Tailored Employee Benefits by lxm94617


									Tailored Employee Benefits

     Alexander Forbes Financial Services
XtraPay: Tailored Employee Benefits

                                      Cost effective benefits to retain
                                      and recruit the best

                                      Benefits play a powerful part in your             Your XtraPay solution may include:
                                      recruitment and retention strategy. They          l   Online total reward statements
                                      are also an affordable way of rewarding           l   Support with employee communication
                                      and motivating staff, when pay increases
                                                                                        l   Voluntary and flexible benefits
                                      and bonuses are not a viable option or
                                                                                        l   Interactive financial education
                                      have been reduced.
                                                                                        l   Risk benefits such as group life cover or
                                      By reviewing your existing benefit provision
                                                                                            private medical insurance
                                      you could:
                                                                                        l   Automated reporting tools
                                      l   Reduce future costs associated with staff
                                          turnover                                      The foundation is an employee pension
                                                                                        which can be monitored and adjusted via
                                      l   Improve employee engagement
                                                                                        a personalised XtraPay site. Members also
                                      l   Get better value for your current benefits’   receive ongoing one-to-one retirement
                                          spend                                         planning advice. You then choose from our
                                      l   Motivate your workforce and boost morale      range of XtraBenefits – described in this
                                                                                        brochure – depending on your needs.
                                      XtraPay is our bespoke solution, which
                                      can be tailored to your business and your         By understanding your business and your
                                      workforce. It has been designed to offer          workforce we can create the most effective
                                      big company benefits at a price which is          employee benefit solution for you.
                                      affordable to all.
Ongoing advice and member                                           Pension Management
communication                                                       Transparent and simple to use

A strong relationship with you and your workforce
                                                                    XtraPay gives employees access 24/7 to view how their pension
                                                                    fund is performing, at the click of a button. They can make use
Our approach to member communication really sets us apart
                                                                    of tools to produce projections based on funding changes and
from other employee benefits providers.
                                                                    different rates of growth in order to set their contribution levels.
Our account managers can deliver group presentations and
                                                                    Risk profiling tools are available for users to establish their attitude
one-to-one personal financial advice without having to outsource
                                                                    to investment risk and then choose funds accordingly.
to another company, saving you money. And whether you are
based in one site or spread much further afield we’ll make sure     Pension management on XtraPay is easy to use to encourage
our communications suit your business.                              regular monitoring. Contribution levels can be changed by the
                                                                    employee, with or without an adviser present – and they will
Your members will receive information on changes to your
                                                                    always be able to request support.
benefits package and individual advice on pension planning when
they enrol in your scheme. Each member’s attitude to risk will
be assessed and this will influence the asset and fund allocation
strategies of their pension investments. After that they’ll have
access to regular retirement planning advice.
Your account manager will work with you to make sure your
benefits are appreciated and understood by your workforce.

Education on basic financial awareness
Each member can access presentations and interactive tools
online to learn about basic financial issues, such as money
management, borrowing and retirement planning, in our
innovative financial fitness section.                                                                                                      3
XtraPay: Tailored Employee Benefits

                                      Online Total Reward Statements
                                      Increase visibility of all the benefits you provide

                                      Communication of employee benefits is often covered in an
                                      initial induction and then ignored. Employees can then fail to
                                      recognise the true amount you invest in them.
                                      Our online total reward statements (TRS) are personalised for
                                      each individual member to show the cash equivalent value of
                                      the entire benefits that they currently receive, including salary
                                      and all additional perks. This way employees look at total
                                      remuneration in terms other than just their payslip.
                                      Total reward statements improve awareness of the value of
                                      benefits available, which can directly impact on motivation and
                                      attitudes towards work, including career changing decisions.
                                      The TRS can be tailored to include benefits you already provide
                                      such as life cover, pension contributions and season ticket loan,
                                      as well as any benefits that you decide upon in the future.
                                      Total reward statements can also hold information on how to
                                      access a particular benefit and how it works, which can help to
                                      reduce calls to your human resources department.
Salary Exchange                                                    Voluntary Benefits
A valuable, cost-free benefit for employers and employees          Genuine savings and discounts at nationwide retailers

Salary Exchange also known as ‘salary sacrifice’ is a great way    We’ve partnered with European discounts specialists, LogBuy, to
of helping boost employees’ pension contributions at no cost to    offer your employees hundreds of savings at retailers throughout
you. By agreeing to exchange salary for pension contributions      the UK.
                                                                   Offers include money off the cost of shopping and days out,
l   save tax on the amount of salary they exchange, but the full   holidays and restaurants, and discounts on shopping vouchers
    gross amount is invested in their pension plan.                and giftcards at big name high street retailers. You and your
                                                                   employees can also suggest local retailers for LogBuy to arrange
l   save on National Insurance contributions.
                                                                   deals with.
This can boost contributions by up to 30%.
                                                                   New offers are negotiated daily and the response from
Employers also make a cost saving as less National Insurance       employees is always overwhelming.
contributions need to be made. This saving can be passed on to
employees as an additional bonus contribution or used to fund
other benefits - it is up to you.
Salary Exchange is often viewed as complicated to administer.
We ensure that arrangements are properly established and
correctly maintained. With XtraPay all documentation is
completed online which simplifies the record keeping process
and stores the agreement securely.
Salary Exchange arrangements can also be implemented for
other benefits such as childcare vouchers and tax-free bicycles.

XtraPay: Tailored Employee Benefits

                                      Flexible benefits
                                      Give control to your employees to maximise take-up

                                      Letting your employees select the level of benefits they can
                                      access (within a predetermined range) helps them to choose
                                      the things that are most useful to them.
                                      For, example, an employee with a young family may want to
                                      increase the amount of tax-free childcare vouchers they can
                                      purchase. Alternatively an employee nearing retirement may
                                      want to increase their level of life cover to protect dependants.
                                      The ability to ‘flex’ can be applied to other benefits including
                                      Private Medical Insurance, Group Life and Income Protection
                                      among others. You can even offer the flexibility for employees
                                      to buy or sell holiday.
                                      This is an easy process to set up and because of our system,
                                      more affordable for small to medium sized companies than
                                      previously. Any contractual alterations can be recorded
                                      securely online.
Employee Assistance Programme                                     Group Risk Benefits
Around the clock expert help and support                          Review existing provision and identify savings

XtraPay gives employees access to 24 hour helplines and           Our specialist division, Alexander Forbes Healthcare, are
counselling from the DAS Group.                                   industry experts in group risk and healthcare. By focusing on
                                                                  your current plan design and your actual requirements we may
DAS Telephone Counselling offers your employees confidential
                                                                  be able to:
advice and support with stress, anxiety, depression and
bereavement from trained counsellors.                             l   Reduce your premium
DAS Helpline Services specialise in European law, tax advice,     l   Reduce your claims exposure
health and medicine and domestic support. They can provide        l   Improve tax efficiency.
advice on topics as varied as where to find emergency childcare
to information on general health issues.                          Members can view their available healthcare benefits e.g. Private
                                                                  Medical Insurance, Group Life and Income Protection etc within
Calls will be answered 24 hours a day, 365 days a year and are
                                                                  XtraPay and change levels of cover if enabled.
completely confidential.
                                                                  XtraPay can make your employee benefits simpler to administer
                                                                  as the full range is offered by one supplier, saving you time.

XtraPay: Tailored Employee Benefits

                                      Holiday planner
                                      Quick and easy to request and approve

                                      The online holiday planner takes the time and effort out of
                                      administering staff holiday requests.
                                      Employees log in and can check what leave they’ve taken and
                                      what is remaining. They input the dates they are requesting as
                                      holiday, which is then sent to their line manager or designated
                                      approver where it can be signed off in a single click.
                                      Simplicity is at the core of this benefit, but the time saved by
                                      those requesting and those approving all adds up. And for
                                      record keeping, all requests, confirmations and amendments
                                      are stored within the system.

                                      Employee Absence Manager
                                      This additional tool can help to record absences per employee
                                      and can quickly produce reports.
Bespoke reporting functionality                                   Tailored design
Real-time management information at the click of a mouse          Make look and feel consistent with your own branding

XtraPay comes with easy to use reporting which can be used to     The XtraPay website that your employees log in to can be
review scheme enrolments, take-up and payment of benefits,        completely designed to fit with your existing branding and style.
and cost to the company. This is useful for budget forecasting
                                                                  This can further reinforce to employees that benefits are being
and for analysing trends.
                                                                  delivered by your company and help staff to engage with the
All data is stored on one platform for easy access. As a result   business.
management information can be obtained at any point and
distributed simply, making a previously time consuming task
quick and easy. Errors and omissions are also reduced due to
automated, rather than manual, functions and calculations.
Standard reports are included when XtraPay is implemented but
others can be created depending on your needs. Training and
support is available throughout our relationship with you.

XtraPay: Tailored Employee Benefits

Simplified administration,
secure data
Huge time savings through an easy to use system                      Secure record keeping

One of the key benefits which XtraPay delivers is one that all       The security of your data is of the utmost importance and
companies value: it reduces administration time. Members             is treated as such within the XtraPay administration system.
complete their own personal details and it is their responsibility   Security is implemented with several objectives:
to update.                                                           l    Protection of physical systems;
                                                                     l	   Restriction of systems and data access to authorised users;
Information in one place                                             l    Prevention of malicious attack on systems and/or data;
Whether you are moving from paper based pension and                  l    Restriction of network access and usage to authorised users
employee benefits administration or electronic filing, XtraPay            and purposes only;
improves efficiency by putting everything in one place. It’s also
                                                                     All benefits components hosted within the service have the
easy to export data for use in other programmes, for example
                                                                     same levels of security.
your payroll system.
                                                                     Access to all on-public areas of on-line systems and services is
Automated processes                                                  controlled by a system of authentication and encryption.
                                                                     The data stored on the system is protected from unauthorised
Scheme rules including which staff are entitled to which benefits
                                                                     access by ‘firewall’ systems and monitoring tools. These
and matching pension contribution levels are personalised for
                                                                     prevent access by anyone other than legitimate users.
your company. You just select which rules apply to which tier of
                                                                     With powerful monitoring and logging tools we can trap any
                                                                     events associated with attempted security breaches.
    About Alexander Forbes Financial Services

    Established in 1984, Alexander Forbes Financial Services
    (AFFS) specialise in employee benefits and pension solutions
    for corporates and individuals. We work with more than 1,300
    companies and 100,000 individuals throughout the UK in the
    public, private and third sector.
    In 2007 we became the first independent financial adviser
    to be awarded the Investors in Customers (IIC) award for our
    commitment to the best possible customer service, at every
    level, throughout our business. We have since achieved a two
    star ‘Outstanding’ rating.
    Whether you run a final salary pension scheme or a defined
    contribution (DC) scheme, or a combination of both, we can
    help you reduce costs and improve the efficiency of your
    employee benefits strategy.


South East                               north West
5th floor                                3rd floor
Leon House                               Hanover House
233 High Street                          30-32 Charlotte Street
Croydon CR9 9AF                          Manchester M1 4FD
tel: +44 (0)20 8686 0660                 tel: +44 (0)161 242 8311

Midlands                                 South West
2nd floor                                Severn House
Radcliffe House                          Lime Kiln Close
Warwick Road                             Stoke Gifford
Solihull                                 Bristol BS34 8SR
West Midlands B91 2AA                    tel: +44 (0)117 931 3600
tel: +44 (0)121 712 7900

north East
1 Mariner Court
Calder Park
Wakefield WF4 3FL
tel: +44 (0)192 456 6310

Alexander Forbes Financial Services Limited
Leon House, 233 High Street, Croydon, Surrey CR9 9AF.
Tel: 020 8686 0660 Fax: 020 8681 4093 Web: www.alexanderforbes.co.uk

Authorised and regulated by the Financial Services Authority. FSA Reference: 120975 Registered in England and Wales
at 5th Floor, Leon House, 233 High Street, Croydon, Surrey CR9 9AF. Registered Number: 1804276

AFFS 0067/0410          03003

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