Reinsurance group Munich Re implemented its flex scheme in 2008 in partnership with Thomsons Online Benefits.
Benefits offered to all employees include: buying and selling holiday; life cover which can be flexed down; pension contributions (staff can make contributions or flex down); critical illness cover; dental cover; two health cash plans; childcare vouchers; and private medical insurance (PMI).
The flexible benefits are offered to all permanent employees to buy on top of the core provision, which is single PMI, death in service, and a 10% employer pension contribution.
Employees can also flex down benefits. For example, they can sell holiday entitlement or flex down pension contributions. Robert Wigmore, compensation and benefits manager at Munich Re, says: “[Employees] can do a combination of the two: buy some benefits or sell some. There are no restrictions; they don’t have to sell benefits to buy, they can choose to do what they want.”
Munich Re operates an annual flex enrolment window and publishes scheme information on its HR intranet site, as well as sending it to employees via email at the end the year. Staff make their annual selections in December for the following year.