Equity Insurance Group has added tax advice and will-writing to its voluntary benefits package and added
an annuity finder to the compensation and benefits pages on its intranet site.
The firm has given access to annuity finders provided by Aon Hewitt, Lorica Consulting and Hargreaves Lansdown to encourage staff to make use of the open market and shop around for the best annuity.
Employees using the service can access all the latest annuity rates, which have live links to the stock market and are updated in real time.
Information is also provided on what an annuity is and why it is important for staff to shop around for the best deal.
Ricky D’Ash, remuneration specialist at the Equity Insurance Group, said: “This is a moral issue. Some people have to save a lot in their pension. A £100,000 pension may only buy a £5,000 annuity.”
The firm has also negotiated discounts on tax advice and will-writing services. Staff can receive a 10% discount on will planning sessions, provided by Willcraft, and up to 25% off personal tax advice from Tiffin Green. They can also get a 20% discount on legal advice from Birkett Long.
Information about these offers is also provided on the firm’s intranet, which launched last month.
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