Finance & Security
Health & Wellbeing
Lifestyle
Further Benefits
Welcome to iCHOOSE We’ve invested in iCHOOSE to give you a package that you can shape to fit your lifestyle, your family and your circumstances. You are a big part of what makes our global business a success. We understand that your financial security, health, wellbeing and work-life balance are important to you. There are a lot of benefits available so please read through this brochure to help you make your choices.
Guiding you through
Year-round support
Step 1: Time to review
The iCHOOSE year runs from 1 January through to 31 December. During this time, you can look on the iCHOOSE website to review any personal changes that may affect your package, such as salary or lifestyle changes, or for information on how to make a claim. You can also view your Total Reward Statement to see a full picture of your salary and benefits.
u Spend some time reading through this brochure to familiarise yourself with the full range of benefits available to you.
u Leave yourself plenty of time to consider what’s
We hope you find benefits that are right for you.
We’re here to help
Step 2: Visit the website
If you need advice at any time, you can speak to our employee benefit consultants, Helm Godfrey. Their experts are available on 0207 614 1058 or mheducation@helmgodfrey.com.
available before you have to make your decisions.
u Visit our website at ichoosehub.co.uk/mheducation for more detailed information, rates, premiums and policy information.
Don’t forget to:
u Take advantage, throughout the year, of the discounts and cash back available through our employee discounts website, iSHOP.
Step 3: Contact the providers
u Speak to the benefit providers if you have specific questions. We have given you a list on page 16 of this brochure, or feel free to speak to our benefits team who will be happy to help.
Step 4: Enrol
u Simply go online during the enrolment window to make your choices – we’ll take care of the rest.
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How it works iCHOOSE gives you the opportunity to ‘exchange’ part of your gross salary for benefits. Make the most of income tax and National Insurance savings You are effectively giving up your gross pay in exchange for benefits. The costs are taken from your salary BEFORE income tax and National Insurance Contributions (NIC) are deducted. So as well as some excellent deals and preferential rates, ‘salary exchange’ can bring you some tax savings too. However, each benefit is subject to its own income tax and National Insurance rules, see overleaf for details.
Key
Non-salary exchange Before selecting flexible benefits
Salary exchange If you decide to increase your benefits
Salary exchange If you decide to decrease your benefits
Your benefits
Your benefits
Your benefits
Salary exchange: This means giving up the right to receive part of your salary and having it replaced by employer-provided, non- cash benefits of equal or greater value. Reference salary/base salary: If you make a salary exchange, your reference salary will be used for calculating all salary-related benefits in the future. To explain how it works, imagine your current salary is £20,000 and you exchange £2,000 of it for benefits. In this situation, your flex salary will drop to £18,000, but your reference salary will continue to be £20,000.
Reference salary
Flex salary: Your reference salary minus the amount you salary exchange for benefits. Your benefits: A blanket term for benefits under iCHOOSE. Total Reward: Your Total Reward is the sum of your reference salary and the company contribution towards your benefits. You can see your own Total Reward Statement at ichoosehub.co.uk/mheducation
Base salary
Flex salary
Flex salary
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Make your money go further These tables show you the tax status of all the different benefits that are available so you can see what savings you can make on income tax and National Insurance for each benefit. Finance & Security benefits
Income tax payable
NIC payable
Income tax payable
NIC payable
Pension contributions
r
r
Bonus waiver
r
Group Life assurance
Private medical insurance
a
r
r
Health assessment
r
r
r
Health cash plans
Additional employee life assurance
r
r
Dental insurance
Group income protection
r
r
Personal accident
a a
r
Group critical illness
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Income tax payable
NIC payable
Flex holidays – increase
r
r
r
Flex holidays – decrease
a
a
r
Childcare vouchers
r
r
r
Cycle to work
r
r
Gym membership
a a a
r
iSHOP
a
a
Employee assistance programme
r
r
Health & Wellbeing benefits
Lifestyle benefits
r
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Make your money go further Important information about how your benefits are taxed. You will still have to pay income tax and National Insurance in some circumstances. HM Revenue & Customs (HMRC) regards some salary exchanges as ‘Benefits in Kind’, which will be assessed through your P11D. However, other benefits will not be subject to income tax or National Insurance, which saves you money.
That’s how it works – now let’s see what’s on offer.
Finance & Security
Health & Wellbeing
Lifestyle
Further Benefits
Please note: most benefits are taxed through payroll by the tax code issued to you by HMRC and it may take some time for them to catch up with any extra benefits you receive. As a result, there could be a delay before your payable tax is collected.
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Finance & Security Peace of mind when you need it most. “Financial security for you and your loved ones so you can relax and enjoy life�
Finance & Security While this selection of benefits may not be at the forefront of your mind they can certainly be the most important. Choose from a range of options that can give you and your family financial support when you need it most. Pension contributions Saving for retirement is something that we all have to think about. A big part of your retirement income is likely to be our defined contribution group personal pension plan – so it’s worth making the most of it. Your contributions will be enhanced by your income tax and National Insurance savings, as well as our McGraw-Hill Education top-up contributions.*p
Bonus waiver If you are rewarded with a discretionary bonus, you can decide to pay some (or all) of it into your company pension.** This could significantly boost your retirement fund – particularly as you won’t have to pay income tax or National Insurance on the money invested. However, it may be a good idea to get financial advice first, so you can be sure this is right for you.
Group life assurance No-one likes to think about it, but you can make sure your family will be cared for if anything were to happen to you. They could receive a lump-sum payment worth a multiple of your reference salary. This comes from a discretionary trust, so they won’t have to pay inheritance tax on it.
Additional employee life assurance We automatically give all our employees a core level of life assurance cover, the full cost of which is paid for by McGraw-Hill Education. However, iCHOOSE gives you the opportunity
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to ‘bump up’ this complementary life cover by another two times your salary, so that your loved ones would receive four times your reference salary if you die during your employment with McGraw-Hill Education.
Group income protection A long-term illness or sudden disability can make life very difficult, so the last thing you want to worry about is money. With this protection in place, you’ll receive a percentage of your reference salary for as long as your condition persists. Full terms and conditions are available on the website.
Personal accident Accidents can happen at any time, so it’s good to be prepared. With this cover, you’ll get a lump-sum payment if you’re injured or disabled, which could help you cope – whether it’s giving you time to recover, helping you buy assistance equipment or funding lifestyle changes. If you were to die from the accident, your family could receive a lump-sum payment.
Group critical illness Living with a critical illness can have lots of financial repercussions. You may need to change your lifestyle, buy equipment to help you cope day to day, or even alter your home. With this cover, you’ll get financial support in the form of a lump-sum payment that could help you meet these costs.
Important Information Please bear in mind that the law does not permit McGraw-Hill Education to provide personal investment advice in respect of any pension or life assurance matters because it is not qualified to do so and will not have adequate information to provide such advice in any event. Consequently, before contracting into or out of any McGraw-Hill Education benefits (including without limit pension or life assurance related benefits) you should take timely independent expert financial advice. The complex financial and tax consequences of accepting/rejecting various benefits and the ability to mitigate such consequences may have a significant adverse impact on your wealth. You may then need to inform us of any actions you have been advised to take based on the advice received, before the start of, and during your employment with us. * Members of the McGraw-Hill (UK) Retirement Benefits Plan (1973), which was closed to new joiners in 2004, will see the benefit of the National Insurance saving in their pay. ** Any bonus waiver for members of the McGraw-Hill (UK) Retirement Benefits Plan (1973) will be applied to the defined contribution group personal pension plan. pContributions are subject to an earnings cap.
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Health & Wellbeing Live well and stay healthy. “I love keeping fit and healthy, but it’s good to know I’m prepared if I need medical treatment.”
Health & Wellbeing Whether you work out at the gym or need a full body MOT, here are options that could protect the health and wellbeing of you and your family. Private medical insurance
Health cash plans
Gym membership
Make sure that you and your family get swift access to any treatment you may need, with private medical care. With our subsidised plan, you can choose health cover that suits you – and when you need treatment, it will be timely and convenient.
Prepare yourself for any unexpected medical costs. Cash plans give you a cash lump sum when you incur medical expenses. There’s a range of plans with different levels of cover, which means they could be a good alternative to private medical insurance, or a way to enhance your cover.
Get yourself in shape for less with our subsidised gym membership (giving you up to 50% off standard prices) if you choose to train at Spirit (Maidenhead).
Health assessments Give your body an annual MOT! We can help you spot minor issues before they become a problem. Our health assessment looks at a range of factors – from lifestyle and health risks to diet and drinking – and explains how these could affect you now and in the future.
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Dental insurance Here’s something to smile about – we can help with the cost of dental care for you and your family. You can claim back some or all of the money you spend on dental treatment. With a range of cover options available, it could pay for everything from checkups to crowns.
Employee assistance programme When times are difficult, it helps to talk. This confidential telephone service gives you access to experienced professional counsellors – all day, every day. They could support you with many personal or workplace challenges, including debt problems, relationship difficulties, alcohol and drug misuse, loss of confidence, stress or bereavement.
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Lifestyle Getting the most out of life. “The time I spend with my friends and family is precious so I want to make the most out of it.�
Lifestyle We know that work is only one aspect of your life and so iCHOOSE has been designed so you can make the most of your free time. These practical benefits could give you more control over your work/life balance and help you save money on the things you love. Flex holidays Are you planning an exciting holiday, project or house move? We can help give you the time you need by offering the opportunity to buy up to five extra days of holiday this year. Alternatively, if you’re not planning to go away, you can choose to sell up to two days of your holiday allowance, which will boost your take-home pay.
Childcare vouchers If you have a young family, you’ll know how expensive childcare can be. Pay less by exchanging your salary for our childcare vouchers (which are accepted almost everywhere) so that you make significant savings in income tax and National Insurance.
Treat yourself with discounts and cashback offers! iSHOP Take advantage of the excellent discounts and cashback offers available through our employee discounts website, iSHOP, where you can earn money whilst shopping online find great offers in-store and for other services. Whether you’re doing your regular food shopping, planning a holiday, buying electronics or financial products, or doing your Christmas shopping, there is something for everyone. These exclusive savings are not part of our salary exchange scheme, so all you have to do is register on https://mcgrawhill.rewardgateway.co.uk which you can access all year round.
Cycle to work Cycling to work will save you money and make you fit. If you’d like to start, we can help with the costs of your commute. Buy bikes or accessories through the Cycle to Work scheme and the payments can come from your pre-tax income.
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Further benefits A helping hand in life and work. “It’s the small things that make a big difference so it’s worth getting them right.”
Further benefits Here are some additional benefits that could help you along the way. Discounts on books and magazines
Season ticket loan
Give As You Earn (GAYE)
Enjoy discounts on any publications produced by McGraw-Hill Education.
Travelling costs can take a significant chunk of your pay. If you need a season ticket, we can help by paying the costs up front. We’ll give you an interest-free loan that will then be reclaimed through regular deductions from your net pay (in other words, after you have paid income tax and National Insurance). Any loan over £5,000 may have tax implications. If you leave the company before the loan has been repaid, you will need to pay the balance in full.
If you want to make regular charitable donations you can do so directly from your pay (attracting full tax-relief) to Charities Aid Foundation (CAF). CAF will either pay your donations direct to the charity(ies) you wish to support or alternatively you may establish an account, with you making donations at a time which suits you.
Eye tests and glasses If you use display screen equipment at work each day, you can claim a free sight test every year. Just contact Human Resources for your Eye care Vouchers. If the test shows that you need glasses or contact lenses for use solely with a computer screen, McGraw-Hill Education will contribute to the cost (currently £55).
Professional subscriptions To help give your skills and career a lift, we are happy to provide up to £300 a year towards membership of professional associations (as long as they are job related, of course). You’ll need to get written approval from your line manager to take advantage of this benefit.
Employee referral award We want to attract the best people to join McGraw-Hill Education. If you know someone who would be a great addition to our team, please let us know. We’ll thank you with an incentive award through payroll if they are hired. (Of course, this payment will be subject to income tax and National Insurance.)
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Tuition fees programme Are you inspired to study? If the course is job-related, we will pay 100% of eligible registration and tuition fees – up to a maximum of £3,000 a year. You must be able to demonstrate that the course is provided through a recognised institution – such as a business college or professional body – and it will need to be approved by your division head and Human Resources. To find out more and check that your course qualifies, contact your local HR representative. Please note, if you leave the company within two years of finishing the course, you will need to reimburse some of the costs.
Backup care
Business travel insurance McGraw-Hill Education provides all employees who are travelling on business with travel insurance. The policy provides cover for medical expenses, personal belongings, business equipment, money, disruption, personal liability, legal expenses, political and natural disaster evacuation, hijack, kidnap, ransom and extortion and personal security specialist expenses.
Anniversary holiday Once you have completed a year of service you are entitled to receive one additional days holiday, known as the ‘anniversary holiday’, which is an extra day to celebrate the date you joined the Company. This should be taken during the week in which you joined the Company.
Arranging backup care can be stressful and time consuming. Bright Horizons is a specialist provider of family-friendly employee benefits and they are always ready to help. If you get stuck with a school closure or need emergency care for a family member, for example, they can provide you with quality, reliable last-minute care.
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Your questions answered To help you get to know iCHOOSE, we’ve provided answers to some common queries. If you have any further questions, you can look on the website at ichoosehub.co.uk/mheducation, email Helm Godfrey at mheducation@helmgodfrey.com or call 0207 614 1058. When is the iCHOOSE year? The iCHOOSE year runs from 1 January to 31 December.
Can I make changes to my benefits during the iCHOOSE year? If you experience a significant change to your personal circumstances during the year (we call this a ‘Life Changing Event’), you can alter your benefits. Some examples include:
u marriage, civil partnership or moving in with a partner full time
u divorce or permanent separation u birth or adoption of a child u death of a spouse or partner, civil partner or dependant child
u your spouse or partner being made redundant u commencement or return from maternity, paternity or adoption leave
u significant change in working hours If you want to change your benefits as a result of a Life Changing Event, please contact Helm Godfrey on 0207 614 1058 or mheducation@helmgodfrey.com.
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Can I get professional advice on what selections I should make? McGraw-Hill Education is unable to give you advice on your selections. However, you can contact Helm Godfrey on 0207 614 1058 or mheducation@helmgodfrey.com for further information and you are free to take independent financial advice.
How much can I select? You have a great deal of freedom in how you choose your benefits, but the law prevents you from effectively reducing your annual ‘cash’ salary to below the National Minimum Wage. Similarly, you are not able to make choices that would take you below the Lower Earnings Limit for National Insurance contributions. Some choices may also affect your ability to claim state benefits. It is worth speaking to HMRC to talk through all these issues if you are unsure where you stand.
What if I’m new to McGraw-Hill Education? If you join McGraw-Hill Education during the year, you will be eligible to join the iCHOOSE scheme after three months but some benefits are only available during the annual enrolment period.
What happens if I leave the company after joining iCHOOSE? All benefits will continue until your last day. Reductions to pay will be made according to the choices you have selected and will be subject to the individual benefit rules.
Who can I speak to with more questions? Please contact Helm Godfrey on 0207 614 1058 or mheducation@ helmgodfrey.com. They are McGraw-Hill Education’s employee benefit consultants and their experts will be able to help with all your queries.
What if I work part-time? The value of salary-related benefits will be based on your prorated salary, which reflects your reduced hours. For non- salaryrelated benefits, such as Private Medical Insurance, you will be able to exchange salary under the same conditions as a full-time employee. Flex holiday choices will be presented in hours.
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Small print If you need any further information, you can look on the website at ichoosehub.co.uk/mheducation, email Helm Godfrey at mheducation@helmgodfrey.com or call 0207 614 1058. 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 McGraw-Hill Education and are given for information purposes only. All of the benefits referred to in this guide and within the iCHOOSE website are governed by their own provider’s applicable terms and conditions in force from time to time and may be subject to change. The decision of the third party benefit provider is final.
You should always refer to the governing terms of any benefit or insurance scheme to understand;
McGraw-Hill Education reserves the right to terminate any of its benefit schemes with no obligation to put in place replacement schemes, substitute other schemes, or alter the terms and/ or benefits available to you under the schemes. If a scheme provider (e.g. an insurance company) refuses for any reason (whether under its own interpretation of the terms of the relevant insurance policy or otherwise) to provide the relevant benefit(s) to you under the applicable scheme, McGraw-Hill Education shall not be liable to provide, or compensate for the loss of, such benefit(s).
Your participation in iCHOOSE is subject to the terms of your benefit selections and the applicable terms of each benefit option you select. The terms of each policy are available from the iCHOOSE website. The benefit options are in force until 31 December 2014, subject only to change after a life changing event as described earlier in this brochure.
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u How it operates u In what circumstances you may or may not be eligible to participate
u In what circumstance you may or may not qualify for a payment or any other benefit or entitlement
Please bear in mind that the law does not permit McGrawHill to provide personal investment advice in respect of any pension or life assurance matters because it is not qualified to do so and will not have adequate information to provide such advice in any event. Consequently, before contracting into or out of any McGraw-Hill Education benefits (including without limit pension or life assurance related benefits) you should take timely independent expert financial advice. The complex financial and tax consequences of accepting/ rejecting various benefits and the ability to mitigate such consequences may have a significant adverse impact on your wealth. You may then need to inform us of any actions you have been advised to take based on the advice received, before the start of, and during your employment with us.
All reasonable efforts have been made to ensure that all information provided in this guide is accurate. However, there may be inadvertent or occasional errors, for which we do not accept liability. McGraw-Hill Education has been working with Helm Godfrey Ltd to administer the iCHOOSE system. Substantial checks have been made on their data security arrangements and McGraw-Hill Education has been satisfied that they meet our exacting standards. The tax information provided in all iCHOOSE literature is based on current tax legislation, HMRC interpretation and approach at the time of going to print. Our literature has been provided as a guide only and is not legally binding. McGraw-Hill Education cannot be held responsible for any errors, omissions, changes in law or interpretation which may result in the income tax/National Insurance position being different to that stated. To find out more visit: ichoosehub.co.uk/mheducation
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Who to contact Benefit
Provider
Phone Email
For general benefit queries
Helm Godfrey
0207 614 1058
mheducation@helmgodfrey.com
For specific claims/queries Private Medical Insurance
Bupa
0845 609 0444
mheducation@helmgodfrey.com
Health assessments
Nuffield Health
0845 230 2040
mheducation@helmgodfrey.com
Health cash plans
Bupa
0845 606 6003
mheducation@helmgodfrey.com
Dental insurance
Bupa
0800 237 7777
mheducation@helmgodfrey.com
Childcare vouchers
Faircare
0800 652 4745
admin@faircare.co.uk
Business Travel Insurance
CHUBB
0207 895 3364
mheducation@howdengroup.com
Employee assistance programme
Canada Life/firstassist
0800 917 9330
mheducation@helmgodfrey.com
For members of the McGraw-Hill (UK) Retirement Benefits Plan (1973)
Global Benefits Administration, a division of Buck Consultants
0207 429 1087
mcgraw-hill@acs-inc.com
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