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Recruitment managers: New pension proposition launched by Jelf Employee Benefits

Recruitment managers: New pension proposition launched by Jelf Employee Benefits
to improve employee engagement

With such a competitive recruitment environment, leading intermediary Jelf Employee Benefits is urging companies to ensure their pension benefits are up to scratch if they want to be an employer of choice.

The company has launched a new pensions proposition: & lsquo;Jelf Money at Work’ and & lsquo;Jelf Money after Work’: a holistic approach to look after the complete pension journey from joining through to retirement and beyond. This is a major new development and offers practical support to employees who can benefit from investment guidance, technical support, lifetime financial education and annual reviews.

Those responsible for recruitment will need to know how to advise their clients on how to be competitive in the marketplace, and having attractive pensions benefits is going to be increasingly important as a differentiator, once companies are forced to comply with new pension reforms that kick in from October. The new proposition from Jelf Employee Benefits has been launched to ensure employers and their staff are able to get the support they will require under the new legislation. The legislation will require an increase in payroll costs and this service will aim to help employers achieve a return on this investment. The company believes the real answer to closing the pension’s gap is employee engagement, and in practice this must incorporate a holistic approach to advice and communication that is accessible to all.

As part of Jelf Money at Work, the company is also announcing a new group personal pension arrangement provided by Scottish Widows, with the primary objective of facilitating employee engagement. This will be supported by a wealth of online collateral and interactive tools provided by Scottish Widows’ mymoneyworks portal, helping employees throughout every stage of their pensions journey. Employees will also benefit from joining support and guidance on wider financial considerations like setting a family budget or how much life assurance they need.

It is aimed at all sizes of employer and encompasses the whole workforce from senior directors to junior staff. It also has a number of advantages for the employer: it requires a single registration with The Pensions Regulator, a single payroll interface and a single log-in to a dedicated microsite for secure ongoing administration.

Alan Millward, corporate benefits director for Jelf Employee Benefits said: “Benefits can be a real differentiator when recruiting staff, and employee engagement is the single most important factor for benefits to be successful. Employees must be given genuine support so they can understand the benefit of saving for their retirement.

“The new pension arrangement we’re also launching today is an excellent way to actively engage with employees so they can have all their questions answered in a way that makes sense to them. Being online means support is always accessible and this will complement the existing face-to-face activity that we already deliver successfully in the workplace. We believe this is the way forward for pensions, and we’re delighted to be ahead of the game. This is only the start and we will be making more announcements shortly about other exciting developments in our proposition.”

Lynn Graves, head of business development at Scottish Widows commented: “We are proud to be a part of Jelf Employee Benefits’ new pension proposition and have the opportunity to help boost employees’ awareness of their pension scheme benefits and encourage them to make the most out of their investments. This new proposition will provide employees with a lifetime of support and information so that they can make informed decisions about the choices they will face throughout the journey of saving for their retirement fund.”

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