Staff Benefits - At A Glance Effective February 2022
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Staff Benefits – At A Glance
Effective February 2022
Page 1 of 10
February 2022 v1
Benefits Matter
The cost of some benefits is taken via salary sacrifice. This means a deduction is taken from your gross pay, often
saving you National Insurance and sometimes tax. Please be aware, aside from your Pension, Childcare Vouchers
and Cycle to Work, the tax cost of benefits selected through salary sacrifice will be included as part of your P11D
form.
The benefits are designed to help your partner and children too. For some insurances (Private Medical Insurance
and Denplan), you have the option to extend your cover to your family. A 1:1 meeting will take place with new
joiners when they have been here 11+ months to ensure full awareness of all that the Company offers. Existing
staff are offered a 1:1 meeting once/year to review the company benefits they may take advantage of.
Pension
For the first 12 months of employment:
You can join the MM Wealth workplace pension scheme on starting with MM Wealth as long as you meet the
eligibility criteria on the minimum contribution rate of 3% employer and 4% (net) employee. Contributions are
deducted from net pay.
If you’ve been automatically enrolled into the workplace pension scheme you will
receive a letter telling you:
• The date you were added to the pension scheme
• The type of pension scheme and who runs it
• How much we will contribute and how much you will have to pay in
• How to leave the scheme, should you want to
• How tax relief applies to you
Post 12 months of continuous service:
Once you have completed 12 months’ continuous service, the Company will pay 6% of your basic salary into the
scheme, subject to you paying in a minimum of 3%. (If the amount is less than 3% then the Company contribution
will remain at the minimum rate, currently 3%). This is done via salary sacrifice, so is deducted from your salary
which means you receive the Employer NI saving of 13.8% as well, with a proposed increase to 15.05% from April
2022. You need to ensure that you complete your beneficiary nomination form from your pension provider.
There is the opportunity for staff within the pension arrangement to contribute more than the minimum 3% via
salary sacrifice and this must be confirmed on an annual basis (by the beginning of February each year). Once
you have completed 11 years’ service, an enhanced benefit regarding your pension applies and details of this can
be found under the Longevity Award section, page 16.
Please note the company reserves the right to change the provider from time to time with a proposal for a new
provider from April 2022.
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February 2022 v1
Sickness Pay
Staff who have been with the Company less than 12 months receive SSP, but
once they have completed their probationary period and been made
permanent, are eligible to pro-rated sick pay (see below) and then SSP.
Staff with more than 12 months service receive 10 days sick pay per year and
then SSP. Further sick pay with fit note to be considered at Directors’
discretion.
All staff, regardless of their length of service, are entitled to 5 days Covid-related paid sickness.
Private Medical Insurance (BUPA)
You are eligible to join after you have completed 12 months’ continuous service – this is on a voluntary basis and
you can join at any stage subject to medical underwriting. This is considered a P11d benefit and so would lead to
a change in your personal tax allowance. The pricing of this benefit has been based on our geographical area and
level C cover including both in and outpatient treatments and offers a comprehensive cover and is subject to
limits.
There is an option to cover your spouse or partner living at the same address
via salary deduction subject to the rules of the scheme. Applications are
based on health and the application form should include pre-existing
conditions. Children can also be covered subject to terms and conditions.
BUPA will issue you directly with policy documentation and any excluded
medical conditions (if applicable) that affect you. We can advise you of the
cost of joining and provide P11d figures for both you and your family as
appropriate.
An obvious benefit to having PMI is that if treatment is required you may need to wait under the NHS but with
PMI you can access treatment with less delay.
The Company reserves the right at any time and from time to time to terminate this cover and take out cover
with another private medical insurance provider. Any new provider’s scheme may not give equivalent or
comparative cover as the current cover.
The Company also reserves the right to withdraw the cover at any time. In this case, you will be given one month’s
notice of the withdrawal of cover to enable you to make your own arrangements for private medical insurance
cover at your own expense.
Private Medical Insurance is an insured benefit. This means that the benefits to which you may be entitled are
strictly governed by the provider’s insurance policy in force at the relevant time. The Company will not under any
circumstances reimburse you or pay for any medical costs or charges that you incur where the provider refuses
payment or reimbursement under the terms of the insurance policy.
NB There is the option to join during your first 12 months at your own cost.
The cover will cease when you reach 65, or the State Pension Age if higher and on termination of employment.
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February 2022 v1
Income Protection (Permanent Health Insurance)
This covers you against long periods off work. This enables a secure, regular income if you are off for longer than
13 weeks. As an employer we pay sick pay / Statutory Sickness benefits after you have been made permanent
and completed 12 months continuous service – subject to the terms of the scheme this is paid if you are unable
to work due to a serious illness or disability.
There is a 13 week deferred period after which you will receive 50% of your
salary, payable until age 65. The insurers assess if someone is fit to work, not
the Company. If you come back to work and then need to be absent again,
this is covered unlike with other providers. Everyone is covered subject to
any underwriting limits imposed by the Insurer and the Company pays for the
benefit. Please note that if you have arranged Income Protection cover
elsewhere, this will impact on the benefits that can be paid.
The benefit paid is taxable. However, this is not considered a P11d benefit and will not affect your personal
allowance/tax code.
Death In Service
This helps your loved ones to cope financially. If you die whilst employed by MM Wealth*, 4 x your basic salary
will be payable to your beneficiary/beneficiaries (as detailed in your Nomination of Beneficiary form, completed
and kept in a sealed envelope for confidentiality). Forms may be amended at any point. Everyone is covered
with the Company paying for the benefit. This is not considered a P11d benefit and will not affect your personal
allowance/tax code
*Once a member of staff has completed their probationary period and is
permanent, you are eligible for this benefit. You must be aged between 16
and the State Pension Age.
Dental Insurance (Denplan)
You are eligible after you have completed 12 months’ continuous service – this is on a voluntary basis and you
can join at any stage.
This is considered a P11d benefit and so would lead to a change in your
personal allowance. The cover can be extended to your spouse / partner
and children at your expense subject to the rules of the scheme. We can
advise you of the cost of joining and provide P11d figures for both you and
family as appropriate.
Should you wish to have this benefit, the provider will issue you with a copy of your policy schedule, the policy
document and details of any excluded medical conditions that affect you. However, the Company reserves the
right at any time and from time to time to terminate this cover and take out cover with another private medical
insurance provider. Any new provider’s scheme may not give equivalent or comparative cover as the current
cover.
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February 2022 v1
Dental Insurance (Denplan) - Continued
The Company also reserves the right to withdraw the cover at any time. In this case, you will be given one month’s
notice of the withdrawal of cover to enable you to make your own arrangements for Dental Insurance cover at
your own expense.
Dental Insurance Plan is an insured benefit. This means that the benefits to which you may be entitled are strictly
governed by the provider’s insurance policy in force at the relevant time. The Company will not under any
circumstances reimburse you or pay for any medical costs or charges that you incur where the provider refuses
payment or reimbursement under the terms of the insurance policy.
NB There is the option to join during your first 12 months at your own cost.
Dental Insurance cover will cease in any event when you reach the age of 65, or the State Pension Age if higher
and on termination of employment.
Bonus Scheme
Details for this scheme are provided on an annual basis (please see separate Bonus Scheme details for the
appropriate year). The company may introduce a bonus scheme at different points in time at its discretion. To
qualify you must have successfully completed your probation and be a permanent member of staff, in which case
you will receive a pro rata payment for the company year*.
Whether you are newly qualifying for the bonus or have been employed for
the full company year in question, no payment may be made to any
employee if on the qualifying date, i.e. 31 January, you have been the
subject of the company’s disciplinary procedure or the company deems that
your conduct has been unsatisfactory during the bonus year in question, or
if you are serving notice by resignation or are under competency
management and subject to dismissal.
An example would be – assume you joined on 14/12/2021 and became permanent following the end of your
probation period on 14/06/2022 and your salary is £20,000. You would qualify for 7/12ths of the year (July 2022
– January 2023) and would receive payment of £700 based on the 6%* payment. Payments are normally made
with 75% of your bonus payable in February pay and 25% payable in May. This will be subject to income tax and
employee’s NI.
*The terms of the scheme may be varied by the company at its discretion.
**Please note, however, staff can elect to waive part or all of these bonuses into their pension which would
mean a tax and NI saving; the Employer NI saving of 13.8% as well, with a proposed increase to 15.05% from April
2022.
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February 2022 v1
Annual Leave
Once a member of staff has completed their probationary period and has been made permanent, and completed
a whole holiday year (1 January – 31 December), there is the opportunity to buy or sell holiday.
Staff may buy or sell up to 5 days holiday, subject to a minimum of 20
days still being taken and a maximum of 30 days taken (for full-time /
pro-rated as applicable for part-time).
Holiday is purchased / sold using the salary as at February in the
holiday year and then salary is reduced / increased as applicable
throughout the rest of the year over 11 months.
Decisions on purchasing / selling will be required by the end of the holiday year (31 December).
NB – No carry forward is permitted if you have bought additional holiday – it must all be used within the year it
was bought. Carry forward days (2 maximum) can be taken any time throughout the year.
50% of holiday entitlement must be taken by the end of August unless special circumstances have been agreed
by the Board.
Longevity Award
You are eligible to receive a Longevity Award at the point you have completed 5 years of continuous service with
the company. Your award for 5 years’ service will be equivalent to 5% of your basic salary. If you have completed
6 – 9 years continuous service, these will also receive the equivalent 6 – 9% payments respectively. This award
is subject to Tax and NI**.
Once you have completed 10 years of continuous service, you will be
awarded a payment of 20% of your basic salary. Payments for these awards
will be made in your salary in the month following your anniversary. To
qualify for the awards, you must not be serving notice either by resignation
or dismissal on the qualifying date or undergoing any form of competency
management or disciplinary proceedings.
After 11 years of continuous service have been completed, an enhanced benefit regarding your pension applies
for those who wish to take up this option. If you increase your contributions from 3% to 5% of your basic salary,
then the Company contribution will increase from 6% to 10% to acknowledge your long service. This continues
to be done via salary sacrifice and so means you will also receive the Employer NI saving of 13.8% too, which has
a proposed increase to 15.05% from April 2022.
**Please note, however, staff can elect to waive part or all of these bonuses into their pension which would
mean a tax and NI saving; the Employer NI saving of 13.8% which has a proposed increase to 15.05% from April
2022.
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February 2022 v1
Childcare Vouchers (closed to new entrants) and Tax-Free Childcare
Save money on childcare costs through tax and NI savings
MM Wealth adopts the childcare voucher scheme. This will be managed internally and will follow the guidelines
issued by Cambridgeshire Care and Education Partnership and the Inland Revenue. The scheme is available to
all staff employed before 2018 as the government stopped this scheme for new parents in 2018.
The scheme will only consider registered or approved childcare providers.
The procedures for benefits of the childcare voucher scheme are available
from the Head of Finance. A child qualifies up to 1st September following
their fifteenth birthday or 1st September following their sixteenth birthday if
they are disabled.
Eye Tests
The company will pay for sight tests every 2 years.
Please speak to your line manager in advance of an appointment to obtain
approval for expenses claim. As per the guidance given in the Company
Handbook, these appointments should be made outside working hours or if
unavoidable and impacting upon the working day, please inform your line
manager in advance and endeavour to make up the time lost. Receipts
should be provided and the maximum amount that can be claimed is £25.
Cycle To Work
This is a salary sacrifice scheme, meaning you exchange part of your salary
for a non-cash benefit (a bicycle) before tax and NI is applied. This is to
encourage health living and reduce pollution.
Volunteer / Charity Work Allowance
The Company introduced this allowance from 1 January 2022.
Employees may take 1 paid day a year to carry out appropriate
volunteer / charity work, with prior agreement of the Board.
Activities could either be individual or team-based.
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February 2022 v1
Training & Development Support
The company supports staff through their training and
development in a few different ways.
Please note the following process:
1) Identify relevant training and agree with your line manager.
2) In order to book the training/exam, email the Executive PA and cc in your line manager as the
Executive PA should book/order materials for you as the company pays for this.*
3) Send the Executive PA any receipts that may be sent directly to you as these are required for our
records.
4) Ensure a fixed date is made for your exam (as applicable) and a revision timetable has been
prepared working towards this date.
5) Ensure you are aware of study leave available. This can be taken either as study leave or in the form
of a revision course (not both). If you are sitting CII RO/JO Level 4 or below exams or equivalent,
you are eligible for 1 day study leave/revision course and a half day for the exam itself. If you are
sitting CII AF Level 6 exams or above or equivalent, you are eligible for 2 days study leave/revision
course and a half day for the exam itself. If you choose to take the whole day off for your exam, you
will need to book a half day annual leave.
6) In the happy event that you pass your exam, please ensure you provide the results and certificate
to the Executive PA for your training records. There are various exam bonuses payable according to the
level of exam you sit:
7) In the case that you unfortunately fail your exam, please note that your re-sit is at a cost to you and
not the company. You are eligible for a half day for the exam (on first time of re-sit only).
8) If you are successful in passing your exam at a re-sit, the company will then pay for the re-sit (one
amount only, not for multiple re-sits).
9) Please ensure you are familiar with the clawback policy detailed in 1.4.7 within the Company
handbook.
10) Please note that not all training is subject to clawback if it is deemed business-specific; your line
manager should ensure you are aware of this scenario.
*If you choose to pay for training yourself, your training status may not be recorded correctly and as a result you
may not have eligibility to receive exam bonuses payable upon successful completion of study.
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February 2022 v1
Employee Assistance Programme
This scheme is completely confidential with a telephone number made available for staff to call and seek advice
on many different areas with specialists in many different fields. The service is provided by CiC Well Online, an
independent provider of employee support services. Their staff are specialists in fields such as well-being, family
matters, relationship issues, debt management, consumer rights, and much more.
Your EAP is paid for as a support service for you as an employee, so that it’s free of charge for you to use. It’s
available 24 hours a day, 7 days a week, 365 days a year and is accessible by phone, email and online. The EAP
can provide:
- practical information,
- fact sheets and packs,
- resource information on support services in your local area and
- Short-term face-to-face or telephonic counselling to help get you
back on track.
Their comprehensive EAP website offers extensive resources including articles, interactive tools and regular
online seminars.
Examples of topics covered (not exhaustive) include:
• Work-life balance • Careers • Anxiety and depression
• Relationships • Bereavement and loss • Family issues
• Childcare information • Stress
• Health and well-being • Elderly care information
• Debt • Life events
• Disability and illness • Immigration
There is absolutely no feedback given to the company on any issues that staff may raise. The EAP website can
be accessed as follows: well-online.co.uk. Online and Live Chat – Login: mmwealth Password: wellness
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February 2022 v1
Other Benefits
Flexible Working
Employees who have more than 26 weeks continuous service have the right to make a formal flexible working
request. Further to submitting your request, regardless of whether your request was agreed or refused, you
must wait 12 months before making a new request.
Remote Working / Working From Home
Remote Working / Working From Home is available for
permanent employees.
Flexible requests for remote working (examples - when
required due to childcare, waiting for an electrician to arrive)
to be dealt with by your Line Manager.
Requests for fixed days for remote working to be submitted
The maximum number of remote working days allowedvia yourisLine
2 days/week
Manager,(40% of FTE)
however andshould
these pro-rated for part-time
exclude Fridays.
staff. The core hours that must be covered when remote
These workingDirector
will require are 9.30am – 2.30pm. Remote working is
sign-off.
business dependant. Employees are required to attend team meetings face-to-face and should be available to
provide cover within the office as required (example - when other team members are off due to sickness absence
or on annual leave).
Staff Socials
The Company provides opportunities for staff to enjoy various social activities throughout the year, often
subsidising these.
The main annual event may include travel abroad and a proportion of this will
be met by the Company. To qualify for the annual trip, you must have been with
the company in the prior financial year and be a permanent member of staff at
31 January. These activities will be announced during staff briefings and as the
activities are so varied, there should be something for everyone to enjoy. There
is no compensation payment available should you choose not to participate in
any activity. This benefit may be taxable.
Sponsorship / Charitable Giving
Consideration is given to proposals received from staff for the Company to provide sponsorship / charitable giving.
The Company donates towards various charities from suggestions that have been proposed by staff as well as those
chosen by the Board.
Employee Referral Payment
MM Wealth recognises how new talent can be found through referrals from our existing employees. We therefore
actively encourage you to recommend anyone who you believe would be an asset to our business.
Referral bonuses will be paid for successful candidates recruited to MM Wealth, with an introductory bonus of £500
paid per person, subject to tax and NI, after the new member of staff has been confirmed as permanent following
the completion of their probation period.
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