FLEXIBLE BENEFITS
Lloyds TSB transfers administration of flexible benefits
Lloyds TSB Group has transferred its flexible benefits scheme, “Flavours”, onto an administration system operated by bringme, part of Lloyds TSB Registrars.
The Lloyds TSB Group’s scheme is available to 63,000 staff and is one of the biggest and most complex flex plans in the UK. It’s also one of the most comprehensive schemes, giving staff the option of 18 different benefits to suit their individual needs.
%ADVERT%
Liz Yates, compensation and benefits manager for Lloyds TSB, said: “Flavours is one of the most complicated flexible benefits schemes in the UK with a range of benefits from 8 different suppliers. It’s been a huge job to move our benefits administration over to bringme, and we were up against really tight timescales.”
What’s on the menu
Lloyds TSB Flavours’ benefits are categorised into three sections:
“keep fit and healthy” - includes private medical insurance and dental plans
“live life to the full” - includes childcare vouchers and holiday trading’
“protect your life” - includes life assurance and pension extra which allows staff to make additional contributions to their pensions.
A final word
“For 2007, more than two-thirds of Lloyds TSB staff have chosen to take part in our flexible benefits scheme, which is the highest take-up we have achieved since launch; this is testament to bringme’s ability to successfully manage a very large administrative project, whilst at the same time providing a level of support for the employees that ensures maximum understanding and participation.” - Liz Yates, compensation and benefits manager, Lloyds TSB.
Want to know more?
bringme provides a range of benefit services including flexible benefits, total reward statements and salary sacrifice packages. Using state-of-the-art administration systems, bringme enables employers with 2,000 plus employees to introduce and manage flexible benefits schemes with a wide range of benefits. To find out more visit www.bringme.co.uk