7 SALARY SCALES, GRADES, JOB TITLES, BENEFITS, AND POLICIES INTEGRATION OUTCOME | LEGACY MOORE STEPHEN EMPLOYEE BRIEFING DOCUMENT
BENEFITS Core
OVERVIEW
OUTCOME 1/1/20 (UNLESS STATED DIFFERENTLY)
LBDO and LMS offer membership of a comparable Group Personal Pension Plan, through Standard Life and Legal & General respectively, both of which are compliant with workplace pension legislation Annual Management Charges vary between legacy Group Personal Pension Plans Review of pension providers independent of merger benefit review Contribution structure for LBDO is age-related and for LMS it is not LBDO offer salary exchange for either voluntary election or auto- enrolment; LMS only offer a net-pay arrangement for those who are auto- enrolled. LBDO 3 x salary (option to increase up to 10 x salary voluntarily) under an Excepted Life Policy; LMS 4 x salary (option to increase up to 6 x salary voluntarily) under a registered arrangement Canada Life is insurer for both LBDO and LMS Free Cover Limit, the maximum limit of cover without underwriting requirements, for LBDO is £1.85m and £1.25m for LMS.
Appoint Scottish Widows as the enlarged firm pension provider effective 1/1/20 Both legacy firms’ contribution structures will remain unchanged Move all net-pay contributors to salary sacrifice from 1/1/20 Further details of these pension changes will be communicated in due course, in preparation for your benefit annual renewal (late November).
Pension
Align core cover across the enlarged firm to 4 x salary with the ability to increase voluntarily up to 10 x salary Transfer LMS to LBDO Excepted Life Policy (completed) Align free cover limit to £1.85m Remain with Canada Life.
Life Assurance
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