HP Flex Benefits Guide

Employee Guide

December 2023

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HP Flex Table of Contents:

Page

1. Making the most of HP Flex

3

2. HP Flex explained

4

3. Getting started

5-7

4. HP Flex benefits available

9

5. Tax & National Insurance information

10-11

6. Non-flexible benefits

12

7. My Discounted Shopping

13

8. HP Flex definition of terms

13-14

9. Terms and Conditions

15

10. Questions and Answers

16-17

More benefits information Appendix A: Flexible Benefits Appendix B: Core Benefits

18-25 26-27

Please note: throughout this document where text mentions Howes Percival or The Firm, this refers to Howes Percival LLP

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1.

Making the most of HP Flex

This guide is designed to provide you with an overview of HP Flex.

Once you understand how HP Flex works, you can select the benefits that fit your lifestyle.

You can choose benefit options each year at each annual enrolment. You will also be able to change some of your options during the year if you have a Lifestyle Event. Details of Lifestyle Events are given on the HP Flex site.

The table on page eight gives you the summary of the options available.

You will also find key definitions and terms, together with an explanation of the income tax and National Insurance treatment of each benefit.

The HP Flex site will help you to create ‘what if’ scenarios to see how your choices will impact upon your salary. You can save your selections so that you can discuss them with your family before you submit your final choices.

Eligible employees will be invited to make annual benefit selections during December of each year with the choices effective from the following 1st January for 12 months.

Please note that Howes Percival reserves the right to withdraw, replace and / or amend the benefits provided within HP Flex from time to time in its absolute discretion (including the level of such benefits).

Any benefits provided shall at all times be subject to the rules of the scheme, the rules of the relevant insurance policy and / or provider (as amended from time to time) and subject to the employee (and their family as the case may be) meeting normal underwriting requirements.

In the event that any insurance provider refuses for any reason to provide a benefit to you and your dependants, Howes Percival shall not be under any obligation to provide any replacement benefit or compensation in lieu of such benefit.

In this guide you will also find information about other employee benefits that are not flexible.

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2.

HP Flex explained

HP Flex provides you with access to the Howes Percival Flexible benefits scheme, which allows youto select the benefits that best suit your individual needs. You can choose to spend some of your salary on extra benefits, or in some circumstances exchange benefits for additional cash or other benefits.

What is the HP Flex scheme?

HP Flex is designed to provide you with more flexibility and choice. It will: •

Give you a snapshot of the total value of your salary and benefits package

•

Provide benefits that reflect today’s lifestyles and offer a real advantage over receiving basic salary alone

•

Give you the opportunity to choose a benefits package that suits your individual circumstances

•

Allow Howes Percival to be competitive in attracting and retaining employees

•

Where possible, include benefits that are income tax and/or National Insurance effective.

Alternatively, you may choose to sell some benefits, for example holiday, and increase the monetary element of your package and therefore your take home pay, but not your Reference Salary.

HP Flex You can now access full details of all your benefits through the HP Flex website. Using the website you can •

Make your flexible benefit selections for the flex year commencing January

•

View your own personalised Reward Statement

•

Access detailed information on each of the benefits available to you

•

Visit “Retail Discounts”, your personal shopping portal which offers great discounts negotiated

by The Firm. You can take advantage of these discounts all year round directly with the retailers.

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3.

Getting started:

To access HP Flex please visit https://my.zestbenefits.com/howespercival Login page: You will receive an email from DoNotReply@mattioliwoods.com inviting you to the system. Simply follow the steps to create your password. Your username will be your work email address e.g.

Example@howespercival.com One you have set your password you will be send a second email to allow you to validate your details.

Forgotten Password If at any point you forget your username or password. Simply click the hyperlink on the login screen (shown below) and following the steps.

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Home page: The home dashboard allows you to navigate to My Benefit Choices, Total Reward Statement. You will also be able to navigate to any useful links held on the system.

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HP Flex Choices: Click on “My Benefits” link on the home page to start considering your options. You will be able to click view / select against the appropriate benefit for further information, costs etc

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Requesting benefits: To make your benefit selections is a three-step process 1) Select 2) Review 3) Confirm You can model benefits as many times as you wish but you must click “Review & Confirm” to review your final choices and tick to confirm you have read the Terms & Conditions to “Confirm Benefit Selections”

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4. HP Flex benefits available The HP Flex scheme year will run from the 1st January for 12 months, until 31st December. You will have access to the scheme options during December for the following flex year and can make choices to the following benefits:Benefit Pension

Status Existing benefit

Your options The scheme enables pension contributions to be made via salary exchange saving you and Howes Percival National Insurance contributions. Salary Exchange is set up automatically for you unless you inform HR you would prefer not to.

Holiday Entitlement

Existing benefit

Buy up to 5 days leave and sell up to 5 days.

The minimum entitlement you can retain is 20 days (plus bank holidays) or your current entitlement less 5 days, pro-rata for part time employees. When buying additional holiday the maximum cap is 30 days. The buying and selling ofholiday is subject to approval by your PGL.

Private Medical Insurance

Existing benefit

Employee cover for healthcare with the ability to add dependants

Childcare Vouchers

Existing benefit

Closed scheme

Critical Illness

Existing benefit

A choice of cover to provide a lump sum payment for you in the event of diagnosis of a serious illness

Cycle to work

Existing benefit

The scheme will be hosted via the HP flex platform and will allow employees to purchase bikes and cycling equipment in a tax efficient way.

Dental Insurance

Existing benefit

Health Cash Plan

Existing benefit

TasteCard

Existing benefit

Access to dental insurance on a voluntary basis (employee opts in). The insurance is provided via UNUM. With the ability to add partners and dependants this benefit provides cash back on dental treatments (subject to annual limits) Employer level 1 funded health cash plan covering routine healthcare treatments, such as optical, physiotherapy and even your private medical excess. this scheme has the option for employees to flex up and / or add partners at their own cost, dependants are included for free subject to different limits.

A TasteCard membership gives you 50% off the total food bill, or 2 meals for the price of 1 at thousands of participating restaurants.

Discounted shopping

Everyday benefit

Access to preferential rates, discounted retail vouchers and discounts on holidays, insurance, music, computers, experiences etc.

All year-round access

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Please note: •

If you do not register your choices through HP Flex by the end of your enrolment period you will receive a default level of benefits, being your current benefits with your pension contributions via salary exchange. You can find out more on the HP Flex website. In subsequent years most benefit selections will carry-over to the new flex year (with the exception of holiday) however we recommend you review your choices every year at each annual renewal window to ensure they are still relevant, and that your child dependants are still eligible (up to age 24) if choosing Private Medical.

•

Any selections that you make will be in place for the Flex year and cannot be altered unless you experience a Lifestyle Event.

•

Full details of each of the benefits available under Flex can be found at the HP Flex website.

5. Tax and National Insurance information Some of the benefits (Private Medical Insurance for example) are provided as a ‘Benefit in Kind’ which means that you must pay income tax on the value of the benefit, but you do not have to pay National Insurance contributions.

Benefits such as Childcare Vouchers are income tax and National Insurance exempt up to certain limits.

Childcare vouchers are now closed to new entrants.

Other benefits are exempt from income tax and National Insurance altogether, such as selecting additional holiday and life assurance.

Throughout this guide Howes Percival has indicated how this works in relation to each specific benefit but for an at-a-glance guide, please see the table below: -

Benefit

Tax

National Insurance

Holiday (Buy)

No

No

Holiday (Sell – If taken as additional cash)

Yes

Yes

Pension – Contribution made through HP Flex

No

No

Pension – Contribution via deduction from NET Salary

No

Yes

Private Medical Cover

Yes

No

Childcare Vouchers (Up to £243 per annum)

No

No

Cycle to work scheme

No

No

Health Cash Plan

Yes

No

Dental insurance

Yes

No

Critical Illness

Yes

No

TasteCard

Yes

Yes

Eye Tests

No

No

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When choosing your benefits you should consider the income tax and National Insurance (NI) implications that might affect your net income.

•

When you increase your pay through reducing benefits you will pay tax and NI on the additional salary you receive

•

If your salary reduces because you increase your benefits, you will pay less tax and NI on the lower salary. You may also pay tax on your benefit choices but this will vary between benefits

The income tax and National Insurance information is based on our understanding of the current tax situation, which may change from time to time.

Income tax If a benefit is subject to income tax, the taxable value will be the flex cost of the benefit shown on your Enrolment Summary page when you log in to HP Flex.

Any income tax due on the benefits you have chosen will appear on your P11D. Some benefits are tax free (see table above). They provide greater value as you save the tax you would otherwise have paid on the salary you give up.

Employee NI contributions If a benefit is subject to NI, the amount of NI will be calculated on the flex cost for the benefit, shown on the Enrolment summary in the benefit page and the Enrolment summary page when you log in to the HP Flex website.

Many benefits are exempt from NI (see table above). If you choose such a benefit, you get greater value.

This is because you save the NI you would otherwise have paid on the salary you give up.

6. Core benefits: In additional to the flexible choices, all staff will have access to a range of other core benefits as illustrated below. For entitlement and access employees should refer to their employment terms and conditions or contact HR via HPFlex@howespercival.com Core benefits Income Protection

Your current entitlement continues

Life Assurance

Your current entitlement continues

Eye Tests

Your current entitlement continues

Health Cash Plan

Employer funded level 1 only.

Other benefits: Howes Percival also provides some other benefits for employees. Detailed information about these other benefits can be found on the HP Flex website under “Other Benefits”

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7. Discounted Shopping “Retail Discounts” is a voluntary benefits programme that has been designed to save you time and give you exclusive access to a range of offers and promotions that are not available on the high street.

Accessible through the HP Flex site, it is available all year round to use and enjoy the savings.

Through “Retail Discounts”, you will enjoy preferential rates and discounts on holidays, insurance, music, computers, books, experiences, toys and much more using the buying power thousands of employees across the UK. Even everyday food and household shopping can be cheaper.

8. HP Flex definition of terms Post Flex Salary

The actual level of pay you will receive after the impact of any selections through HP Flex. This is your contractual level of pay for the HP Flex year.

Reference Salary

The basic salary that you would receive before the impact of HP Flex. For the avoidance of any doubt, during the HP Flex year, your right to receive this has been replaced by a right to receive the Post Flex Salary. Your Reference Salary is still used by The Firm to calculate pay increases, pension contributions and is provided for mortgage references etc.

Benefit in Kind

If an employer provides an employee with a benefit in respect of their employment which is not a cash payment, it is a Benefit in Kind. Most Benefits in Kind are taxable as part of your overall remuneration and you pay income tax at your highest marginal rate. The value of the benefit is typically the taxable value. Some benefits are exempt from income tax. For such benefits, you save income tax at your highest marginal rate.

Child/Children

Dependants for whom you and/or your partner are parents or legal guardians. For certain benefits, the detailed benefits literature on HP Flex will show specific age definitions for children.

Commencement Date

The date from which your selected benefit options become effective. This will be 1st January each year. New joiners will be advised of their enrolment period on commencing employment with The Firm.

Default Benefits

The set of benefits you will receive for the HP Flex year if you do not enrol under HP Flex. On initial enrolment these will typically be your contractual entitlement. At subsequent enrolments they will generally be your current contractual entitlement.

Enrolment Deadline

The date by which you must have submitted your HP Flex choices so that your benefits can be confirmed for the Commencement Date of the HP Flex year.

Family

Your partner and children as defined by the provider of each benefit.

Holiday Year

1st January to 31st December. When making holiday selections at annual enrolment in December these will apply for the subsequent holiday year.

Lifestyle Event

• • • •

On joining and/or successful completion of probation (as appropriate to benefit) On leaving Change in salary (of at least 20%) Promotion

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• • • • • • • •

Marriage, entering a civil partnership or gaining a dependent Partner (co-habiting for at least six months) Unforeseen changes in childcare arrangements Death of a dependant Returning from maternity Going on/returning from Secondment Going on/returning from Long Term Absence Address change with increase in mortgage HR Discretion (by agreement with insurer).

HP Flex Year

1st January to 31st December each year.

Partner / Spouse

A person who: • is financially dependent on you or with whom a financial interdependency exists; and • is over age 18 (and subject to any maximum that the insurer may impose for specific benefits); and • has the same main residence as you; or • is your legal Civil Partner.

Your partner can be the same gender as you or the opposite gender from you. Each provider may well specify its own definition in the detailed benefits literature.

Reward Statement

You will be able to access a personal reward statement of all your benefits under “My Total Reward Statement” and “My Flex Choices” that will be updated when your benefits are in force.

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9. Terms and Conditions The details of all cash and non-cash benefits provided to you in this guide are not intended to have any legal or binding effect or form part of any contract between you and the Firm (or the provider of any benefit) and are only given for information purposes. All of the benefits referred to in this guide within the HP Flex plan are governed by their own providers’ applicable Terms and Conditions in force from time to time and may be subject to change.

You should always refer to the policy document for any insurance scheme to understand: ✓ How it operates; ✓ In what circumstances you may or may not be eligible to participate; and ✓ In what circumstances you may or may not qualify for a payment or other benefit or entitlement.

Consequently, before submitting choices you should ensure you have read and understood the Terms and Conditions of each benefit. Further information is available on the HP Flex site.

Your employment contract and the employee handbook set out the contractual benefits which Howes Percival has agreed to provide you. You may be able to participate in additional, non-contractual benefits, through HP Flex.

However, your participation in HP Flex is subject to the terms of your benefit selections and the applicable terms of each benefit option you select.

Howes Percival reserves the right to: ✓ Review, change, add or withdraw HP Flex and/or any of the benefits within HP Flex at any time subject to contractual conditions. ✓ Alter the price / cost of a benefit if there is a change during the scheme year.

Neither the HP Flex scheme nor this guide creates any contractual right to receive a benefit. This guide is not legally binding, nor does it form part of your contract of employment.

In making benefit choices through HP Flex, you will, however, alter your Terms and Conditions of employment in that your salary and benefits may be altered by your choices for that flex year. This is a change to your contract of employment covered by the Flex terms and conditions, which you will sign electronically.

Additionally, Howes Percival continues to retain discretion over your final benefit package and reserves the right to refuse any employee access to any benefit to the extent it is legally permitted so to do. Any such issues will be raised with you as soon as reasonably possible.

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10. Questions and Answers Why does Howes Percival offer flexible benefits?

Howes Percival recognises employees have individual lifestyles and need to tailor their benefit packages to suit their own individual needs. It also helps Howes Percival to remain competitive in the legal labour market.

What does HP Flex mean for me?

HP Flex allows you to understand the total value of your pay and benefits and tailor your benefits package to suit your personal circumstances.

Purchasing benefits throughHP Flex may also have an income tax and/or National Insurance saving.

Will selecting benefits through HP Flex affect my take home pay?

Yes. If you choose to buy more of an existing benefit or a new benefit your take home pay will reduce by the corresponding amount. Different benefits have different income tax and National Insurance treatment and this may also affect your pay.

Is there any advantage in buying benefits via HP Flex?

We have negotiated favourable rates for benefits and these savings are passed on to you. Additionally, many Howes Percivalbenefits provide income tax and / or National Insurance savings for you.

Is everyone eligible to participate in HP Flex?

All employees who have successfully completed probation will have the opportunity toparticipate in HP Flex.

Can anyone else access my personal choices?

Your personal log in ID and password ensure that your choices are confidential. However,for administration purposes, HR and payroll will also have access.

Your selection of benefits will not affect your Reference Salary which will be used to calculate salary-related benefits such as life assurance, pension contributions and bonuses. Additionally, the Reference Salary will be used as the basis for future salary reviews.

Do I have to flex my benefits and make choices?

No. It is up to you to decide what benefits you would like to meet your personal circumstances.

If you would prefer to retain your existing benefits then you can do so.

Is there a maximum I can spend on benefits?

You can choose how much you spend on benefits via HP Flex up to a maximum of 100% of salary and subject to your benefit selection not taking your pay below the National Minimum Wage.

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Will HP Flex affect my contract of employment – will my Terms and Conditions change?

Yes. If you make choices under HP Flex this is a change to your Terms and Conditions of employment – specifically relating to the benefits you will receive and your contractual pay. When you come to submit your choices you will be presented with an agreement which will outline the details of the change specific to the options you have chosen.

When you submit your choices you will need to acknowledge the terms and conditions which will which will indicate your consent to the changes.

When can I make and change my benefit choices?

Generally during the enrolment period which will run annually in December for a 1st January effective date. However, in the event of a Lifestyle Event you will also be able to make some choices.

Any change to a benefit will be effective from the 1st of the following month providing submission of your new choices is prior to 20th of the month.

New starters joining Howes Percival will be guided

by HR as to when they can access HP Flex and what benefits they can choose.

Can I opt out or change HP Flex options part way through the year?

To comply with HM Revenue and Customs rules, you will be required to retain most benefits for the full HP Flex year. Additionally, many benefits can be changed in the event of a LifestyleEvent. This information is contained in the ‘Timingof Choices’ section within each benefit description.

How do I choose my benefits?

You will be able to make your choices using the HP Flex system which has been designed to ensure you have all the necessary information to enable a straightforward and quick selection of your benefits. It provides you with the opportunity to model different benefit choices before submitting your final selection. This will ensure that you choose the benefit package that is right for you.

You will be sent a link to the system and a unique username and password. You can access the HP Flex system at work or at home. Discounted shopping access will be restricted at work during working hours.

Will state benefits be impacted? And what about my ability to secure loans, mortgages etc?

State benefits and entitlements that are based on pay subject to National Insurance could be affected, particularly if your earnings are brought below the National Insurance Lower Earnings Limit. In most cases the effect will be minimal.

If you are unsure as to the effect on your state benefits, the Firm recommends that you seek independent financial advice.

The Firm can provide documentation to confirm both your Reference Salary and Post Flex Salary.

You can then pass this information on to any lender.

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Appendix A: Flexible Benefits

Pension Plan ...the provision of a pension arrangement is one of the most important and valuable benefits Howes Percival provides.

The importance of saving for retirement has never before been so high on people’s agenda. This has been fuelled by news coverage of the changing demographics of our population, reducing state benefits and recent legislation designed to simplify pensions. HP Flex provides a very efficient way for you to pay your pension contributions.

Choices

Eligibility & Firm Funding

The Howes Percival Pension Scheme offers flexibility and choice, in line with increasingly varied demands of employees: ✓

Contribution Levels – the Firm shall contribute an amount equal to 5% of your salary, subject to your contributions meeting the minimum required limits of 5% of basic salary. The contributions to the Scheme shall be payable in monthly instalments in arrears, and shall be subject to the rules of the Scheme and the tax reliefs and exemptionsavailable from HM Revenue & Customs, as amended from time to time. The Company reserves the right to vary the contribution levels from time to time as we in our absolute discretion see fit. In addition, you have the option of making additional personal contributions to any level you choose up to HM Revenue and Customs limits.

✓

Investment Choices – for those employees who like to have control over the management of their pension fund the plan offers access to a wide and varied range of Investment funds.

✓

If you do not wish to select your own investments, we have a range of lifestyle profiles that can be arranged. Depending on your initial attitude to risk a suitable fund will be chosen. As you approach retirement your funds will automatically be switched into less volatile investments, which should lessen the impact of any stock market falls on your income in retirement.

All employees will become eligible for the Howes Percival Pension Scheme. ✓

Prior to the end of the postponement period (which is the first three months of your employment) you will be given the opportunity to become a member of the group personal pension scheme (the “Scheme”) (or such other registered pension scheme as may be set up by the Company to replace the Scheme). Full details of the Scheme are available from HR.

✓

If you choose not to join the Scheme, the Company will comply with their employer pension duties towards you in accordance with Part 1 of the Pensions Act 2008. If you are eligible for automatic enrolment you will be automatically enrolled into the Scheme (or such other scheme as the Company deem appropriate) and you shall pay such contributions to the Scheme as are required by the Pensions Act 2008 (as amended from time to time).

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Timing Of Choices

Things To Consider

✓

Your personal pension contributions are automatically paid under salary exchange (also know as “salary sacrifice”) and paid on your behalf into the plan by Howes Percival. You do not pay income tax or National Insurance on the amount of salary you have salary exchanged. For further information or the option to opt out of salary exchange contact HR.

✓

Employees wishing to join the Pension Scheme for the first time can do so at the end of the postponement period (which is the first three months of your employment).

✓

Employees wishing to change or discontinue their standard personal contribution can do so at any time.

✓

However, to increase flexibility, the Pension Plan does enable you to make additional personal contributions which can be started, changed or ceased at any time. These are outside the standard contribution entitlement levels and do not trigger changes in employer contributions. They are also taken from your net pay with basic rate tax-relief given to you at source. Higher rate taxpayers can claim additional tax-relief through their tax code or annual self- assessment return. Contributions made in this way do not benefit from National Insurance savings.

✓

Are you currently making employee contributions?

✓

Are you missing out on generous company contributions?

✓

Do you want to help your financial future by maximising contributions to the Scheme?

If you have answered “yes” to any of these questions, you should consider the level of your contribution carefully and ensure that contributions are made through HP Flex.

The pension plan is a GPP arrangement and therefore your membership will be subject always to the rules of the scheme (as amended from time to time) and to any HMRC limits. It is for you to take your own advice from a tax perspective in relation to your pension limits.

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Holiday ... helping you maintain a healthy balance between home and work life.

Howes Percival recognises the need for a healthy work life balance. HP Flex provides the opportunity for you to vary your annual holiday allowance to suit your lifestyle.

Choices

Within HP Flex you have the option of either buying or selling up to 5 days holidays in any one holiday year. To ensure Howes Percival complies with legislation and to restrict disruption to the business, you must have a minimum of 20 and a maximum of 30 days holiday in any single holiday year, pro rata where appropriate for those who work part time.

Bank holidays are in addition to your holiday entitlement and are calculated on a pro rata basis for part time employees.

Eligibility

All employees are eligible to buy and sell holiday.

Additionally, once you have selected to buy or sell during enrolment, you will not be able to reverse the transaction during the holiday year. The buying and selling of holiday is subject to approval by your PGL.

Pricing

The cost of buying holidays and the allowance payable for sold holidays will be calculated according to your daily salary rate as at the time of enrolment.

This is based on 1/260th of your full time equivalent reference salary. This will be clearly shown on the HP Flex system.

Timing Of Choices

✓ You can only choose to buy or sell holiday during the annual enrolment period – you cannot change your holiday entitlement duringthe HP Flex year even if you experience a Lifestyle Event. ✓ If you do not submit your selections at an enrolment opportunity, your annual leave option will default to your standard annual holiday entitlement.

If You Leave

If you leave The Firm, your final pay will be adjusted (as now) according to how many outstanding days holiday you have left (including any HP Flex selections).

Tax And National Insurance

If you buy additional holiday, you will pay less income tax and National Insurance. If you sell holiday, you could pay more income tax and National Insurance depending on your other HP Flex selections.

Things To Consider

✓ If you find you usually have spare unused holidays at the end of the year you might want to sell a few days releasing some of your HP Flex allowance to set against other benefits. ✓ If, on the other hand, you have a special event or a big trip planned, you might want to buy some additional holiday. ✓ How much holiday does your spouse or partner receive? ✓ You need to ensure that your holiday request has been authorised before making any holiday arrangements.

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Private Medical Insurance ... the convenience of faster access to private medical treatment for you and your family.

We are all aware of the demands on the NHS – this can lead to non-urgent treatment being delayed or scheduled at times or places that are not convenient to you.

It is important that you receive the best possible medical treatment quickly and conveniently – it is also important to Howes Percival that you stay fit and healthy.

Howes Percival has arranged for all employees following successful completion of probation to have access to private medical cover.

Choices

Within HP Flex, The Firm is pleased to offer a private medical plan offering more choice and flexibility for you and your family.

Cover is available at the following levels: ✓ Single ✓ Couple (single plus partner/spouse) ✓ Family (single, partner and children up to age 24 and of single status i.e. not married) ✓ Single Parent (single and children up to age 24 and of single status i.e. not married) To select this benefit for your family, you will need to register their details on the HP Flex system.

Eligibility Company Funding

Pricing

You will be offered the opportunity to participate in the scheme upon successful completion of probation. 

All employees have access to company funded single cover.



You have the opportunity to purchase cover for your family. The cost is illustrated on HP Flex.

✓ If you are a member of the scheme, the value of the benefit to you is illustrated on your personalised Total Reward Statement. ✓ Prices for dependants are shown on the HP Flex site. ✓ The cost of this benefit is reviewed each year and takes into account the demographic profile, bulk purchasing power and claims experience of Howes Percival.

Timing Of Choices

You may only select, discontinue or change your level of cover on your start date, annually during the enrolment period or at a Lifestyle Event. Changes outside these occasions are not permitted to ensure Howes Percival complies with HM Revenue and Customs rules. ✓ If you do not submit your selections during the enrolment period, then your medical care scheme option will default to the level of benefit (if any) previously selected.

If You Leave

If you leave Howes Percival, your cover will cease on your last day of employment and any additional premiums will be pro rated to that date.

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Tax And National Insurance Things To Consider

Under current legislation this benefit is taxable and will appear on your P11D, however it is not subject to employee National Insurance. ✓

Do you think you need some form of private medical cover to meet your health requirements?

✓

Does your spouse or partner receive private medical cover from their employer? How do rates compare?

✓

Would you prefer to have access to shorter waiting lists and private accommodation rather than a public ward, should you or your family have to stay in hospital?

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Childcare Vouchers ... taking advantage of government tax incentives to assist parents to fund their childcare needs.

Childcare vouchers are a government sponsored ‘family friendly’ initiative which is designed to help parents meet the increasing cost of care for their children.

From 4th October 2018, you will no longer be able to join our childcare voucher scheme with Computershare Vouchers.

• • • • •

If you’re already registered for childcare vouchers you must receive at least one voucher in every rolling 12month period to retain your eligibility Tax-free childcare will be available to parents with children up to the age of 12 (17 if disabled) by the end of 2017. If your child was aged under four (or under 17 if disabled) as at 31 August 2017 you can apply now.

You are able to apply by opening and managing an online account, which will be available through the government website.

The tax-free childcare is paid per eligible child, so that for every 80p paid in, the government will top up an extra 20p, up to a maximum of £2,000 support per child per year, or £4,000 for disabled children.

To apply you will also need to: work at least 16 hours per week, earn under £100,000 a year and not be claiming (or have opted out from claiming) tax credits. Quarterly eligibility checks are required.

Choices

This benefit only applies to employees who are already registered for childcare vouchers.

Eligibility

To qualify for this benefit you must be the parent or legal guardian of a child or children.

Company Funding Pricing

There is no contribution from Howes Percival towards this benefit.

Timing Of Choices

This benefit only applies to employees who are already registered for childcare vouchers.

If You Leave

Your childcare payments will be deducted in your final month and paid to your childcare provider. No childcare payments will be made the month following your termination.

Tax And National Insurance

Under current legislation this benefit is not taxable or subject to National Insurance up to a maximum of £243 per month.

Things To Consider

Eligible staff can exchange up to a maximum of £243 of salary each month for Childcare payments, the flexible benefits modeller will show you how this affects your take home pay.

✓ The childcare provider must be legally registered to care for children and provide proof of this registration from their local authority. All carers in receipt of childcare payments must have registration from Ofsted or the Childcare Approval Scheme ✓ If you receive the childcare element of Working Tax Credits, it is possible that you will lose some of your tax credits if you select Childcare payments depending on your individual circumstances. You should consult the HM Revenue and Customs for further information their helpline is 0300 200 3300.

IMPORTANT NOTE From April 2011 – The tax rules changed for parents who are new to the scheme. If joining on or after 6th April 2011 higher rate tax payers will only be eligible to tax and NI relief up to £124 per month, while additional rate taxpayers will only receive relief of up to £110 per month.

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Critical Illness Insurance ... the potential of a lump sum in the event that you suffer a debilitating illness or injury.

Critical illness cover provides you with a tax free lump sum should you be diagnosed with one of a range of illnesses.

Choices

Within HP Flex you have the option of selecting Critical Illness cover in increments of £25,000 from a minimum of £25,000 up to a maximum of £250,000. This is subject to a maximum of 5 times your annual salary.

Eligibility

All employees are eligible to purchase Critical Illness Insurance.

Company Funding

Howes Percival does not fund Critical Illness Insurance cover for any employees.

Pricing

The price for Critical Illness Insurance is based your age attained at the date of entry to the scheme or at the most recent flexible benefits scheme renewal date (whichever is later).

The HP Flex system provides details of the prices of the different level of Critical Illness cover that you can opt for. The flexible benefits modeller on the site will illustrate the effect of your chosen combination of benefits on take home pay.

Timing Of Choices

✓ You may only select to sign up for a Critical Illness cover as a new starter, annually during the enrolment period or at a Lifestyle Event. ✓ If you do not submit your selections at your first enrolment opportunity, then your critical illness option will default to no cover. If you do not submit your selections at subsequent enrolment opportunities, you will retain your selected level of Critical Illness cover.

If You Leave

If you leave Howes Percival, you will receive and pay for a full month of benefit for the month in which you leave.

Tax And National Insurance

Critical Illness cover through HP Flex is taxed as a Benefit in Kind, but this is offset by the tax savings made by paying through HP Flex. This benefit is not subject to employee National Insurance. Benefits are ordinarily paid free of tax.

Things To Consider

✓ Think about how this benefit relates to other health and security benefits which HP Flex offers. ✓ Do you have the level of cover that’s right for your circumstances? ✓ Do you already have separate cover elsewhere? ✓ No benefit will be payable in respect of pre-existing conditions.

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TasteCard ... A TasteCard membership gives you 50% off the total food bill, or 2 meals for the price of 1 at thousands of participating restaurants.

Also included is tastecard+, this offers up to 40% OFF VUE & Odeon cinema tickets as well as great discounts on days out & hotels.

Choices

Within HP Flex you have the option of purchasing a TasteCard. The card will be valid for 12 months.

Eligibility

All employees are eligible to purchase a TasteCard

Company Funding

Howes Percival does not fund TasteCard for any employees.

Pricing

The price for a Tastecard is £24.99 and is deducted as a one-off payment.

Timing Of Choices

✓ You may select to sign up for a TasteCard as a new starter, annually during the enrolment period or as an “Anytime Benefit” window

If You Leave

If you leave Howes Percival, you can continue to use the TasteCard until the expiry date shown on the card.

Tax And National Insurance

TasteCard through HP Flex is deducted from net pay and is therefore subject to Tax and National Insurance.

Things To Consider

✓ 2 for 1 Meals or 50% off food ✓ Average saving of £18.88 per use ✓ Includes TasteCard+ at no additional cost.

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Dental Insurance ... the convenience of faster access to dental treatment for you and your family.

We are all aware of the demands on the NHS – this can lead to non-urgent treatment being delayed or scheduled at times or places that are not convenient to you.

It is important that you receive the best possible medical treatment quickly and conveniently – it is also important to Howes Percival that you stay fit and healthy.

Howes Percival has arranged for all employees following successful completion of probation to have access to dental treatment cover.

Choices

Within HP Flex, The Firm is pleased to offer dental insurance for you.

Cover is available at the following levels: ✓ Single ✓ Couple (single plus partner/spouse) ✓ Family (single, partner and children up to age 24 and of single status i.e. not married) ✓ Single Parent (single and children up to age 24 and of single status i.e. not married) To select this benefit for your family, you will need to register their details on the HP Flex system.

Eligibility Company Funding

Pricing

You will be offered the opportunity to participate in the scheme upon successful completion of probation. 

This is not a company funded benefit. Employees will pay for there own cover and the cost of partners and dependant.

✓ If you are a member of the scheme, the value of the benefit to you is illustrated on your personalised Total Reward Statement. ✓ Prices for dependants are shown on the HP Flex site. ✓ The cost of this benefit is reviewed each year and takes into account the demographic profile, bulk purchasing power and claims experience of both Howes Percival and the wide insured market.

Timing Of Choices

If You Leave

✓ If you do not submit your selections during the enrolment period, then your dental care scheme option will default to the level of benefit (if any) previously selected. ✓ You are able to opt on your start date, annually during the enrolment window or at a LifeStyle Event. ✓ Should you wish to cease cover you will need to contact the Hr team directly.

If you leave Howes Percival, your cover will cease on your last day of employment and any additional premiums will be pro-rated to that date.

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Tax And National Insurance Things To Consider

As the premiums are paid for by the employee there is no tax as the benefit is paid from taxed income. ✓

Would you like to receive cash back on routine and accidental dental treatment?

✓

Do you think you need some form of dental insurance to meet your health requirements?

✓

Does your spouse or partner receive private dental cover from their employer? How do rates compare?

✓

Would you prefer to have access to shorter waiting lists?

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Cycle to work scheme ... The scheme will operate via salary sacrifice and you will give up part of your pre-tax salary in exchange for the hire of a cycle for active travel with the option of buying the cycle at the end of the hire period.

Choices

Within HP Flex you have the option of joining the Cycle to work scheme.

There are three options for employees to choose from\; Own it later Own it Now Return

Eligibility

The cycle’s use must be used for at least 50% of ‘qualifying journeys’ i.e. commuting to work. The bike and accessories can be used for non-work purposes.  Howes Percival does not fund the cycle to work scheme for any employees.

Company Funding Pricing

The price will depend on the cost of the Hire purchase agreement for the bicycle and/or accessories purchased.

Timing Of Choices

✓ You may select to sign up for the cycle to work scheme as a new starter, annually during the enrolment period or as an “Anytime Benefit” window If you leave Howes Percival during the hire term, you will pay any outstanding balance from your final salary from your NET rather than gross pay, therefore without tax relief. ✓ You will save on NICs on the salary sacrificed (subject to employment status)

If You Leave

Tax And National Insurance Things To Consider

✓ Am I using the cycle to commute for at least 50% of the time ✓ You will not own the cycle during the hire period.

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Appendix B: Core Benefits

Income Protection Reassurance that in the event you are unable to work, due to ill health, you will continue to receive an income.

If, due to ill health, you are unable to work after a continuous period of absence of 26 weeks, this benefit provides 75 percent of your salary (less ESA only) plus up to 5% employer pension contribution.

Choices

There are no options with this benefit.

Eligibility

All permanent employees are automatically covered subject to meeting the insurer’s requirements.

Company Funding

This benefit is fully funded by Howes Percival.

Pricing

The value of the benefit to you is illustrated on your personalised Total Reward Statement.

Timing Of Choices

There are no choices with this benefit.

If You Leave

If you leave, cover will cease on your last day of employment.

Tax And National Insurance

Under current legislation this benefit is not taxable and will not appear on your P11D. However any income you receive as a result of a claim under this policy is subject to normal income tax and national insurance deductions.

Things To Consider

The benefit is provided under an insurance policy, so the validity of each claim must satisfy the insurer. Be aware that any benefit paid will be less your Employment Support Allowance plus Work Related Activity Component or equivalent.

Life Assurance ... peace of mind that your loved ones will be financially secure in the event of your death.

Although we prefer to avoid thinking about our own mortality, it is important to consider our dependants.

As a Howes Percival employee, you receive life assurance as a core benefit. This provides a tax-free lump sum in the event of your death, for your dependants.

Choices

There are no options with this benefit.

Eligibility

All permanent employees are automatically covered subject to meeting the insurer’s requirements.

Company Funding

This benefit is fully funded by Howes Percival.

Pricing

The value of the benefit to you is illustrated on your personalised Total Reward Statement.

Timing Of Choices

There are no choices with this benefit.

If You Leave

If you leave, cover will cease on your last day of employment.

Tax And National Insurance

Under current legislation this benefit is not taxable and will not appear on your P11D.

Things To Consider

The benefit is provided under an insurance policy, so the validity of each claim must satisfy the insurer.

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Health Cash Plan ...providing employees cash back on routine healthcare.

Choices

Employees are able to increase their cover from level 1 and add partners.

Dependants are automatically covered subject to reduced annual limits.

This policy is covers pre-existing conditions subject to annual limits.

Eligibility Company Funding

All permanent employees. ✓ 

Level 1 benefit is fully funded by Howes Percival.

Howes Percival does not cover the cost of 2-5 Levels of cover or including partners.

Pricing

The value of the benefit to you is illustrated on your personalised Total Reward Statement.

Timing Of Choices

Employees will automatically be included in the policy with level 1 single cover.

Employees during the annual enrolment window, a lifestyling event and starting period will be able to opt for higher cover levels and add partners.

If You Leave

If you leave, cover will cease on your last day of employment.

Tax And National Insurance

Under current legislation the level 1 benefit is taxable and will appear on your P11D.

Things To Consider

Any cost of flexing up the benefits does not attract income tax or national insurance costs. ✓ Would you like to receive cash back on routine treatments for you and your family members?

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Eye Tests ... providing the opportunity to receive an Eye Test and a contribution toward the cost of glasses.

Howes Percival provides eye care vouchers to cover the cost of eye tests.

Choices

There are no choices with this benefit.

Eligibility

All employees are eligible to receive this benefit.

Company Funding

This benefit is a company funded eye care voucher to the cover the cost of an eye test and a contribution of £30.00 towards glasses/lenses required for VDU use only.

Pricing

The value of the benefit to you is illustrated in your personalised Total Reward Statement.

Timing Of Choices

You can use this benefit as required.

If You Leave

If you leave, this benefit will cease on your last day of employment.

Tax And National Insurance

Under current legislation this benefit is not taxable and will not appear on your P11D.

Things To Consider

If you spend a lot of time working on the computer it may be worth attending an eye test.

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