ICAEW Brochure_v7a

Choices





























































Benefits Booklet





A world of exclusive benefits, discounts and privileges










ICAEW.COM

CHOICES BENEFITS BOOKLET



Contents





01 Welcome

02 Pay and pension


02 Health

03 Security

03 Lifestyle

04 Awards

04 Leave and flexible working


05 Gifts

05 Career development

05 Corporate responsibility

06 About Choices

07 Tax and national insurance

08 Your questions answered

09 Useful terms









































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Welcome





At ICAEW, we recognise that throughout your life
and career your needs and lifestyle are likely to
change. That’s why we offer an excellent range of
benefits that includes contractual benefits (outlined
in your contract of employment) and also a flexible
benefits scheme, Choices, that provides you with
the opportunity to adjust your benefit package to
suit your own individual needs.

We offer a remuneration package and benefits
which have a total value plus the opportunity for
you to buy additional benefits to suit your personal
circumstances. As an equal opportunities employer,
committed to diversity and inclusion, the benefits
we offer supports this commitment.

This online booklet provides a summary of each
benefit and links to where you can find more
detailed information. We have indicated where
the benefit is contractual, whether it is an optional
Choices benefit or if it is operated outside of
ICAEW. It will also give you an idea of some of the
non-financial rewards of working with us.

There are FAQs at the end of this brochure and if
you are unclear about any of the benefits listed or
need further information, please contact Human
Resources.

Best wishes

Maura Owens
Director, Human Resources

HR London +44 (0)20 7920 8585
HR Milton Keynes +44 (0)1908 248 184






























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CHOICES BENEFITS BOOKLET



Pay and Pension Health


PAY (CONTRACTUAL BENEFIT) PRIVATE MEDICAL INSURANCE
Salaries are paid monthly directly into bank (CONTRACTUAL AND/OR CHOICES
accounts on 21 of each month (or the nearest BENEFIT)
Friday before that date) and cover the period ICAEW provides private medical insurance
1 to 31 of the month. We review salaries on an (PMI) to senior staff and those staff with over
annual basis on 1 March. Staff are rewarded for two years’ service as at 1 April. You can also
their performance on the basis of delivering purchase PMI through the Choices scheme.
agreed objectives and behaviours that are
consistent with ICAEW values, which are PMI gives access to cover for eligible private
captured within the competency profile for medical expenses up to scheme limits. There is
each role. an excess of £200 per person per scheme year if
you make a claim on the policy.
For further information, read the policy
For further information, visit the
Choices website
PENSION (CONTRACTUAL BENEFIT)
ICAEW is required to automatically enroll you
into a pension scheme which meets certain DENTAL CARE (CHOICES BENEFIT)
government standards. ICAEW will assess you You have the choice of three levels of cover for
for automatic enrolment in the first full month either NHS or private treatment. You can also
after starting your job with ICAEW. If you are choose to include your partner and/or your
between age 22 and State Pension age, and dependent children as long as they are within
earn more than £833.33 per month, you will be the age limits of the scheme.
automatically enrolled if you have not already
joined the Group Personal Pension Plan. For further information, visit the
Choices website
You may, if you wish, opt into the Group
Personal Pension Plan at any time from your first
day of employment with ICAEW. If you do this, HEALTHCARE (CHOICES BENEFIT)
ICAEW will make a contribution of 9% of your The Health Cash Plan offers cashback towards
basic salary up to the earnings cap, if your salary a variety of healthcare needs, including optical,
sacrifice arrangement reduces your contractual dental, physiotherapy and chiropody treatments,
salary by a minimum of 4%. If you opt into the hospital stays and complementary therapies
Group Personal Pension Plan on this basis, such as osteopathy.
ICAEW will also provide a life assurance benefit

of four times salary (limited to four times the MEDICAL SCREENING (ICAEW FUNDED)
earnings cap).
All senior staff and any staff members over the
age of 40 are entitled to a medical screening
The Group Personal Pension Plan is managed every two years. Human Resources will
by Friends Life. If you would like to discuss your automatically contact eligible staff with details of
pension arrangements, or change the amount of how to book a medical screening.
your contribution, please contact the Pensions
team in Milton Keynes on 01908 248330.
For further information, visit the Intranet
Further information and the joining form can be
found here

For further information, read the member
booklet












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EYECARE VOUCHERS (ICAEW FUNDED) CHILDCARE VOUCHERS (CHOICES
Every two years, all staff who work with a visual BENEFIT)
display screen (VDU) or a microfiche are entitled Paying for childcare through Choices means
to Eyecare Vouchers. Use these to pay for all eye Childcare Vouchers can attract tax and national
tests and towards any special VDU corrective insurance savings on the first £243 per month
spectacles prescribed as a result. The vouchers for basic rate tax payers, £124 for higher rate tax
are accepted in over 90% of opticians in the payers or £110 for top rate tax payers.
UK, including Boots, Dolland and Aitchison and
most major optical chains. For further information, visit the
Choices website
For further information, visit the Intranet

Security GYMFLEX
Choices enables you to access the lowest
available corporate rates from over 3,000 health
CRITICAL ILLNESS (CHOICES BENEFIT) clubs, including: David Lloyd, Virgin Active,
Critical illness cover can provide a tax-free Fitness First, GymBox and Pure Gym, as well as
lump sum if you or your partner (if covered) is local authority and independent gyms.
diagnosed with a defined serious illness and
survive for at least 14 days, subject to the terms Gym membership discounts are available to
of the policy. employees and their partners and are annual
contracts.
For further information, visit the
Choices website For further information, visit the
Choices website

PERSONAL ACCIDENT/DISABILITY For further information, visit the
INSURANCE (CHOICES BENEFIT) Gymflex website
Personal accident/disability insurance provides a
lump sum payment if the policy holder is injured
in an accident leading to permanent disability, EXCLUSIVE DISCOUNTS AND PRIVILEGES
such as loss of a limb or loss of sight. (OUTSIDE OF ICAEW)
As an employee of ICAEW, you have access to a
For further information, visit the world of exclusive discounts and privileges such
Choices website as retail vouchers (ie Sainsburys, Asda, M&S,
Next), shopping discounts (ie Apple store, New
Lifestyle Look, B&Q, Debenhams), travel, restaurants,
days out and gym membership.

ANNUAL PARKING (CHOICES BENEFIT) For further information, visit the
If you are based at Metropolitan House in Milton ICAEW website
Keynes and drive to work, you could save tax
and national insurance by sacrificing some of
your salary in exchange for an annual parking AFFINITY BENEFITS (OUTSIDE OF ICAEW)
permit. You can select the appropriate permit ICAEW has an expanding portfolio of member
for your working pattern, depending on whether products and services – offering an exciting
you work full-time or part-time (days or half range of generous discounts and diverse
days). deals, many of which are available to staff too.
These range from home insurance to health
Please note, this benefit will no longer be insurance, ‘experience days’ at preferential rates,
available after 1 April 2017. discounted car purchase, rental and parking and
attractive offers from a range of gift and clothing
providers.









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SEASON TICKET AND BICYCLE LOANS Leave and Flexible
For staff who have successfully completed
their probationary period, an interest-free Working
season ticket loan is available for rail travel
and for staff who wish to purchase a bicycle HOLIDAY (CONTRACTUAL BENEFIT)
for travel to work. Holiday entitlement depends on your length
of service with ICAEW as at 1 April. You will be
For rail information, visit the Intranet
notified in your contract of employment and
annually thereafter how many days holiday you
For bicycle information, visit the Intranet
will receive.
Awards As a guide, the minimum entitlements are as
follows, based on full-time working:
LONG SERVICE AWARDS
ICAEW has long service awards to reward staff LENGTH OF ANNUAL ENTITLEMENT
(WORKING DAYS)
SERVICE
for achieving 10, 20 or 30 years’ continuous
service. Under 2 years 24
After 2 years 25
AWARDS PRESENTED ON THE After 5 years 26
ANNIVERSARY DATE ARE: After 10 years 27
10 years – £100
20 years – £250 HOLIDAY (CHOICES BENEFIT)
30 years – £1,000 Choices allows you to increase or decrease the
amount of paid holiday taken during the year.
RECOGNITION SCHEME You can ‘buy’ or ‘sell’ up to a week’s holiday in
The recognition scheme allows timely and units of half a day.
spontaneous awards for special achievements
and behaviours throughout the year. This For further information, visit the
scheme enables both peer-to-peer nomination Choices website
with managers’ approval and direct manager
awards. Awards comprise of a supercheque, MATERNITY LEAVE AND PAY
available in a range of values: £25, £50 and Along with meeting our statutory requirements
£100. You can redeem the supercheque for for maternity leave, ICAEW also enhances
a wide range of high street retail and leisure maternity pay for staff with over one year’s
experience vouchers. service.

For further information, visit the Intranet

PATERNITY LEAVE
Along with meeting our statutory requirements
for paternity leave, ICAEW also enhances
paternity pay for staff with over one year’s
service.

For further information, visit the Intranet

FLEXIBLE WORKING
ICAEW is a flexible employer and cares about
the wellbeing of its staff. As an organisation,
we recognise that employees have the right to
apply to work flexibly. ICAEW has a statutory
duty to give serious consideration to an
application to work flexibly.

For further information, visit the Intranet





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Gifts Corporate Responsibilty


Staff at ICAEW are entitled to a selection of gifts, SUSTAINABILITY
depending on their length of employment, and ICAEW recognises the impact it makes on
whether it relates to retirement, marriage/civil society and the economy and seeks to make a
partnership or maternity/paternity/adoption. positive difference in the communities where
it operates. As such we have an integrated
For further information, visit the Intranet sustainability policy to ensure it’s embedded in
everything we do.
Career Development As a professional membership organisation

ICAEW represents a common voice for its
The retention of our talented staff, succession members and the profession. We believe that
planning and the increase of our leadership the successful business of the future will be a
capability are all vital to the delivery of ICAEW’s sustainable business. As a profession we should
strategy. support economic development and prosperity
that acts in socially just societies within our
Our Aspire programme provides a unique environmental limits. As an organisation our
opportunity for selected managers to enhance vision is to have a net positive impact on the
their strategic awareness of ICAEW, extend their economy, society and environment.
leadership and interpersonal skills, raise their
profile and build a collaborative network across All staff are invited to attend in-house
ICAEW. sustainability lunches and breakfasts which
provide education about sustainability issues
ICAEW’s Harness Your Strengths programme that relate to ICAEW.
is aimed at team leaders, supervisors, senior
executives and executives who are recognised For further information, visit the Intranet
as having the potential to develop further. The
programme’s aim is to enable participants to
identify their strengths, discover how to deploy CHARITABLE ACTIVITY AND
these and to maximise their engagement, VOLUNTEERING
performance and contribution at work. ICAEW encourages staff fundraising activities
and a staff charity is nominated each year for our
ICAEW is fully committed to providing London and Milton Keynes offices. ICAEW also
high quality training for all employees and provides and allows the equivalent of one day’s
encourages training and also networking annual leave to work on a sustainability project.
opportunities. Many in-house training
workshops are run throughout the year that are
both interactive and participative.


We also sponsor staff to study for ICAEW’s CFAB
qualification and other external qualifications
relevant to their specific roles.

For further information, visit the Intranet





















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About Choices







Choices gives you a convenient way to access a HOW TO SELECT YOUR BENEFITS
range of valuable benefits to suit your lifestyle. Only you can decide which benefits are most
You can select the cover levels that are right appropriate for you. ICAEW is not permitted to
for you and your family; maximise possible give you advice about which benefits to select
tax and national insurance (NI) savings; enjoy and takes no responsibility for your personal tax
special rates and savings on benefits that may or financial planning.
be better for you than those you would find on
the open market; and save time because all the Each year there is an enrolment period when
information is in one place. you are able to select the benefits that you feel
will be most appropriate for you. The enrolment
HOW CHOICES WORKS period normally takes place in March and the
Choices allows you to select from a range of benefits you select will be effective from 1 April
additional benefits. These are delivered in two to 31 March (the scheme year). The Choices
different ways: net pay deductions where you website will help you create ‘what if’ scenarios
pay for the benefit from net pay and salary to see the impact of your choices on your salary.
sacrifice where you take a revised reward You can do this as many times as you wish
package comprising of lower contractual salary during the enrolment period before you submit
and higher contractual benefits entitlement. your final selections.

For benefits such as childcare vouchers and Some benefits will automatically ‘rollover’ to
pensions, you will enter into a salary sacrifice the next scheme year so it is important that you
arrangement where you take a revised reward check your selections during enrolment. If you
package comprising a lower contractual salary do not submit your choices or changes before
and a higher contractual benefit entitlement. the end of enrolment your selections will not be
You can also choose to reduce your benefit applied.
entitlement and increase your contractual salary
or change the mix of your benefit entitlement. You will be able to check your benefit selections
Everyone can release cash by trading down on or access benefit details and claim information
holidays. Your salary before any sacrifices are at any time during the year by logging on to
entered into will be known as your ‘shadow the Choices website. However, you will only be
salary’ and will continue to be used to calculate able to make changes to your benefit package
salary reviews etc., plus any benefits that are once a year at annual enrolment, or subject to
related to your salary, such as pension and ICAEW’s discretion, after a qualifying lifestyle
holiday. change. We recommend that you think carefully
about how your personal circumstances and
The actual level of pay you receive each month preferences may change over the coming 12
may change depending on the benefits you months when making your Choices selections.
select (as some of these are paid for from net
pay), and could go up or down. After the start of the scheme year in April,
Choices online will be updated to show your
You can sacrifice any amount of your shadow total reward statement. This will show the
salary for additional benefits as long as your compensation and benefits that you receive
post flex salary (pay after sacrifice) is no less than from ICAEW including details of your pension
the requirements of the national minimum wage. and any other contractual benefits which you are
eligible for.













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IMPORTANT INFORMATION Both salary sacrifice and net pay deductions will
We review the benefits in Choices each year apply for 12 months.
to make sure they are suitable and continue to
meet your and ICAEW’s requirements. Eligibility for, and receipt of, benefits are subject
to the terms and conditions of the providers’
All benefit costs shown on the Choices website policies, which may vary from time to time.
are current and correct at the time they were
published. Costs of benefits may change at the UK-based staff are eligible to join Choices
beginning of each scheme year or if your salary except those on contracts of less than 12
changes during the year. months in duration at 1 April.


Tax and National Insurance


By selecting some of the benefits through Choices, you can make significant tax and NI savings.
The saving you make depends on the tax and NI status of the benefit (as determined by HMRC)
and whether you are a basic or higher rate tax payer. If you enter into a salary sacrifice arrangement
and take a lower contractual pay and higher benefit entitlement you will pay less tax and/or NI. For
benefits purchased out of net pay there will be no tax or NI saving but you may benefit from lower
rates available to corporates. The following table shows you which are which.


Benefits Payment method Don’t pay tax or Pay tax and
national insurance national insurance
in the normal way

HEALTH
Dental Care Plan Net pay deduction 3

Healthcare cash plan Net pay deduction 3

Private medical insurance Net pay deduction 3

LIFESTYLE

Annual parking permit Salary sacrifice 3

Childcare Vouchers (up to £2,916 pa) Salary sacrifice 3

Holiday (buy) Salary sacrifice 3

Holiday (sell) Releases cash 3

Gymflex Net pay deduction 3

SECURITY

Critical illness cover Net pay deduction 3

Pension Salary sacrifice 3

Personal accident/ Net pay deduction 3
disability insurance


If you reduce your benefits entitlement such as holidays, and choose a higher salary, this will be
subject to tax and NI in the normal way. Where benefits are subject to tax as benefits-in-kind,
the appropriate amount of tax will be deducted from salary via the payroll system.













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Your Questions Answered


To help you get started we have put together key questions that we think you may need the
answers to. However, if you have a personal question about how you might be affected by a
particular benefit, please contact the HR team or Choices helpline on +44 (0)345 266 0155 or send
an email to ICAEWChoice @vebnet.com

WHAT IF I DON’T WANT TO CHANGE MY CURRENT BENEFITS?
Even if you do not want to change your benefit package you should review your current selections
via the Choices website during the enrolment period to ensure they still meet your needs.

WHAT IF I DON’T MAKE MY SELECTIONS IN TIME?
If you do not make your selections during the enrolment period, the next time you will be able to
make selections will be in the next enrolment period (the following year), unless you experience a
lifestyle change and ICAEW at their sole discretion permit a change at that time. It is important that
you check your existing selections as some will automatically ‘rollover’ into the new scheme year.

HOW ARE THE BENEFIT COSTS WORKED OUT?
The costs are set by the benefit providers and may, depending on the benefit, take into account a
number of factors including your salary, age and medical circumstances among others.

DOES CHOICES AFFECT MY EMPLOYMENT CONTRACT?
Yes. Choices allows you to review your benefits each year. Your selections form an amendment to
your contract.

ARE THERE ANY ADVERSE EFFECTS OF ENTERING INTO A SALARY SACRIFICE
ARRANGEMENT?
It is possible that any claim you make for Child Tax Credits (CTC) may be affected by participation
in the Child care voucher scheme under Choices as vouchers are not considered to be qualifying
childcare payments for the purposes of CTCs. Working Tax Credits (WTC) are based on income and
are not generally affected by participation in a salary sacrifice, however, if you have any concerns in
this respect, you should seek further advice.


Your entitlement to certain state benefits may also be affected where these are based on your level
of pay. Remember that your entitlement to these benefits may go up or down depending on your
personal circumstances.


If you wish to discuss the implications of entering into a salary sacrifice arrangement upon any tax
credit claim you currently make, you should contact your tax office.

As a result of participating in a salary sacrifice arrangement, you effectively pay lower NI
contributions. For most employees, paying lower NI contributions will offset any impact on state
benefits but an overview is available on the Choices website.
























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Useful Terms


We have put together a glossary of terms that are used frequently to describe our
benefits, which will help you understand the terms used.

ANNUAL ENROLMENT – This is the time during which you make your Choices selections each
year. Enrolments take place in March.

ENROLMENT PERIOD – This is the period during which your enrolment form is open for you to
make selections through Choices. It could be at annual enrolment, when you join ICAEW or after a
lifestyle change.

LIFESTYLE CHANGE – This is a significant change in your personal or family circumstances, such
as marriage or the birth of a child that may allow you to change some of your Choices selections
subject to ICAEWs discretion.

POST-FLEX SALARY – While your shadow salary will not change as a result of your Choices
selections, the actual level of pay you will receive after the impact of any Choices selections might
change. This is known as your ‘post-flex salary’, and is your contractual level of pay for the Choices
scheme year.

SALARY SACRIFICE – Under the salary sacrifice arrangement, you give up your right to receive
part of the cash salary set out in your contract of employment and receive an increased benefits
entitlement through Choices selections. For pension purposes, you agree to a lower cash payment
and a higher employer pension contribution to your pension fund such that total contributions made
to the fund remain the same.

SCHEME YEAR – This is the period during which your Choices selections are effective. This will run
from 1 April to 31 March and so you need to be sure that you are happy for your Choices selections
to apply for that period of time.

SHADOW SALARY – This is your pay before entering into any salary sacrifices currently notified
to you in your contract or pay review letter. Your shadow salary will not change as a result of
your Choices selections and will continue to be used to calculate items such as holiday, pension
contributions etc. For the avoidance of doubt, during the Choices scheme year your right to receive
this has been replaced by a right to receive the post-flex salary i.e. your contractual salary.



































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