All Group risk articles – Page 5
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Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
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ArticleNearly 12.9 million people were covered by group risk schemes in 2018
Nearly 12.9 million individuals were covered by group risk schemes at the end of 2018, according to research by insurance provider Swiss Re.Its Group watch 2019 report, which is based on data collected from 13 product providers in the group risk market in the UK and 20 employee benefits consultants, ...
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AnalysisHow can employers put their core benefits in the spotlight?
Need to know:Core benefits can be costly to provide, but are an important aspect of promoting employee wellbeing and financial protection.Employers must demonstrate the relevance that these benefits hold for employees, and show how they can be used to their advantage.Targeted communication campaigns, delivered in ways that employees will appreciate, ...
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Case StudiesThe benefits offered by Severn Trent Water
The benefits offered by Severn Trent Water:Pension, protection and payA defined contribution (DC) pension scheme for all employees, offering 2:1 matching contributions and a maximum 15% employer contribution.Group income protection, available for all staff on an employer-funded basis. This operates on a phased reduction model: once an employee's sick pay ...
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ArticleEXCLUSIVE: Mention Me introduces life insurance for 70 staff
EXCLUSIVE: Referral marketing organisation Mention Me has introduced a new life insurance benefit for its 70 employees, to support staff wellbeing and align with its organisational culture.The benefit, provided by Yulife, has been implemented in order to reflect the start-up’s growing organisational culture, aligning to its core values: strive, balanced ...
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ArticleOne day left to take part in exclusive benefits strategy research
How is your organisation’s benefits strategy changing to reflect future challenges? How do you measure employee engagement? What outside influences are shaping your approach to reward?There is just one day left to have your say in Employee Benefits' exclusive benefits strategy research.We are particularly interested in finding out about the ...
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Case StudiesThe benefits offered by Sunrise Senior Living
The benefits offered by Sunrise Senior Living: Pension, protection and payA defined contribution (DC) pension scheme for all employees, delivered through a master trust. Contribution levels vary depending on seniority.Income protection is available for salaried employees on an employer-funded basis. This pays up to 70% of their basic salary for ...
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ArticleAround two-thirds say contributory pension schemes are their most valued benefit
Around two-thirds (62%) of respondents state that a contributory pension scheme is one of their top five most valued benefits, according to research by global advisory and brokering organisation Willis Towers Watson.Its survey of 2,000 UK employees also found that respondents most valued health insurance (43%), life insurance (40%), critical ...
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ArticleTwo-fifths would feel more positive about their employer if offered an annual bonus
Two-fifths (40%) of employees would feel more positive towards their organisation if they were offered an annual bonus within their benefits package, according to research by Canada Life Group Insurance.Its survey of 1,001 UK employees found that bonuses are more highly valued by older staff, as 53% of those over ...
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Case StudiesMundipharma updates group risk benefits to increase employee choice and flexibility
Pharmaceutical organisation Mundipharma updated its group risk benefits in April 2016, in order to afford its 1,000 employees more flexibility around their coverage while mitigating increasing costs.Mundipharma provides two group risk benefits: group life insurance and group income protection. Both schemes were redesigned when the organisation introduced flexible benefits in ...
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AnalysisDo group risk benefits need a makeover?
Need to know:Employers and providers might want to consider re-branding group risk benefits to help clarify the purpose of each product.A multi-media communications approach, using digital, paper and face-to-face communications, is best for ensuring engagement.Employers should strive to increase take-up and awareness of value-add services to impact employee absence, presenteeism ...
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OpinionKatharine Moxham: How can employers promote group risk to increase interest?
Employers want to provide an engaging package for their people. As part of that package, group risk benefits, such as employer-sponsored life assurance, income protection and critical illness, throw out a financial lifeline when it is most needed. However, these benefits can be wallflowers because they provide for catastrophic events, ...
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ArticleAIG Life completes acquisition of insurance provider Ellipse
Insurance organisation AIG Life has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection provider in the UK, following the receipt of required regulatory approval.The terms of the purchase, from German reinsurance organisation Munich Re, have not been disclosed.AIG Life now intends to distribute both ...
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ArticleA third believe financial wellbeing benefits are very important
A third (33%) of respondents believe that financial wellbeing benefits, such as a pension, holiday and bonus pay, are very important when considering where to work, according to research by UK consultancy Barnett Waddingham.Its Why BWell: where’s your head at? report, which surveyed 3,000 full and part-time employees between the ...
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Case StudiesThe benefits offered by Equifax
The benefits offered by Equifax:Pension and group riskDefined contribution, salary sacrifice pension scheme for all employees. From April 2019, those contributing 3% into their pension direct from salary will receive a 5% contribution from Equifax; if employees contribute 4%, Equifax will contribute 6% and if they contribute 5%, it will ...
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ArticleHalf do not know how much is in their pension
Around half (49%) of respondents do not know how much is in their pension pot, according to research by price comparison website MoneySuperMarket.Its survey of 1,000 adults also found that 26% of respondents do not have a personal pension and 67% do not have life insurance; in addition, only 18% ...
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ArticleEXCLUSIVE: Two-thirds provide support and counselling services to employees
EXCLUSIVE: More than two-thirds (69%) of organisations provide support and counselling services to some or all of their employees, making this the highest-ranking type of health benefit, according to research by Employee Benefits and Health Shield.The Employee Benefits/Health Shield healthcare research 2018, which was conducted in July and gathered 162 ...
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ArticleEXCLUSIVE: 96% of employers offer employee assistance programmes as a core benefit
EXCLUSIVE: Employee assistance programmes (EAPs) are offered as a core benefit by 96% of employers, according to research by Employee Benefits and Health Shield.The Employee Benefits/Health Shield healthcare research 2018 report, which surveyed 162 respondents in July, also found that other popular support and counselling services offered on an employer-funded ...
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ArticleEXCLUSIVE: Mundipharma offers choice and convenience with new flexible benefits strategy
Employee Benefits Live 2018: Pharmaceutical organisation Mundipharma’s overhauled flexible benefits package offers wider choice to employees.In a session entitled ‘Building a flexible benefits strategy for the future’, which took place as part of the benefits strategy stream at Employee Benefits Live on Tuesday 2 October, Amy Goodwin, head of reward ...
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ArticleBritish Airways pension scheme agrees £4.4bn buy-in with Legal and General
The British Airways-sponsored Airways Pensions Scheme (APS) and Legal and General have completed a £4.4 billion pensioner bulk annuity buy-in, covering around 60% of all pensioner liabilities.Existing longevity reinsurance contracts of approximately £1.7 billion, entered into with Canada Life Reinsurance and PartnerRe, were incorporated into the buy-in arrangement.The APS is ...