Royal Bank of Scotland Group (RBS) is to reintroduce a charity lottery benefit to its flexible benefits scheme and has retendered many of its insured benefits.
The charity lottery, which it suspended temporarily in 2008 after its then administrators’ withdrawal from the market, works on the basis that staff can contribute up to £10 a month to the lottery. Half the proceeds go to charity and the rest create the prize fund. Each month, the winner receives 50% of the fund up to a maximum of £20,000, second place gets 25% and third 12.5%, with the balance used for consolation prizes.
The annual renewal window for the bank’s RBSelect flex scheme opens on 4 August.
Over the past year, RBS has also focused on retendering for many of its insured benefits after its previous provider, Aegon, left the market last year. Jim Cowan, head of benefits at RBS, said: “We had to look elsewhere for a provider for critical illness insurance and spouse/partner life. The business for both these products has been awarded to Bupa.
“We also went down an interesting path with our employee life cover and dependents pension options. Aviva [was] the sole provider, but to increase single-event cover available to us in key locations, we have split the cover between Aviva and Bupa.”
RBS is also changing its menu of retail vouchers, with Amazon, B&Q and Vue Cinemas added in the UK, and Currys/PC World, New Look and Halfords added in the Republic of Ireland. Cowan said: “The most important thing is to ensure RBSelect remains fresh.”
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