News update – Lloyds TSB reflavours scheme

Lloyds TSB has revamped its flexible benefits package, Flavours, in a bid to simplify the scheme for its members. A healthcare cash plan supplied by Cigna and a health assessment plan have been axed from the flexible benefits scheme, although the former has been introduced to the voluntary benefits package.

The move followed feedback from new employees that the offering was complicated and the volume of information sent out about the scheme was acting as a barrier.

This was supported by additional research. Liz Yates, manager of compensation and benefits, said: "For 2006 we wanted to simplify everything." She added that although take-up had been "good" at 60%, there was still a lot of people who had not participated. One new benefit has been added, a flex cash sum, whereby employees can elect to take all or part of their flex money as a cash lump sum.