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Case Study

Nexmo

Background

How we set up auto-enrolment and reduced unncessary paperwork at Nexmo.

Background

We have worked with the Benefiz team over the last 2 years. They helped us set up a new range of flexible benefits for our staff managed on their platform Fizselect. They also assisted us in meeting our Auto enrolment requirements.

Nexmo, the Vonage API Platform is a leading Global technology business based in the USA, Europe and APAC. When we hired Benefiz we had 60 staff and only offered membership of a Private medical scheme. We now employ over 250 staff in our London office and have a competitive and comprehensive benefits package in place.

Research

Before appointing Benefiz we carried out an adviser review approaching 4 firms and asking for proposals to be submitted. We were looking to work with a firm that offered practical solutions within a tight budget. To support our culture we were also looking to introduce a platform to reduce any unnecessary paperwork.

The proposal from Benefiz stood out as they bundled the design, provider recommendation and benefit implementation services into one fixed fee rather than breaking it down into stages with a large total fee. We already had good knowledge of the type of schemes we wanted to offer our staff and didn't need a lengthy and costly scheme design report. We were also experienced in running salary sacrifice arrangements (including pensions) so didn’t require a detailed feasibility report.

Following their appointment Benefiz provided benefit costings and provider recommendations and implemented a range of core benefits including the fiz select platform. We included pensions in our initial launch on a voluntary salary sacrifice basis prior to our staging date as we wanted our staff to select a matching employer contribution and pay additional contributions if required. Benefiz supported this launch with focused group presentations covering pensions and benefits in general as well as staff training on the Fizselect platform.

Take Up

Following our initial launch we had a good take up in all benefits especially pensions (90%) and the NI savings we made with this benefit alone more than covered our initial costs of setting up the flex scheme.

We have since added several new salary sacrifice benefits and a season ticket loan. Benefiz has produced a specific report type for this benefit that shows an outstanding balance which simplifies our administration when people leave.

We have also run a pension transfer campaign directly with the provider and set up by Benefiz. This allows members of the scheme to transfer old pension plans into the scheme at no cost to themselves or Nexmo with the Provider handling the paperwork directly with the member. Members of the pension scheme can access this option via the Fizselect platform.

The Future

As a business, we continue to grow and have asked Benefiz to help us set up a Governance committee for our pension scheme and to assist us with broking our non UK benefits.

We have received a really high level of service from the Benefiz team and look forward to their continued support as they continue to grow as a business. Carolyn Leigh, Senior Director, Human resources

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