Benefit Summaries in the Reward Statement

Provider Details and Benefit Summaries display in the individual's benefit record and in Rewards (unless you have selected the Exclude Reward Statement checkbox).

Recording something general about the benefit is normally appropriate, but you can include information specific to the employee (if they have policy amendments or endorsements).

Reward Statement sources

Template text. This is fixed for all Benefit Types except Other which does not have a template. The values populate from the relevant fields in the Benefit record.

The Rewards section in employees' homepage is where the benefits added display alongside the template messages and provider details.

As an example, for Life Cover the text reads as:

“If you were to die whilst in our employment, your nominated beneficiaries would receive a tax-free lump sum of X times your basic salary which currently equates to £Y.”

... where X is the Salary Multiple which is then multiplied by the employee's Basic Salary to get Y.

Configurable text. This copies from the Benefit Summary field in the Benefit record and can include any additional information you require, typically regarding the specific policy such as dependants' info etc.

Configurable text. This copies from the Provider Details field in the Benefit record and can include any additional information you require, typically regarding the provider (e.g. address, primary contact etc.)

Templates

The template text for paragraph 1 for each of the Benefit Types are displayed below - the templates are not configurable as they are used by all clients:

  • Should you suffer from a prescribed critical illness, you will receive a tax-free cash lump sum of £XXX. The cost of this benefit is subject to personal taxation.

  • If you were unable to work subsequent to an accident or illness, after the waiting period, you receive a replacement income of XXX% of your current basic salary, less than the employment support allowance.

  • If you pass away whilst in our employment, your nominated beneficiaries receive a tax-free lump sum of X times your basic salary, which currently equates to £YYYY.

  • This is the contribution the company makes towards your personal pension. This represents XXX% of your basic salary. Your scheme benefits are currently invested with {Provider}.

 

Private Medical insurance

The company provides private medical insurance cover with {Provider} to ensure quick and convenient access to healthcare. The cost of this for the individual employee is met by the firm and is subject to personal taxation.

The templates are intended to be generic but contain standard information that applies to all Benefits of that Type. You can add additional information to the Benefit Summary field to appear as paragraph 2 in the Reward Statement.