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ORBIT BRIEFING : A-DAY

Employer A-Day Checklist

The Pensions Simplification legislation coming into effect on 6 April 2006 brings huge change for UK pensions. For employers, it is a major HR project with Board-level input. These are some of the tasks to consider.

Phase 1

Understand and prepare

Make sure your HR team and relevant senior management appreciate the key changes in the legislation.

Allocate dedicated HR resource to pull together and oversee your A-Day project.

Have a clear picture of your current pension and protection benefits, what the business is trying to achieve by offering them and how they are perceived by employees.

If there is currently a Trust-based pension scheme with Trustees, make sure you understand the position after A-Day, and what the other options are.

Check the accuracy of your employee and benefits data.

Prepare a list of the executives and high earners that may be affected by the A-Day legislation.

Consider taking legal advice on the impact of A-Day for your employment contracts and pension arrangements.

Understand how on-line benefits can enable your employees to take full advantage of the A-Day opportunities.

Assess whether a flexible benefits strategy could assist the business in implementing your A-Day project and controlling costs.

Communicate with your employees.

Let them know your A-Day project is live, real change is coming and they need to take a personal interest.

Phase 2

Review and decide

Conduct a review of your existing benefits, contracts of employment and bonus structure.

Consult with any Trustees and your professional advisers to take their input on the changes you are required to make, and those you think you may want to introduce.

Assess the impact of A-Day on executives and high earners and decide whether and how you will compensate them.

If you do not already have your pension and other benefits on-line, evaluate the merits and identify a preferred partner.

If you believe that flexible benefits could be right for you, identify a preferred partner.

Agree your future benefits strategy.

Phase 3

Communicate and implement

Tell your employees about the changes, how the Company has responded to them and the shape of the revised or new benefits structure.

Implement the changes.

Communicate the changes — use your benefits partner to run a roadshow with the option of 1-to-1 meetings.

Launch your on-line A-Day benefits package.

Watch your employees take control.

For help with your A-Day planning, contact Orbit

www.orbitbenefits.com

info@orbitbenefits.com Tel: +44 (0)20 7204 1212 Fax: +44 (0)20 7204 1313

Orbit Benefits Limited is a wholly-owned subsidiary of Benfield Group Limited, the world's leading independent reinsurance intermediary and risk advisory business with over 1,600 employees and 30 offices worldwide. Orbit Benefits Limited is authorised and regulated by the Financial Services Authority. Orbit Protection Limited is a member of the General Insurance Standards Council. This information is accurate as at August 2005.