Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2014
07

Auto-enrolment prompts workplace benefits revamp

Open-access content Tuesday 1st July 2014 — updated 5.13pm, Wednesday 29th April 2020

Auto-enrolment has prompted some firms to overhaul their entire benefit offerings as they look to integrate the government-backed pension scheme into their reward packages, JLT Employee Benefits has said.

A JLT survey of 250 companies found auto-enrolment process had encouraged employers to review the way they deliver benefits, rather than only using narrow definitions of salary.

More than half of those surveyed (59%) said they have now offer full flexibility on their employee benefits, which also include life and private medical insurance, as part of the transition to auto-enrolment. A further 12% indicated they would be introducing flexible benefits for all employee benefits in the future.

Nick Boyton, JLT Employee Benefits principle, said: 'As the economy gains momentum, employers are conscious they must now look at different ways of differentiating themselves in the battle for talent, rather than simply offering larger pay packages.

'They also actively communicate on auto-enrolment and benefits to ensure they are understood or appreciated by their employees.

'However, unsurprisingly many employers are only happy to do so provided they breakeven in spending terms. This is why government incentives can have a substantial influence on benefit offerings.'

However, the survey found that cost saving was not the main motivation for employers to review benefits at the same time as the auto-enrolment implementation. Only a very small minority (6%) of respondents removed the link between additional benefits, such as insurance schemes, in order to reduce costs.

Also, a majority of employers said they strive to ensure employees understand, appreciate and value the benefits on offer to them, because of their high cost. More than half - 55% - said they ensure employees are aware of benefits and 45% said they make sure they value them.

This article appeared in our July 2014 issue of The Actuary.
Click here to view this issue
Filed in
07
Topics
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ