UK - Publishing group Informa has reported a 90% employee take-up rate within two weeks of implementing a new online flexible benefits programme.
The company installed 4th Contact software to clarify benefits available for its 1200 employers.
The online scheme provides employees with choices of pension, life cover, critical illness, private medical insurance, medical screening, dental insurance, travel insurance, gym membership, childcare vouchers and buying extra annual holiday.
Informa group human resources director Keith Brownlie said: “We had a classic iceberg principle here. The employees knew their salary – the tip of the iceberg, but they didn’t know about their pension, life cover and all those other things that people take for granted.”
4th Contact’s Richard Blundell said: “Informa loves the system and the take-up rates have been amazing.
“The company has taken a historically confusing benefits issue and turned it into a success story that’s helping motivation and providing benefit transparency for the first time.”
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...