The shadow chancellor John McDonnell has revealed details of Labour's employee ownership policy which would see every company with more than 250 staff set up an "inclusive ownership fund" (IOF). Under the proposal, an IOF would own up to 10 per cent of the company's equity on its workers' behalf.
The recent decision of the Deputy Pensions Ombudsman in a complaint by the estate of a deceased employee against Belfast City Council (BCC) highlights that employers are required to make appropriate enquiries and provide sufficient advice to employees to ensure that they are able to make the best choices regarding their pension benefits.
Dentons' Reward team are advising the Representative Beneficiaries of the Barnardo's Staff Pension Scheme ("the Scheme") in an application to the Supreme Court to decide whether the Scheme rules permit a switch from RPI to CPI for revaluation or indexation of pension payments.
As the gig economy has grown and developed, so too has the law relating to so-called "gig workers" and how their employment status should be regarded. As we have reported previously, in November last year, the Employment Appeal Tribunal (EAT) rejected app-based taxi firm Uber's appeal against the Employment Tribunal's (ET) earlier decision that its drivers should be categorised as workers rather than self-employed contractors.
The House of Commons Work and Pensions and Business, Energy and Industrial Strategy Committees (the Committees) made recommendations in November 2017 for addressing the issues raised in the Taylor Review. These included:
Recent high profile insolvencies (e.g. Carillion and BHS) have seen widespread criticism of the Pensions Regulator ("TPR"). It stands charged with failure to use its intervention powers despite being aware of companies prioritising dividends over deficit recovery contributions, despite trustees urging it to intervene. By the time TPR took action it was too late.