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your benefits, your way DB flex e-guide 2013 Correct as at 1 May 2013
For eligible UK employees
discoveryour benefits, your way
Your guide to BP’s flexible benefits plan
your benefits, your way DB flex e-guide 20132 Correct as at 1 May 2013
Contents5 reasons to choose your benefits, your way 3
Your benefits, at a glance 4
How your benefits, your way works 5
Core and flexible benefits 6
- Your savings and security 6
- Your health and wellbeing 7-8
- Your lifestyle 9
Voluntary benefits 10
Choosing your benefits, your way 11-12
Important information 13
- What happens if you do nothing 13
- Private medical insurance tax implications 13
- Life events 13
- For those on, going, or returning from International Assignment 13
Enrolment timeline 14
Additional help and information 15
Through your benefits, your way, using your salary and allowances, you can design a flexible benefits package specific to you. At the same time, you could make valuable income tax and National Insurance savings.
This guide gives you helpful information about the benefits on offer, how they work and how to make your benefit choices.
• If you’re new to your benefits, your way start your journey here.
• If you’re an existing member, use this guide to remind you of the benefits on offer and how to review and make your choices.
Annual enrolment opens in November and you have three weeks to choose your benefits for the next year. Your benefits and revised salary will come into effect from 1 January and stay in place until 31 December.
If you’re a new joiner to BP, we will send you an enrolment invitation shortly after you join telling you how to choose your benefits and when your choices will come into effect.
your benefits, your wayWelcome to
your benefits, your way DB flex e-guide 2013 3
to choose your benefits, your way
1. It’s your choice
your benefits, your way gives you the flexibility to tailor a benefits package to suit your individual needs.
2. You can save money
Through your benefits, your way you could make valuable income tax and National Insurance savings.
3. Quality products at your fingertips
Using BP’s purchasing power, you can access goods and services at competitive prices compared to what’s available on the high street.
4. It’s all in one place
Deciding what benefits to choose couldn’t be easier; it’s all in one place. Once you’ve logged in to the your benefits, your way website, you will have access to all the information you need to make your choices. If you can’t find what you’re looking for, you can call the your benefits, your way helpline on: 0800 916 8013 Monday to Friday, 09.00 to 17.00 (UK time) (or +44 1737 227513 if calling from overseas).
5. We value what’s important to our employees
We are always reviewing what’s on offer and making improvements to ensure you get the best benefits and experience. A part of that is making it easy for you to access the information you need during enrolment. Everything you need to make your benefit choices can be found on the your benefits, your way website.
Did you know…?
If you do nothing…
If you’re enrolling at annual enrolment, any benefits that
you chose last time will remain at the same cover levels (with
some exceptions). As a new joiner, you will receive your core benefits, including Private
medical insurance. See page 13.
You can see how your take-home pay could be affected when choosing certain benefits by using the simple, online net pay modeller. Find out more
on page 12.
If you have a life event during the year you may be able to change your
benefits. See page 13 for more information.
5 reasons
your benefits, your way DB flex e-guide 20134 Correct as at 1 May 2013
Your benefits package is made up of three elements:1. Core benefits are those you get automatically and form
the ‘backbone’ of your overall benefits package, paid for
by BP.
2. Flexible benefits are additional benefits you can take
advantage of by using your salary and allowances.
3. Voluntary benefits give you access to a wide range of
discounted goods and services which you can choose to
make use of all year round, along with charitable giving
opportunities and more.
Because everyone is different, flexible benefits allow you to
choose between the benefits you need and those you don’t.
You can extend some of your core benefits or add additional
benefits, and these can change with you during your time
with BP, ensuring that you always have what’s right for you.
For core and flexible benefits, when you first join
your benefits, your way, you’re able to choose from the
initial levels of available cover. However, in subsequent
enrolments and for life events, there may be limits on how
much you can increase cover by and how frequently you can
take advantage of some benefits. Details of these limitations
are covered in the benefits section on pages 6 to 9.
Voluntary benefits are available all year round. You can access
these on the your benefits, your way website or directly by
visiting: www.bp.com/voluntarybenefits
See page 10 for more information on voluntary benefits.
at a glance
Core benefits• Retirement
• Health screening
• Private medical insurance
• Wellness checkpoint
Flexible benefits
• Spouse/partner life assurance
• Critical illness insurance
• Dental insurance
• Personal accident insurance
• Childcare vouchers
• Cycle to work
• Personal travel insurance
Voluntary benefits
• Employee Charitable giving and company matching programs – you give and the company matches
• The Employee car plan
• Discounted reloadable gift cards
• Discounts on products and services, including:
• BP regular or Ultimate Petrol and Diesel
• Ford car purchase discount
• Ford and Volvo car lease scheme
• Electronics, clothes, shoes and jewellery
• Books, entertainment, sports and fitness
• Food, drink and eating out
• Insurances, including home, motor, pet and marine
Your benefits,
your benefits, your way DB flex e-guide 2013 5
There are three types of benefits: core benefits that you get automatically, and flexible and voluntary benefits that let you choose benefits to meet your needs.
your benefits, your way
You use your salary and allowances to choose different levels
of cover or options for you and, in some cases, your spouse
or partner and children.
The diagram below shows how your salary, core benefits
and allowances (such as London Weighting etc, if applicable)
before taking advantage of flexible benefits is broadly similar
in value to the combination of flexible benefits, salary and
allowances after making your choices. It’s just the mix that
changes, depending on how you’ve chosen to use some of
your salary and allowances on flexible benefits.
Remember that while the overall value is the same, you
actually benefit from lower income tax and/or National
Insurance on some of the benefits when compared with
just receiving a salary.
What’s more, to avoid any unintended effect of choosing
your flexible benefits, we keep your salary used to calculate
bonuses and Life assurance cover the same. This is known
as your notional salary.
Howworks
For illustrative purposes only
Salary used to calculate bonus and Life assurance cover stays at this level – known as notional salary
Give up salary to receive even more benefits
Some benefits are not subject to tax and/or NI deductions
Before choosing flexible benefits
Core benefit package
Allowances
Salary
If you decide to increase your benefits package
Core benefit package
Allowances
Your flexiblebenefits
Pay (received monthly)
your benefits, your way DB flex e-guide 20136 Correct as at 1 May 2013
On the following pages you will find an overview of the benefits available for the 2013 plan year. You will see at a glance if you can make National Insurance or income tax savings. More detailed information on each benefit can be found on the your benefits, your way website.
Your savings and security• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Core andflexible benefits
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Spouse/partner life assurance • Provides a tax-free lump sum if your spouse/partner dies.
• A range of cover levels are available from £25,000 to £150,000.
• Cover is available without underwriting, provided you can satisfy a short online questionnaire.
• At subsequent enrolments, cover can be increased by one step only, e.g. from £50,000 to £75,000. You would need to satisfy a short online questionnaire.
• Due to insurer limits, cover is not available if your spouse/partner also works for BP.
• If you don’t make a choice during enrolment, cover will automatically default to your previous year’s choice.
• Provided by Unum.
Key You save National Insurance on the cost of this benefit
You save income tax on the cost of this benefit
Core benefit
Retirement **
• A non-contributory BP Pension Scheme that provides:
• A pension based on a 60th of final pensionable salary for each year of pensionable service
• The option to take a tax-free cash lump sum and a reduced pension when you retire
• Spouse/partner and dependant’s pensions
• Ill-health benefits
• Life assurance of four times your salary.
• You can increase the rate at which your pension benefits build up by choosing one of the contributory options of up to 15%.
• The BP Pension Scheme meets the Government Auto Enrolment requirements as a qualifying workplace pension scheme.
* If pension contributions are made by salary sacrifice you will save on National Insurance.
** Subject to Annual and Lifetime allowances
*
your benefits, your way DB flex e-guide 2013 7
Your health and wellbeing• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Critical illness insurance • Provides a tax-free lump sum if you’re diagnosed with a specified serious illness or permanent
disability, including cancer.
• You can initially choose up to £250,000 or four times your salary if less.
• You can only increase cover by one step of £25,000 at each subsequent annual enrolment and/or life event.
• Spouse/partner cover is available up to £100,000 (or your level if less), but you must cover yourself first.
• Children aged six months to age 18 (or up to 21 if in full-time education) are automatically covered up to a quarter of your cover or £20,000 if less, at no charge.
• Pre-existing and related condition exclusions apply and cover cannot be offered for certain illnesses.
• If you don’t make a choice during enrolment, cover will automatically default to your previous year’s choice.
• Provided by Unum.
Dental insurance • Insurance that helps cover the cost of dental treatment, whether provided as a private
or NHS patient.
• Covers you for treatment at your current dentist, and pre-existing dental conditions are covered.
• Emergency treatment is covered when you’re abroad.
• Cosmetic treatment is not covered.
• Spouse/partner or family cover is also available at the level you have chosen for yourself.
• You can choose from four levels of reimbursement for specified treatment, up to defined limits:
• NHS level, provides 100% NHS reimbursement• Level 1, contributing towards low levels of private dental treatment charges• Level 2, contributing towards typical mid-range private treatment charges• Level 3, contributing a higher amount of reimbursement than Level 2 and a higher
percentage of private charges.
• Children, pregnant women and women with children under one year old currently receive free NHS dental treatment. If this applies to you and you opt out of the plan, your partner’s cover will also lapse.
• If you don’t make a choice at enrolment, cover will automatically default to your previous year’s choice. Please note that Level 3 cover provides the same level of cover as Level 2+ cover in previous years. If you had previously selected Level 2+ cover this will default to Level 3 cover.
• Provided by Bupa.
Health screening You Spouse/partner
• A face-to-face Health screening paid for by BP that can be taken once every three years.
• The type of Health screening available to you depends on your age and grade.
• It is designed to evaluate your current state of health and provide advice on maintaining and improving a healthy lifestyle.
• It includes a face-to-face consultation with a healthcare professional and various tests.
• Depending on your age and grade, you may also have the option to enhance the level of Health screening.
• You can choose this benefit for your spouse/partner at a cost, but only during the annual enrolment period.
• Your spouse/partner must take their Health screening before the end of the plan year.
• Provided by Bupa.
your benefits, your way DB flex e-guide 20138 Correct as at 1 May 2013
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Personal accident insurance • Provides a tax-free lump sum in the event of accidental death or a range of permanent injuries
and disabilities, including loss of limbs.
• You can choose cover for yourself in increments of £25,000 units up to a maximum of 20 units, i.e. a maximum of £500,000.
• Spouse/partner cover of up to £500,000 (or your level of cover) is also available.
• Children aged 19 and under are covered up to £25,000 at no additional charge.
• The level of family cover you choose cannot exceed your own level of cover.
• Provided by Crispin Speers & Partners Ltd. Insurance is underwritten at Lloyd’s of London.
Private medical insurance • Personal private healthcare paid for by BP. You only pay an income tax charge. See page 13
or the your benefits, your way website for the latest charges for your tax bracket.
• Provides fast access to the diagnosis and treatment of an illness. No history is taken into account if you join at your first opportunity.
• This benefit covers the cost of inpatient treatment for acute conditions, and up to £1,000 of outpatient costs.
• You will need to pay an excess of £100 in the event of your initial claim each plan year.
• It supports medical issues discovered as part of the online Wellness checkpoint and Health screening.
• You can cover other members of your direct family, i.e. spouse/partner/children at the first opportunity without any pre-existing conditions being excluded. However, BP reserves the right to apply medical underwriting and, potentially, exclude any pre-existing medical conditions for any new adult or child dependant joining in the future.
• You can also increase cover to include a full refund for any outpatient cover.
• In the event you require treatment Bupa will provide you with a choice of consultants and facilities most appropriate to you at a convenient location.
• Provided by Bupa.
Wellness checkpoint • A free, confidential, online self-assessment that provides a tailored personal profile.
• It suggests appropriate lifestyle changes according to the information you provide about your health.
• It’s available all year to help you monitor and manage your health and provides individual advice on maintaining and improving your health.
• It complements Health screening and Private medical insurance.
your benefits, your way DB flex e-guide 2013 9
Childcare vouchers • A tax-efficient way to pay for childcare.
• Vouchers can be used to pay for registered/approved childcare providers and can be used to help for the payment of registered after school care and holiday clubs.
• You can use your vouchers to pay your registered child carer up to the September following your child’s 15th birthday (16th birthday if your child has a disability).
• Vouchers can only be used for your own child or a child living with you for whom you have parental responsibility.
• Vouchers up to a certain amount are tax-free (see the your benefits, your way website for information on the current HMRC limits).
• By choosing this benefit, you will be making a commitment to receive your chosen Childcare vouchers until the next enrolment period.
• You can now manage your Childcare vouchers through the Allsave app for Android and iPhone
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Your lifestyle
Cycle to work • A tax-efficient way to hire a bike for 12 months through a Government scheme.
• You choose the certificate amount between £200 and £1,000 in £50 increments.
• Bikes will be obtained through a Cyclescheme partner store. To choose the right certificate amount you are encouraged to visit a store and get a quote for the bike and associated safety-related accessories you would like.
• You will need to complete a Hire Agreement form to take up this benefit.
• By choosing this benefit, you agree to join the Cycle to work scheme for a 12-month period.
• At the end of the 12 months, you may be given the opportunity to purchase the cycle and safety-related accessories.
• Provided by Cyclescheme.
Personal travel insurance • Provides year-round cover, at a discounted rate, for a range of specified losses that may occur
while travelling on holiday.
• You can choose from Worldwide or European cover, and include or exclude winter sports. Once your cover level has been chosen it can’t be changed until the next annual enrolment.
• You can choose cover for you, you and your spouse/partner, you and your child/children, or you and your family.
• Independent family coverage (i.e. family members travelling separately from you) is included.
• Cover is provided for leisure travel in the UK as long as the trip involves one or more nights away from your home in pre-booked accommodation or a flight.
• For new hires during 2012 whose own external policy expires during 2013, you have a one year life event opportunity to join mid-term when your existing policy comes to an end. If this is the case for you, please request a life event (within 60 days of your existing policy expiry) to enrol mid-year.
• For existing employees, if you wish to be covered under the BP arrangement for 2013, you will need to select the appropriate level of cover for you and/or your spouse/partner and/or your children during annual enrolment and deal with the overlap in coverage with your own existing policy yourself.
• Provided by Sutton Winson. Insurance is underwritten by Canopius at Lloyd’s of London.
your benefits, your way DB flex e-guide 201310 Correct as at 1 May 2013
In addition to your core benefits and the benefits available through your benefits, your way, you have access to a wide range of voluntary benefits which you pay for yourself. These can be accessed all year round, when the time is right for you.
benefitsVoluntary
Charitable givingGiving back is important to BP, and we know it’s important to many of our employees. We value your energy, enthusiasm and time working with schools, charitable organisations and community groups, and want to reward these efforts.
The BP Foundation supports worldwide humanitarian aid, as well as activities in the community. BP will match your time, effort and gifts through grants of up to $5,000 per employee, per year. And it’s easy to donate to your favourite UK charity with Give As You Earn (GAYE), a program that lets you contribute, before income tax, directly from your salary.
In the UK alone, the amount contributed by employees and matched by BP in 2011 totalled $4.7 million. Thank you for your continued generosity.
BP Foundation Employee Matching Program website: employeematchingfind.bpweb.bp.com
Employee car planThe BP Employee car plan, provided by Zenith, offers you exclusive discounts with leading car manufacturers and features:
• Monthly repayments include all necessary servicing, tyres, MOT and road fund licence renewal (road tax).
• Comprehensive insurance and break down coverage
• The choice of duration of contract and annual mileage that are right for you.
Discounts and savingsWith BP’s retail savings and discounted reliable gift cards, provided by Next Jump, you can make savings on a variety of everyday purchases. You can even invite friends and family to enjoy the savings.
Here are just some of the offers you have access to through the Next Jump website:
• The BP Staff Fuel Card – saving you money on BP regular petrol or diesel, BP Ultimate petrol or diesel, and car washes.
• A choice of the Ford car purchase discount or the Ford and Volvo car lease scheme.
• Hundreds of everyday savings – including food, wine, flowers, gifts, insurance, fashion and jewellery, electronics and gadgets, home and garden, travel and more!
Join over 5,400 BP employees who have already registered and start saving today by accessing…
Voluntary benefits website: www.bp.com/voluntary benefits
Want access to professional advice and support?
The Employee Assistance Program (EAP) provides information and advice on a range of services including:
• Legal information
• Financial information
• Debt counselling
• Specialist information i.e. finding a suitable childcare provider
… as well as a confidential telephone and face-to-face counselling and referral service free of charge.
The EAP is available 24 hours a day, seven days a week and is staffed by professionals. Learn more at www.ppconline.info (username: BP, password: energy) or call +44 (0)808 100 2051.
your benefits, your way DB flex e-guide 2013 11
Your step-by-step guide
Step 1 – Check details, and enter dependants’ detailsClick on the ‘Your benefit choices’ tab and
select ‘Make benefit choices’ to check your
own and your dependants’ details held on the
your benefits, your way website. To update
your dependants’ details, use the table at the
bottom of the page. Your dependants’ details
need to be up to date if you wish to choose any
benefits for your spouse/partner/child(ren).
If your address, name or date of birth details are
not correct, call the your benefits, your way
helpline (see page 15).
To check your personal details for your benefits, your way at any time, click on the
‘Your details’ tab and select ‘View personal
details’ at the top of the screen.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Log in to your benefits, your way www.bp.com/yourbenefits
You can choose your benefits from home
or work, at any time of the day or night.
You will need to log in with your BP user
ID and password.
From the homepage, select ‘Make benefit
choices’ from the ‘Your benefit choices’ tab
at the top of the screen or by selecting ‘Make
2013 choices’ from the orange box in the centre
of the screen. You’re then ready to make your
choices by following four easy steps.
Choosing your benefits, your way
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
your benefits, your way DB flex e-guide 201312 Correct as at 1 May 2013
Step 4 – Confirmation statement Once you’ve submitted your choices, you can save the confirmation screen showing
your benefits for the plan year ahead.
After enrolment closes, you will be able to log in and download a PDF version of
your 2012 confirmation statement (as well as prior annual enrolment statements) by
selecting ‘Your benefit choices’ from the top menu, then ‘View benefit choices’ in the
drop-down menu. Click the yellow ‘view’ button next to the appropriate enrolment then
‘print’ at the top right of the screen to produce a PDF which you can save.
After making your choices, payroll will make any necessary deductions from your pay. Your payslip will show a breakdown of the benefits you have chosen and the actual costs.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Step 3 – SubmitMake sure that you click ‘Submit benefits’ to finalise your
benefit choices.
And take the time to read and accept any Terms and Conditions
and complete any required forms, e.g. the Cycle to work Hire
Agreement form, and then click ‘Submit benefits’ before the
enrolment period closes.
If you don’t ‘Submit benefits’, the choices you have made will not take effect. Please see ‘What happens if you do nothing?’ on page 13 for more details.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Not got access to a computer? You can choose your benefits over the phone. Call the your benefits, your way
helpline on: 0800 916 8013 Monday to Friday, 09.00 to 17.00 (UK time) (or +44 1737 227513 if calling from overseas).
Step 2 – Choose benefitsOnce you’ve checked and updated your details, click on the ‘Continue
to Step 2: Choose benefits’ button at the bottom of the screen.
On your enrolment screen, you will see a list of the benefits available
to you. To get more information to help you decide what to choose,
click on the ‘View/Change’ button for that benefit. The ‘Your choices’
tab under each benefit shows you each option and the cost. Use
the other tabs to get more information: Your choices, Benefit details,
Q&As, Making a claim and Who to contact.
You can use the net pay modeller to see how your take-home pay
would be affected by choosing certain benefits.
You have the option to save your benefit choices, so you can come
back and continue at a later date. However, you will need to complete
the process through to submit and confirm your final choices before the enrolment period closes. If you’re happy with your
choices and want to submit them, click on the ‘Continue to Step 3: Submit’ button at the bottom of the page.
your benefits, your way DB flex e-guide 2013 13
What happens if you do nothing?At your first enrolment, if you do nothing, you will only
receive your core benefits, including Private medical
insurance, which requires you to pay the income tax
on the cost of the benefit.
The same thing will happen at subsequent enrolments.
And any other benefits you chose previously will remain
at the same levels (with some exceptions). See the
your benefits, your way website for more details.
You may not want to make any changes, however you
are encouraged to check your details, and those of your
spouse/partner, children or dependants are recorded
correctly. And then to go through the four-step process
and submit your benefits to ensure that they continue
to reflect your needs.
Private medical insurance tax implicationsThe tax you pay is very low, especially compared to the cost
of buying Private medical insurance yourself or paying for
private treatment! However, due to increases in medical
treatment costs and overall total claims by BP employees,
the single core cover cost to BP has now gone up by
4.4% to £528.60. HMRC requires that employees pay for
the taxable element of this cover, based on their income
tax rate. For the 2013 calendar year a 50% tax payer would
incur an annual cost of £264.30 (reducing from April 2013
to 45% with a full year cost of £237.87), a 40% tax payer
would incur a cost of £211.44 and the cost to a 20% tax
payer would be £105.72.
Tax is collected through payroll.
These amounts are subject to change by HMRC, so
please see the your benefits, your way website for the
latest amounts.
Life eventsThese are certain times in your life when something
important happens, like getting married, having a child
or moving from full to part-time employment.
When these events occur, you may be able to change some
of your benefits. Details of how and what you can change
are given on the website.
You can then contact the your benefits, your way helpline
within 60 days of the event if you wish to consider making
a change when you experience a life event (see page 15 for
their contact details).
For those on, going, or returning from International Assignment (including International Rotators)UK employees who are on an International Assignment
(including International Rotators) will be eligible to participate
in your benefits, your way. However, some benefits will
not be applicable or required until repatriation to the UK.
Some income tax and National Insurance savings
explained in this guide cannot be offered for those paid
on overseas payrolls.
Non-UK employees on assignment to the UK are not eligible
for your benefits, your way as they remain in their home
country benefit plans.
For more information, please read the ‘Expatriate and
International Rotator supplement’ on the your benefits, your way website or contact your HR IM Adviser.
informationImportant
your benefits, your way DB flex e-guide 201314 Correct as at 1 May 2013
Annual enrolment opens in November and you have three weeks to choose your benefits for the following year. Your benefits and revised salary will come in to effect from 1 January and stay in place until 31 December. If you’re a new joiner to BP, we will send you an enrolment invitation shortly after you join telling you how to choose your benefits and when your choices will come into effect.
Activity Existing employee
New joiner
Enrolment leafletOutlines how to access the your benefits, your way website and gives you a summary of the benefits available, along with any changes. Look out for your leaflet at your home address inviting you to enrol just before enrolment opens.
November Sent within the first couple of weeks of joining BP.
EnrolmentNow is the time to go online and make your choices.
Three weeks:
November to
December
Your enrolment leaflet will tell you when you need to make your choices.
Confirmation statementConfirms your benefits that will take effect from 1 January; log in and save a PDF version of your confirmation statement. And for Expatriates, now’s the time to update your Home Mandate.
After annual
enrolment closes
After your enrolment window closes.
Your benefit choices go live 1 January From the 1st of the month after you submit your choices.
timelineEnrolment
your benefits, your way DB flex e-guide 2013 15
and informationAdditional help
How to make a claimIf you need to make a claim on any of your insurance
benefits, please visit the your benefits, your way website.
Information on how to make a claim is detailed on the
‘Benefit information’ pages for each benefit. You can
download the relevant claim form from the ‘Forms’ tab at
the top of the page, or visit the ‘Forms library’.
your benefits, your way helplineThe your benefits, your way website provides
comprehensive information on the benefits available. If you
still have a question about your benefits, your way, contact
the dedicated helpline on: 0800 916 8013 Monday to Friday,
09.00 to 17.00 (UK time) (or +44 1737 227513 if calling from
overseas) or your local HR representative.
Independent financial adviceIf you would like financial advice or are unsure about
participating in salary sacrifice, you should speak to an
Independent Financial Adviser (IFA). You can find an IFA
in your area by visiting the IFA Promotions website at
www.unbiased.co.uk.
Tax credit helplineFor more information about whether salary sacrifice
would affect your tax credits, please call: 0845 300 3900
(or +44 289 053 8192 if you are calling from overseas).
State pension advice helplineVisit www.thepensionservice.gov.uk for more information,
or you can call The Pension Service on: 0845 60 60 265
(or +44 191 218 7777 if you are calling from overseas).
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Got a question? Take a look at our ‘Frequent questions’ section.
Supplement for UK employees who are on an International Assignment (including International Rotators).
Quick links to the pension website and Employee car plan.
Don’t forget that you can make the most of voluntary benefits all year round!
Catch up on the latest news and developments to your benefits, your way.
Instant access to claim forms and application forms.
Full details of all the benefits can be found here. If you need further information, contact the your benefits, your way helpline.
Get access to other benefits, such as Charitable giving, the EAP, Share plans, etc.
your benefits, your way DB flex e-guide 2013 Correct as at 1 May 2013
If you still have a question about your benefits, your way, please call 0800 916 8013, Monday to Friday, 09.00 to 17.00 (UK time)
If calling from overseas, please call +44 1737 227513
The details provided in this summary are only an overview. Full details and Terms and Conditions are provided on the website. Certain benefits are subject to income tax and National Insurance and are subject to the prevailing legislation at any time. BP reserves the right to change/amend the benefits and providers from time to time.
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