MNPA has increased take up of its flexible benefits scheme to 95% after adding in a group personal pension (GPP) plan, switching private medical insurance (PMI) providers, and putting all perks onto an online benefits portal.
The pensions firm launched the GPP following the closure of its defined benefit (DB) career average (Care) scheme to future accrual on 2 April. Mary Wratten, HR director at MNPA, said: “We closed our Care scheme so we changed the nature of our DC scheme to become our only pension. It was all around risk and cost. It was just unsustainable.”
MNPA also switched its PMI provider to Healix because the renewal cost had been too high with its previous provider.
Its flexible benefits scheme, which is provided by Staffcare, already included life assurance, group income protection, dental insurance, critical illness insurance, personal accident insurance, a health cash plan, and discounted membership to a local leisure centre.
MNPA’s 275 staff can now access all benefits in one place.
The online benefits portal was communicated to staff via posters and workshops leading up to the launch. On the day of the launch, postcards were dropped onto desks along with branded flexible silicone watches to promote the scheme. Employees had one-to-one demonstrations of the new system and benefit fairs were held in MNPA’s Leatherhead and Birmingham offices.
Wratten added: “Because we were closing the pension scheme there was a lot of communication around what was happening with the whole benefits structure.”
Read more articles on flexible benefits schemes
