiring fit notes for longer periods of absence.”

“The cost-of-living crisis and challenging economic climate is also having an effect on the mental health of employees, which could lead to an even further rise in the number of fit notes issued for mental health related absences.”

She therefore suggested:

“It’s essential that companies take a proactive approach to supporting employee health and mental wellbeing at work to try to minimise employee sickness absence. Offering workplace support and encouraging open dialogue about health issues can help to flag issues early on, before they develop into long-term absence issues.”