Jelf Employee Benefits Launches Jelf Money at Work and Jelf Money after Work
01 August 2012 (PLANSPONSOREurope.com) – Jelf Employee Benefits has launched new services Jelf Money at Work and Jelf Money after Work.
The services aim to ensure employers and their staff are able to get the support they will require due to new legislation, which will require an increase in payroll costs, and this service will aim to help employers achieve a return on this investment.
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. Plan members will also benefit from joining support and guidance on wider financial considerations like setting a family budget or how much life assurance they need.
The service targets all sizes of plan sponsors and encompasses the whole workforce from senior directors to junior staff. 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.
Annual management charges from the beginning of the scheme will be based on what the contribution levels will be in 2018, when the minimum contribution level increases to, typically, 8% of salary, rather than the starting minimum level under auto enrolment of just 2%.