UK - Cut-Price offers from private healthcare providers are giving employers a new alternative entry level to the market, Mellon Human Resources & Investment Solutions claims.
Last year Mellon warned businesses to expect a 70% rise in private medical benefit costs over the next five years.
But Mellon believes the new “no-frills” options will make private healthcare affordable for many more companies.
Mellon describes the new products as a halfway house between NHS provision and a full – but expensive – private healthcare package.
Mellon HR&IS health and welfare managing director Adrian Norris said: “With the cost of private healthcare continuing to increase it is encouraging to see the market adapting.
“Particularly the way in which some private hospitals and other treatment centres are finding ways of lowering charges to remain competitive.”
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.