BNP Paribas Real Estate has seen the proportion of employees taking up its defined contribution (DC) pension scheme increase by more than half following the launch of a flexible benefits scheme.
Between 40% and 50% of its workforce has made benefits selections through the flex scheme, which is called Spectrum and provided by Vebnet. Around 55% more employees have opted into the pension scheme via an online application process since it has been offered through the flex scheme, which was launched at the beginning of the year.
Pension contributions are paid through salary sacrifice, resulting in national insurance savings for both the employer and employee.
The flexible benefits scheme is available to 650 UK-based staff and also includes life assurance, childcare vouchers, carbon offsetting, British Gas Home Care, retail vouchers, dental cover and private medical insurance. Employees also have the option of buying five days of extra holiday a year.
Martin Jones, people services team leader at BNP Paribas Real Estate, said: “As a people business we wanted to include and actively engage our employees in the benefits we offer. Now they have the flexibility and freedom to choose benefits that suit their individual lifestyles.”
All benefits can be accessed online on the scheme’s website during a two-week election window open every year in November. Benefit roadshows were held to communicate the new scheme to employees.