Docstoc

Flexible

Document Sample
Flexible Powered By Docstoc
					Flexible
 Benefits Scheme




  Pocket Guide
Key Features
• Open to all UK-based employees of IOP and IOP Publishing,
  who upon joining us will be given the option to select benefits
  on a voluntary basis. Following successful completion of their
  probationary period or 6 months’ continuous service (whichever
  occurs later), joiners will have funded benefits allocated.
• All benefit choices are made online via your own personal
  flexible benefit account, during the election window.
• Benefit choices take effect annually from the 1st of January and
  are fixed until the 31st of December of that same year*.
• Log on to your personal benefits account by visiting
  www.orbitbenefits.com and entering your unique username
  and password, which will be e-mailed to you.

* During this period, if you have a specified “Lifestyle Event”, you will have the
  opportunity to review/change your benefits. Under the Flex scheme, “Lifestyle
  Event” means a significant change in salary or contractual hours; marriage,
  divorce or separation; death of a spouse or dependant; birth or adoption of a
  dependant and periods of long-term absence.

If your circumstances change due to a Lifestyle Event, then you must provide
not less than 1 month’s notice in writing to HR, which may at its sole discretion
allow you to amend your choices for the current benefits year. In the case of
birth or adoption of a dependant, and the taking of a related period of leave,
the amendment of choices may only take place once you have returned from
leave.
Private Medical Insurance
You will receive entitlement to this benefit following completion
of your probationary period, or 6 months’ continuous service
(whichever occurs later).

Private medical insurance is an insurance policy that covers the
costs of private medical treatment for you and, if selected, your
family and is designed to ensure that members receive prompt,
high-quality medical attention when it is required.

Key Features
In general terms, the insurance covers approved medical, nursing
and hospital accommodation expenses within pre-defined limits,
terms and conditions. Please visit the Online Benefits website for
further details.
• Provided by Aviva.
• Through the flexible benefit site, you may choose to cover
    yourself and to include your spouse/partner and/or
    your children.

Before any treatment takes place you should ring the PMI Managed Care helpline on
01606 354007. This service is provided by nurses who will authorise your claim.

For further details, please read the information at www.orbitbenefits.com.
Pension
Contributing to a pension plan is a tax-efficient way of saving for
your retirement. It is a low-cost, flexible and portable arrangement,
meaning you may retain your plan (subject to the plan rules) if you
leave IOP Publishing/IOP.

Key Features
• All contributions will be paid monthly and calculated against
    your reference salary (pre-salary-sacrifice salary).
• Employee contributions will be made via salary sacrifice,
    enabling you to take advantage of Income Tax and Employee
    National Insurance relief on your contributions.

There is no limit to the amount that you can contribute via salary sacrifice,
although you cannot elect to contribute an amount that would reduce your
salary to below the minimum wage.

For further details, please read the information at www.orbitbenefits.com.


  You pay                    Institute of                Total invested
                             Physics pay
  3%                         10%                         13%
  4%                         12%                         16%
  5%                         14%                         19%
  6%                         16%                         22%
  7%                         18%                         25%
Group Life Assurance
Life assurance offers you peace of mind by providing a lump-sum
payment in the event of your death while you are employed by us.

Key Features
• Benefit is insured with Canada Life.
• No joining form.
• You can increase your company-funded level, in units of
  1x multiple of your reference salary, up to a maximum of
  8x reference salary*.
• Cover will cease on the day you cease employment with IOP
  Publishing/IOP or when you reach age 65, whichever is earlier.
• Claims will be initiated and managed by the HR Department.
• Further information on the scheme and a Beneficiary Nomination
  Form are available on the flexible benefits site.

Please note that, if you join at your first opportunity, you may select any level of
cover, up to the maximum of 8x your reference salary. At subsequent renewals
(or in the case of a Lifestyle Event, if applicable), you may decrease your level
of cover by any number of units, but you may only increase your level of cover
by one unit of 1x of reference salary.

*Additional cover may be subject to medical underwriting.

For further details, please read the information at www.orbitbenefits.com.
Dental Insurance
Dental insurance is a cost-effective way of managing your
dental-care needs. It can assist with the high costs of unexpected
or routine treatment by enabling you to claim reimbursement from
the insurer for the treatment that you have had carried out.

Key Features
Supplied by Denplan, the scheme works on a reimbursement basis,
providing you with a contribution (subject to the Policy Document
and Scheme Rules) towards the cost of NHS or private dental
treatment.
• Six different plans to choose from, starting from £3.58
    per month.
• No prior oral health check is required.
• Simple claims process.
• You can continue with your existing dentist, or choose any other.
• Through the flexible benefit site, you may choose to cover
    yourself and to include your spouse/partner and/or
    your children.

Full details of the different levels of cover available, and any exclusion, are
available in the Policy Document, available to download from the flexible
benefit site.

For further details, please read the information at www.orbitbenefits.com.
Childcare Vouchers
Childcare vouchers are a convenient and tax-efficient way of
managing a wide range of childcare costs, including nannies,
after-school care or occasional holiday care.

Key Features
• By joining the childcare voucher scheme, you will benefit from
  both Income Tax and National Insurance relief at your highest
  marginal rate, up to a maximum of £243 per month, or £2,916
  per annum.
• The table below illustrates the level of Income Tax and employee
  National Insurance savings available:


  £243 monthly childcare voucher = £2,916 annual childcare voucher

  Annual saving             Basic-rate                 Higher-rate
                            example salary of          example salary of
                            £20,000                    £45,000
  NI saving                 £320                       £29
  Tax saving                £583                       £1,166
  Total annual saving       £903                       £1,195
* Please note: above figures are based on tax and NI rates as at 6 April 2009.
• Childcare vouchers provide full or partial reimbursement for the
  cost of childcare for children up to the age of 15 (or 16 if they are
  disabled). Childcare must be provided by an Ofsted registered
  or approved carer.
• The benefit is provided by Accor Services, which offers a virtual
  voucher scheme that is accessible via the internet or telephone
  24 hours a day, 7 days a week.
• If you select this benefit, the vouchers will be credited to your
  Accor account by pay day in January 2010.

For further details, please read the information at www.orbitbenefits.com.
Critical Illness Insurance
The critical illness policy pays out a tax-free cash lump sum if
you are diagnosed with one of the 24 defined critical illnesses,
defined within pages 11 and 12 of BUPA’s Critical Illness Technical
Guide (held on the Flex website) and survive for 14 days after the
diagnosis. The lump sum will be payable only if the insurer accepts
the claim, which will be subject to the pre-existing conditions and
exclusion under the policy defined within page 10 of BUPA’s Critical
Illness Technical Guide. Claims must be made within 3 months of
formal diagnosis of the specified critical illness.

If you have children, they are also covered automatically at no
additional cost for a fixed amount of 25% of your benefit for each
dependant child (subject to a maximum of £20,000 per child).

Key Features
• Benefit is insured with Bupa.
• Select cover in units of £25,000, up to a maximum of £500,000.
• Cover will cease upon the insured member’s 65th birthday.
• Any conditions suffered prior to joining, or at the point of joining
    the scheme, will automatically be excluded from this cover.
    If you suffer a critical illness related to such a condition at a later
    point, you will not be covered for this.

Please note that, if you join at your first opportunity, you may select any level of
cover, up to the maximum of £500,000. At subsequent renewals (or in the case of
a Lifestyle Event, if applicable), you may decrease your level of cover by any number
of units, but you may only increase your level of cover by one unit of £25,000.
For further details, please read the information at www.orbitbenefits.com.
Cycle2Work
This offers you the opportunity to participate in the Cycle2Work
Scheme, which aims to encourage more environmentally friendly
means of commuting to and from work.

The Cycle2Work Scheme is open for employees to join the scheme
at 2 points in the year (May and December).

New joiners will not be able to join the scheme until the next election
window (in May or December). This benefit cannot be altered should
a lifestyle change occur.

Key Features
• Hire a bicycle and associated cycling safety equipment from us,
  free of Income Tax and Employee National Insurance, reducing
  the retail cost by up to 41%.
• Select a voucher worth a maximum of £1,000.
• We will pass their VAT rebate back to participating employees,
  meaning a £1000 voucher, for example, will only cost
  you £851.06.
• Spread the cost over a 12-month period.
• No finance charges.
• All bikes hired under the scheme come with a 12-month
  warranty covering faults.
Your salary will be reduced by 12 equal monthly instalments, equalling the
value of the voucher you have selected, less the VAT saving we pass back to
you.

From early January 2010, the Cycle2Work scheme will send the voucher to your
home address, which will be equal in value to the voucher you selected through
the flexible benefit site. This may be redeemed at your selected store.

PLEASE NOTE: If you selected a bike in the summer of 2009, through the
Cycle2Work scheme, you cannot select a bike until the summer of 2010.

For further details, please read the information at www.orbitbenefits.com.
Annual Leave
Never able to use all of your annual leave entitlement? Or perhaps
you’d like to take longer or more frequent breaks?

Through the flexible benefit scheme, you may increase or decrease
your annual-leave entitlement to suit your individual needs.

Key Features
• Annual leave year 1 January to 31 December.
• Annual leave is accrued on a pro-rata basis, calculated using
  your first or last date at work, as appropriate, and rounded to the
  nearest half day.
• You may increase or decrease your annual holiday entitlement
  by up to 3 days, subject to the overall minimum entitlement of
  20 days (pro-rata for part-time staff) per benefit year.
• The taking of annual leave will continue to be with the agreement
  of your line manager, who must authorise all annual leave
  in advance.
• Annual leave may only be flexed during the annual election
  window. Once agreed, your total entitlement cannot be changed
  at any point during the scheme year.

If, upon leaving IOP Publishing/IOP, you have exceeded all accrued annual-
leave entitlement, a deduction will be made from your final salary payment
for those days taken and not earned. If any annual-leave entitlement is still
owed to you, IOP Publishing/IOP may, at its sole discretion, require that it be
taken during your notice period or, alternatively, pay a sum in lieu of accrued
annual leave.

For further details, please read the information at www.orbitbenefits.com.
Group Income Protection
You will receive entitlement to this benefit after 2 years’ continuous
service.

Group Income Protection Insurance (GIP) is designed to protect
your income in the event of an accident or illness that prohibits you
from working.

Key Features
If you are unable to continue your ‘own occupation’ (see Payment
of Benefit below) due to illness or injury for a period exceeding
26 weeks you will receive a continuing income of at least 75% of
your base salary (minus the Employment and Support Allowance
[ESA]) and subject to the insurer’s acceptance of the claim.
• Benefit is insured with Unum.
• Cover will cease on the day that you cease employment with the
    company, or when you reach age 65, whichever is earlier.
• GIP is a core benefit provided by the company that you cannot
    opt out of or flex.

No action is required by you to select this benefit.

For further details, please read the information at www.orbitbenefits.com.
New Joiner Benefits
If you join after the annual election window in December, you will be
issued with an e-mail confirming your flexible benefit login details.

Once you receive the e-mail confirming access to the flexible benefit
scheme, you will have a 2-week window to select all voluntary
benefits, including the option to make pension contributions.

If you do not select any benefits during the initial 2-week window or
wish to change your benefits, once you have successfully completed
your probationary period (usually 6 months), you will have funded
benefits allocated to your Flex account and another 2-week window
to select benefits.

				
DOCUMENT INFO