Royal & Sun Alliance Insurance Group (RSA) has launched a flexible benefits scheme, online total reward statements and a pension calculator for its 8,000 UK staff in a bid to boost engagement.
The scheme, which went live in January, allows staff to select from a range of 18 benefits each year in exchange for a portion of their salary. The perks include private medical insurance, a healthcare cash plan, and the buying and selling of annual leave.
Several benefits, such as bikes-for-work, will be available via salary sacrifice. RSA intends to use the savings it will make on national insurance contributions to offset the cost of the scheme. Ian Templeman, head of total reward, said: “To have a successful business, we have got to have engaged staff. We believe flex will enable us to do so.”
RSA staff can also make additional pension contributions via salary sacrifice through the new scheme. Management staff have been given the option to flex out of their pension scheme altogether and receive their company contributions as cash.
The flex scheme, called Your Benefits, was communicated using emails containing personal log-in details for a company-branded online benefits portal. Staff are also directed to the new online total reward statements for more detailed information on the value of their package.
The site features a pension calculator, into which staff can enter their salary and expected retirement date to calculate whether their projected savings will provide a sufficient income in retirement.