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Flexible Benefits Steering Group Meeting Friday 7 th January

Flexible Benefits Steering Group Meeting Friday 7 th January. Purpose: The purpose of this presentation is to provide relevant background information

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Flexible Benefits Steering Group Meeting Friday 7 th January

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  1. Flexible Benefits Steering Group Meeting Friday 7th January

  2. Purpose: The purpose of this presentation is to provide relevant background information and analysis in preparation for the Flexible Benefits Steering Committee on Friday 7th January. It is intended that this will enable appropriate stakeholder consultation so that decisions on transfer scope can be taken in principle at the meeting. This presentation will effectively form the agenda to this meeting Contents: 1. Role of Flexible Benefits Steering Committee 2. Progress and developments - LTSB requirements - bringme 3. Current solution – resourcing and cost 4. Proposals Purpose and Contents

  3. This steering committee was established to oversee the proposed transfer of the LTSB Flexible Benefits administration mandate from Towers Perrin to Registrars in support of our HR Services strategy. At the meeting in October it was agreed that project study would progress under the sponsorship and funding of Registrars. The compelling nature of the Registrars business case and the importance of LTSB as an anchor client was recognised – as a result the focus was acknowledged as ‘when’ and ‘how’ rather than ‘if’. The study scope was extended to include the full administration infrastructure so that the solution design was not constrained by the current operating model, and specifically the role of Towers Perrin within this (Note: there is some misunderstanding over this output that needs resolution). It was agreed that Group HR would support the project study through provision of essential resource / expertise subject to Registrars funding any ‘backfill’ as required. The key target milestone is the need to take a ‘go / no-go’ decision on the transfer from Towers Perrin to Registrars, to enable timely management of the exit process. Role of Flexible Benefits Steering Committee

  4. 70% of LTSB requirement definition documentation has been provided. Inability to meet original target date of end December 2004 was due to live project issues causing time and resource constraints on Group HR subject experts – timetable extended to end of January 2005 to accommodate these. Registrars requirements documentation is currently 90% complete. A full Operational review is required for 70% of completed documentation, including review of current issues and enhancements. Documentation sign off targeted for March/April 2005. Progress and Developments – LTSB requirements

  5. Progress and Developments - Bringme Opportunity Bringme was set up in 2003, under Strategic Ventures (SV), to provide a high impact, low cost voluntary benefits service for large corporations • Bringme’s revenue is distribution income from the sale of Group products • Non-financial products are currently not income-earning - all discount is passed on to the clients’ employees • Over 122 clients, both private and public sector • 750,000 client employees • 35 staff, most based in Chiswell St, 3 based regionally

  6. Improved NPV over existing Flex business case. Market entry strategy of administering Flavours is slow and the mandate may be unrepresentative which could skew the service offer. Still opportunity to gain market share in large corporate sector - anticipate difficulty getting clients to switch once committed. Market is receptive but not yet hidebound by entrenched models and providers - ideal time to establish LTSBR model. Adds to overall credibilityof our entry into HR services: cross-benefits with Pensions Administration and TRS in terms of branding and perception of HR decision makers. Opportunity for excellent terms and/or exclusivity with technology provider of our choice. Progress and Developments - Accelerating Flexible Benefits Through Bringme “Recent developments among suppliers mean that flex is becoming a more attractive proposition, even for smaller and medium sized companies”* *IDS: Flexible Benefits Research Autumn 2003

  7. Progress and Developments- Accelerating Flexible Benefits Through Bringme Partner with external consultancy Capabilities needed for flex

  8. Current Solution - Resourcing and Cost

  9. Proposals

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