Swiss Life Network Newsletter

Transcripción

Swiss Life Network Newsletter
September 2010
Partner News I Country
Dear Reader
As a global organisation we are totally focused on
our customers and business partners. We are
dedicated to meeting your global employee benefit
needs and to achieving win-win solutions for you
and your providers, consultants, and consumers.
Now in the second half of 2010, we are already
looking forward to 2011, and eager to master the challenges ahead.
While we are confident that we have attractive value propositions to
support your employee benefit needs, we want to be sure that we
are not missing anything. For this reason we have set up a customer
and business partner telephone survey, to gain direct feedback on
our solutions and services. Almost half the customers, prospects
and business partners we approached have agreed to an interview,
and we will report the results in our next issue.
With good information flow and timely co-ordination a key part of
our offering, we have also now improved our customer relationship
management tool. This connects providers, customers, and our
organisation around the globe in real time, and goes live in Q4 to
serve you even better.
As ever, this issue also contains information on ongoing improvements
to local components of our global employee benefit solutions.
So as we enter the final part of the year, we look forward to working
with you globally and locally to bring in a successful harvest for 2010.
Yours sincerely
Margrit Schmid
2 I Swiss Life Network Newsletter I September 2010
Content
Introduction
Unlocking the value of customer surveys 4
Partner News
Brazil Icatu Seguros – the new brand in Brazil
6
United Kingdom Decline in long-term sickness absence due to stress
7
Canada Canadian employers and employees contributing more to group retirement plans
8
Germany Pension Day, 20 October 2010 in Munich
9
Ireland Irish Life wins ICT Excellence Award 2010 – and launches innovative pension scheme investment strategy
10
Luxembourg Swiss Life’s annual pension survey shows gender remains an issue in the Luxembourg workplace
11
South Africa Momentum’s awarded 2010 FIA Employee Benefits Product Supplier of the Year 12
Country News
Belgium Early retirement employer contributions rise
13
India New regulations on ULIPs benefit clients
14
Ireland Higher retirement age proposed for Ireland
15
Singapore Reemployment mandatory for older workers from 2012
16
Client Interview
Interview with Sarah Le Guluche, Compensation & Benefits, Electronic Arts, Switzerland
17
List of Swiss Life Network Partners
Network partners and branch offices
19
Impressum
Publisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich • Editor Swiss Life Network in cooperation with network
partners, clients and Openline • Photos Swiss Life Network in cooperation with network partners and clients • Photo Front Girl outdoors
throwing leaves • Design and Print Swiss Life Marketing Support • Copyright Swiss Life Network • Reprint authorisation on agreement
with the Publisher • The quarterly Swiss Life Network newsletter is available online: www.swisslife-network.com/newsletter
September 2010 I Swiss Life Network Newsletter I 3
Introduction
Unlocking the value of customer surveys
By Carmen del Carpio, Head Business/Product Development and Marketing, Corporate
Solutions, Swiss Life In an age when the customer is king, customer satisfaction
surveys are a key tool for ensuring that client needs are understood and
met. Correctly used, customer surveys help companies to fulfil their clients’
evolving demands and improve service delivery. This raises customer
satisfaction and retention, contributing to the corporate bottom line.
Surveys can also provide excellent communication material.
Customer satisfaction surveys have become a regular feature of the corporate marketing programme. Whether in
the B2C or B2B sector, it is clearly understood: if you want
to discover how satisfied your customers really are with
your services, and uncover their true attitude to your company, you need to ask them directly.
The cost of running such surveys can be considerable, particularly if they need to be done on an international basis –
but so is the payback. The very act of engaging the services
of a reputable market research company and running a
survey is a clear signal to customers that their service provider is serious about measuring and responding to their
needs and wishes.
Personal discussions Naturally, the best way to do
this is in a full and frank personal discussion. Salespeople
or client relationship managers are in an ideal position to
find out what customers want, and if their level of satisfaction is below optimal in any areas. In the B2B arena in
particular, key account managers are usually in constant
touch with customer decision-makers, and will be forthright in highlighting issues needing correction as and when
these arise.
However, there are obvious limitations to relying on this
form of feedback alone: there may be issues based on the
individuals involved; not all customers have regular meetings with company representatives (especially if things are
going well); and anecdotal evidence is a poor basis on which
to plan major adjustments or future initiatives.
Professional surveys demonstrate client focus As
a result, most companies today use the services of professional market research organisations, which not only draw
up the questionnaire, but can also carry out the research,
and collect, collate, and analyse the results.
The only two questions that count? In the opinion of some professionals, there are only two questions
that really matter:
• Would you recommend our company?
• Would you do business with us again?
These questions cut to the core of the customer experience
and attitude to the company, and provide the clearest
possible signals of the level of true satisfaction – or dis
satisfaction – experienced by survey respondents, and their
degree of loyalty towards the company.
But while these are certainly key questions, most surveys
take the correct approach of probing far more broadly and
deeply, checking reactions to products, services, and the
company overall, and asking open-ended questions to elicit
suggestions for future developments and improvements.
Using the responses Although the act of running a
survey demonstrates a company’s client-focus, it is still
vital to report back on the results and to show that the
precious time taken by respondents to complete the survey
has not been wasted. Indeed, this is the only way to ensure
that client satisfaction surveys deliver win-win outcomes
for all concerned.
Introduction
For example, in the 1999 Swiss Life Network survey, it
was clear that clients were demanding a broader palette of
flexible international solutions. When we surveyed again
in 2005, there was a definite improvement in satisfaction
in this regard, as we had reacted in the meantime by introducing our new modular international solutions.
In another example, following survey feedback on the need
for more regionally-based and shorter Network seminars,
Swiss Life responded by introducing a programme of oneday events around the world, which are now well-attended
and clearly meet popular demand.
Surveys as a communication tool Used correctly,
customer satisfaction surveys can have a significant impact
on improving a company’s performance and offerings,
leading to increased customer retention and a greater
share-of-wallet. It is clear also, that the action of setting
up and running a survey sends a very positive message
about customer focus.
While it is totally counter-productive to use customer
satisfaction surveys simply as marketing tools, the communication value of surveys in general should not be underestimated. For example, Swiss Life in Luxembourg’s
online survey on gender differences regarding pensions has
important messages to convey (see page 11 for details).
Similarly, Great-West Life’s CAP Benchmark Report (see
page 8) provides valuable feedback to companies in Canada on employer-sponsored retirement plans. And Unum’s
research (see page 7) has revealed a significant fall in longterm sickness absence due to stress. The outcomes of these
studies provide important information for benefits professionals, and contribute to the further improvement of
employee benefit strategies.
Swiss Life Network
conducted a client satisfaction survey this June that
achieved an exceptionally high participation rate of close
to 50%. Swiss Life Network extends its thanks to those
clients and intermediaries who participated, and looks
forward to sharing the results in the December issue of
this newsletter.
For more information
please contact Ms. Carmen del Carpio, Swiss Life
E-mail: [email protected]
Phone: +41 43 284 45 92
Partner News I Brazil
Icatu Seguros – the new brand in Brazil
The new Icatu Seguros brand was launched on June 21, 2010. It marks the acquisition by the
Icatu Group of The Hartford’s shares in Icatu Hartford. An exciting new future beckons.
After a positive partnership lasting 14 years, the financial
crisis in the United States made The Hartford decide to
focus on its domestic market and leave Latin America. As a
result, the Icatu Group took over The Hartford’s shares in
the Icatu Hartford joint venture, renaming it Icatu Seguros.
Icatu Seguros
The new company is an important achievement for the
Icatu Group. The insurer’s values, culture, and solidity
will continue to be its main assets. The move also confirms that Icatu Seguros is committed to Brazil and its
core business, with high expectations for growth in the
life and pension markets.
Total assets have grown by an annual average of 19% in
the last five years, reaching BRL 6.6 billion in 2009.
Premiums amounted to BRL 1.7 billion in 2009, an increase
of 9% over 2008, with net income equivalent to BRL 100
million.
Icatu Seguros is now strengthening its focus on life and
pension business, and has ambitious goals in these
segments in Brazil. The company’s strategy is to present
financial solutions to cover every life stage. After getting
to know the client, they offer a tailor-made life and pension solution, and build a long-term relationship.
Icatu Seguros is the largest independent capitalisation,
pension, life and asset management insurance company
in Brazil. After 19 years of experience, Icatu Seguros now
has over 3.2 million clients and a healthy balance sheet.
Icatu Seguros distributes its products through partnerships
with almost 40 banks, financial companies, credit card
institutions, and other companies. In the corporate
market, Icatu has around 9,000 clients, which it serves
with supplementary pension plans and life insurance.
(Exchange rate: USD 1.00 – BRL 1.79)
Icatu is planning to invest BRL 30 million in high-tech
systems and executive training, with the aim of furthering
innovation, growth, and client focus.
please visit www.icatuseguros.com.br
or contact Ms. Vanessa Donke, Icatu Seguros
Phone: +55 11 347 23 91 6
UK I Partner News
Decline in long-term sickness absence
due to stress
In contrast to the overall rise in sickness absence recorded in the latest employment figures,
Swiss Life Network partner Unum’s research reveals a fall in long-term sickness absence due to stress.
Michael O’Donnell,
Chief Medical Officer at Unum
The increase in the number of
people signed off work on longterm sick absence, reported in
June by the Office of National
Statistics (ONS) as part of the
latest employment statistics,
should not be seen as evidence of an overall increase in the
proportion of people suffering from stress, according to
Unum, one of the UK’s leading providers of financial protection.
The insurer’s own recent research has shown that the longterm trend of stress resulting in long-term sickness absence
is decreasing, with the proportion of all long-term sickness absence cases attributed to stress falling by 10% in the
past four years. Stress now accounts for 23% of all longterm absences, compared to 33% in 2006.
Michael O’Donnell, Chief Medical Officer at Unum, comments: “The decrease in stress as a cause of long-term sickness absence that we have recorded may be due to the companies concerned gradually tackling stress issues in the
workplace, or because some employees would rather have
another diagnosis than ‘stress’. This trend is also shown
in the Labour Force Survey, which has been consistent with
our findings over the last five years.
there are ways to manage it, including making use of
employee assistance programmes, which are increasingly
offered through the workplace; careful financial planning
and organisation; and communication with line managers or HR if the employee feels comfortable doing so.”
“There is much evidence to show that being in work is better
for your health. We should therefore be very careful before
encouraging people to go off sick with stress and into the
very situation they are most frightened of – being out of work.”
Unum wins Group Risk Provider of the Year award
Unum has been awarded the title Group
Risk Provider of the Year at the 2010 UK
Pensions Awards – the industry’s most
prestigious accolade for scheme providers.
The awards, run by Professional Pensions,
were presented in April 2010 at a gala
dinner in London.
Unum’s Customer Solutions Director, Glenn Thompson,
accepted the award and said: “We are delighted to have
collected this award. We are making significant improvements to our product and service proposition to provide
the best financial protection for all workers across the UK,
and this award is testament to the hard work that the
whole team is putting in. We are particularly delighted to
win this award for the third time – being recognised by the
industry’s leading professionals is a great achievement.”
“We need to be careful not to be premature in drawing conclusions from the ONS figures. It is inevitable that job
losses will include those with mental ill health, including
stress. Additionally, normal anxiety about job loss is rational
and should not be confused with mental ill health.”
“It is a sad fact that stigma against mental ill health still
exists at work, and many people do not feel able to talk
about such problems with their employers. It’s important
to acknowledge that it is natural to experience stress and
please visit www.unum.co.uk
or contact Mr. Colin Fitzgerald, Unum
Phone: +44 1306 873 04 7
Partner News I Canada
Canadian employers and employees
contributing more to group retirement
plans
Canadian employers are increasing their contributions to group retirement plans, while more
employees are maximizing their contributions to ensure full employer matching contributions,
according to the 2009 Capital Accumulation Plan (CAP) Benchmark Report.
Sponsored by The Great-West Life Assurance Company
and based on a survey by Benefits Canada/Canadian Institutional Investment Network, the report shows that
employers contributed 4.6% of salaries to their defined contribution (DC) pension plans in 2009, up from 4.5% the
previous year. They also contributed 4.3% of salaries to
their group Registered Retirement Savings Plan (RRSP) in
2009, up from 3.9% a year earlier.
The benchmark report also shows that more employees
are maximizing their DC pension plan contributions: 80%
of responding employers with DC pension plans said their
plan participants maximized their contributions in order
to get full employer matching, up from 75% in 2008. For
group RRSPs, 82% of plan participants were reported to
be maximizing their contributions, up from 75% a year
earlier. Among firms with under 100 employees, 91%
reported that their employees maximized their contributions so as to optimize matching employer contributions.
“This research clearly illustrates how robust employersponsored retirement plans are in Canada,” said Bill Kyle,
Senior Vice-President, Group Retirement Services at
Great-West Life. “The report shows that Canadian employers
make significant commitments to group retirement plans,
and that employees value this benefit by taking maximum
advantage of employer matching programmes.”
“The annual survey is an essential tool for monitoring the
health of Canadian capital accumulation plans (DC pensions, group RRSPs, and deferred profit sharing plans),
which play a growing role in Canada’s retirement landscape,” Kyle added. “In fact, over 50% of private sector workers now enjoy retirement plans at work, with over 70% of
this coverage provided by CAPs.”
Other findings in the report
• Overall, employer participation in group RRSPs rose in
2009: 46% of respondents said the company contributed
to their group RRSP, up from 32% in 2008.
S
• maller companies were more likely to put money into
their group RRSP. Among employers with under 100
employees, 70% make contributions, while 67% of employers with 100 to 199 employees make contributions.
• Respondents reported that employees contributed an average of 4.5% of salary to their DC pension plan in 2009,
up from 4.2% in 2008.
The 2009 CAP Benchmark Report is based on data collected
in 2009 from 264 organisations. The average DC pension
plan surveyed had assets of CAD 93 million, while the group
RRSPs surveyed had average assets of CAD 22 million.
Great-West Life has 1.2 million group retirement savings plan
member accounts and administers one in three Canadian
defined contribution retirement plans.
Smartphones help plan members
save for retirement
Great-West Life’s innovative new online calculator is helping
group retirement savings plan members see how even a small
increase in contributions to their employer-sponsored plan
can lead to a significant increase in their annual retirement
income.
“People want access to resources that can help them make
decisions about achieving their retirement savings goals,”
says Michael Campbell, Vice-President, Group Retirement
Services Marketing at Great-West Life. “This new calculator
not only helps plan members see the difference that a small
increase in contributions can make, it also allows them to
change their contribution rate quickly and easily.”
Partner News
With easy-to-read graphics, the new calculator shows plan
members what they can do to reach their retirement savings
goals. For a 25-year-old plan member currently earning
CAD 30,000 a year, an additional 1% of salary – i.e.
CAD 300 – contributed each year can add up to CAD 1,431
more in annual retirement income.
The My 1 per cent Advantage Calculator can be accessed by
plan members using their BlackBerry or iPhone smartphone
at www.my1percentadvantage.ca
“We believe we’re the first to make this type of tool easily
accessible on a smart phone,” Campbell said.
He continues: “In many instances, plan members have
access to a customized version of the calculator that
includes their employer’s matching contribution. This new
tool is just one example of the support and features we
offer to meet the changing needs of group capital accumulation plan members,”
please visit www.greatwestlife.com
or contact Mr. David Henry, Great-West Life
Phone: +1 416 552 58 02
The next Swiss Life Pension Day will take place on 20 October 2010 in Munich. Economic experts and politicians discuss the
fact that the occupational pension is more important than ever. The event will be chaired by Prof. Klaus Schweinsberg, professor
of economics and former chief editor of the economic magazin »Capital«. For more information please contact:
Schweizer Leben PensionsManagement GmbH, E-Mail: [email protected] Phone: +49 89 381 09 20 00
2010
Partner News I Ireland
Irish Life wins ICT Excellence Award
2010 – and launches innovative
pension scheme investment strategy
Irish Life Corporate Business has won the ICT Excellence Award 2010 for the IT Professional
Team of the Year, for its development of Pension Planet Interactive (PPI), a self-service platform
for employers, brokers and trustees. This is the second year in a row that Corporate Business
has been recognised at the ICT awards.
The award reflects a lot of hard work by a large group of
people to ensure that PPI is the success it is. The strategic
partnership between Irish Life Corporate Business and HR
Access, coupled with strong stakeholder involvement from
start to finish, has delivered a market-leading online pension management system, re-enforcing Irish Life as the
market leader in the group pensions market. With improvements in operational efficiencies delivered internally and
among partner organisations, this is a classic case of strategic planning bringing huge benefits to businesses through
the correct deployment of technology.
Find out more about PPI on
www.pensionplanetinteractive.ie
Personal Lifestyle Strategy No two members of a
pension scheme are identical, so why should their pension
investments be the same?
Irish Life Corporate Business now offers a new and innovative investment strategy for pension scheme members:
the Personal Lifestyle Strategy (PLS), which provides a
tailored pension investment solution for each individual.
PLS is designed to meet two very important needs for pension scheme savers:
1. It helps protect the pension fund value against market
fluctuations as members get closer to their retirement
date.
2. It directs the investment into appropriate funds that
best match the benefits that a member is likely to take
on retirement.
How does the Personal Lifestyle Strategy work? The Personal Lifestyle Strategy consists of two phases
which span the years of the member’s pension savings. It
starts from the moment the member joins the strategy up
to the retirement date.
please visit www.irishlife.ie/corporatebusiness
or contact Mr. Damian Fadden, Irish Life
Phone: +353 1 704 12 72
Luxembourg I Partner News
Swiss Life’s annual pension survey
shows gender remains an issue in
the Luxembourg workplace
In the past, women demanded the right to higher education, then equal rights with men, and
most recently the right to have a career. Nowadays, many women juggle a career and a family.
But are they completely satisfied with their lot?
Swiss Life in Luxembourg sought to answer this key question by dedicating this year’s annual survey to the topic of
women. Run during the first half of June, there was an
enthusiastic response to our invitation to women to express
their point of view online on the theme of “Women, work
and pensions”. With more than one thousand questionnaires returned, Swiss Life doubled last year’s level of participation, when both men and women were consulted.
even declare that they do not receive any non-statutory
benefits at all.
Some gender discrimination still remains Judging
Pensions: between lack of awareness and concern
from the survey findings, gender is not particularly responsible for obstacles to advancement in the job market. At
least, this is what 7 out of 10 female employees say. However, 17% of the women surveyed still indicated that they
face problems connected with their gender.
Asked whether they would be able to survive on the state
pension alone, only 12% of women replied “yes”. The rest were
divided equally between an outright “no” and “don’t know”.
More worrying, only 27% of women responding believe that
they earn the same salary as a man doing the same job, with
this apparent inequality most prevalent in the private sector. These results give pause for thought, as women tend
to mention salary when asked which aspects of their job
matter to them most.
Achieving a work/life balance Running a close second
to salary in women’s aspirations is the pursuit of a good work/
life balance. The results of the survey clearly show that women
yearn for more flexibility in their work hours. Thus, half the
surveyed women in full-time employment admit that their working hours are dictated by their employer, and 53% of them would
work part-time if they were offered the opportunity to do so.
It is interesting to note, however, that among women now
working part-time, 90% had chosen to do, and 89% have no
desire to return to full-time work. This result runs counter
to the frequent suggestion that women only work part-time
because they are forced to do so by their employer.
Seeking more non-statutory benefits Finally, one
quarter of participating women expressed dissatisfaction
regarding non-statutory benefits. 17% of working women
The responses received for the private sector indicate that
a supplementary pension scheme is offered to 66% of
women. This significant incentive is clearly appreciated,
and tops the list of sought-after benefits in a context where
few are satisfied with their pension prospects.
It also emerged that working hours have little impact on
women’s opinions with regard to retirement pensions.
Women working part-time were neither more nor less worried than their full-time colleagues. This begs the question:
are women really so unaware of the impact of working
part-time on the amount of their retirement pension?
What can be done? The results of the survey provide
an interesting snapshot of current (female) perceptions of
gender equality in the Luxembourg work environment.
One important aspect of the feedback is the strong indication that companies may be failing in their overall duty to
educate their workforce on pension matters. This is a situation that requires urgent remedy – and which Swiss Life in
Luxembourg would be happy to help its clients address.
please visit www.swisslife.lu
or contact Ms. Armelle Bary, Swiss Life in Luxembourg
Phone: +352 42 39 59 241
Partner News I South Africa
Momentum’s awarded 2010 FIA
Employee Benefits Product Supplier of
the Year for its FundsAtWork fund
Ten years ago, Momentum had a vision: to revolutionise the employee benefits arena and make
retirement funds fully responsive to their members’ needs.
Carol Atkinson, Head of Product
Development and Marketing
for Momentum FundsAtWork
In June this year, Momentum
received the Employee Benefits
Product Supplier of the Year
award for its FundsAtWork umbrella fund from the
Financial Intermediaries Association of Southern Africa (FIA).
The judging was based on product, service, and relationship excellence. Since FIA members are corporate insurance brokers and licensed intermediaries, this is a prestigious award judged by the people who sell the product.
Commenting on the award, Carol Atkinson, Head of Product
Development and Marketing for Momentum FundsAtWork
said, “This is a high accolade for Momentum and our team.
We continually strive to differentiate ourselves through
product innovation, as well as aiming to provide consistently
awesome service to our intermediaries and clients. This
award, as judged by the FIA members, shows we are getting
it right.”
FundsAtWork was launched in 2000. It now has close to
ZAR 9 billion assets under management and over 135,000
members. The umbrella fund provides retirement, insurance, lifestyle and business benefits to small and mid-sized
companies that cannot afford the administrative and cost
burdens of running their own retirement funds.
The FundsAtWork philosophy is very simple: flexibility,
transparency, value for money, and ease of use, but above all
innovation. This philosophy has led to the introduction of
numerous unique features that differentiate FundsAtWork,
including great flexibility for individual members when it
comes to choosing their individual contribution rate,
insurance cover and investment portfolios, along with total
transparency of all fees charged.
FundsAtWork is able to recognize individuals within a
larger employer group and facilitate an understanding of
their requirements. An online employer portal makes
monthly exchange of information between employers and
Momentum as easy as internet banking. Additional online
functionality includes a fully transactional website for
members, employers and brokers.
Momentum is committed to continuing to lead the market‑
place through innovation, product flexibility, and meeting
the needs of both employers and members.
please visit www.fundsatwork.co.za
or contact Mr. Nazeem Khan, Swiss Life
Phone: +27 11 485 75 58
Belgium I Country News
Early retirement employer
contributions rise
Employer contributions to bridge pension allowances and early retirement benefits were standardized
and increased on April 1, 2010.
Under new legislation, employers are now required to make
larger contributions to social
security for employees drawing
bridge pensions, whether due
to early retirement or redundancy. The government has introduced the new law in
order to dissuade employers from using early retirement
to release employees. Although the employer contribution
has been increased, the employees affected will not receive
any additional benefits from this.
The rise in employer contributions applies to all employees
notified of early retirement or made redundant after October 15, 2009. It became effective on April 1, 2010. Employer
contributions will be calculated based on the allowance
payable on top of the retirement benefit, at a fixed percentage based on the employee’s age at the time of receiving
early retirement benefits. The contributions will no longer
decrease as the employee nears the standard retirement
age.
Increased employer contributions Until April 1,
employer contributions were 32.25% of the additional allowance at the minimum early retirement age of 50. Employers are now obliged to make the following contributions on the additional allowance:
Age 50–51: 50%
Age 52–54: 40%
Age 55–57: 30%
Age 58–59: 20%
Age 60 or older: 10%
Companies in financial difficulties can apply to pay lower
contributions.
Assistance for employers To help companies deal
with the new legislation, Swiss Life Network partner
Delta Lloyd Life can assist companies by assuming the payments of additional allowances and employer contributions for former employees. In order to do this, a single
premium amount is calculated and charged to the employer,
after which Delta Lloyd Life is liable for the payment of allowances to former employees. The solution also enables
the tax optimisation of the costs of redundancy and corporate restructuring, since a one-off payment and hence cost
allocation is now possible. This is also a practical solution
for companies wishing to run-off their operations in Belgium.
please contact Mr. Michel Moreau, Delta Lloyd Life
Phone: +32 2 238 89 11
Country News I India
New regulations on ULIPs benefit clients
India’s Insurance Regulatory and Development Authority (IRDA) issued new guidelines on unitlinked insurance plans (ULIPs) at the end of June, which come into force on September 1, 2010.
While these guidelines apply for the individual business, these regulations will have a major impact on the Indian life insurance industry in general.
All ULIPs to have a lockin period of five years The
Minimum guaranteed return of 4.5% p.a. at maturity on pension and annuity products All ULIP
lock-in period for all unit linked
products has been increased
from three years to five years,
including top-up premiums,
thus emphasising their function as long-term financial
instruments that provide risk protection. During this
period, no residuary payments on policies that have lapsed
or been surrendered or discontinued will be made. Such
residuary payments will now be payable at the expiry of
the lock-in period.
pension and annuity products must now offer a minimum
guaranteed return of 4.5% per annum, or as specified by
the IRDA, on the maturity date. The accumulated fund
value of unit linked pension and annuity products is the
fund value at the maturity date. Life cover and/or health
cover may be provided with such products as riders.
Level premiums are now mandatory for regular
premium and LPP (limited premium payment)
policies All regular premium/limited premium ULIPs
must now have uniform, level premiums. Any additional
payments will be treated as single premiums for the purposes of insurance cover.
Minimum LPP term of five years The minimum
period for which premiums must be paid has been increased
from three to five years, thereby ensuring that clients
remain invested for longer.
Charges to be distributed evenly during the lockin period Charges on ULIPs must now be evenly distributed during the lock-in period, thus eliminating high
front-end loading of expenses.
Minimum life or health cover to be provided by
all ULIPs, except pension and annuity plans All
unit linked products, other than pension and annuity
products, must provide a minimum level of life or health
coverage, thereby increasing the risk component in such
products. The amounts are set depending on age at entry.
No partial withdrawals are allowed for unit linked
pension and annuity products, and there can be no
lump sum payout options on surrender or maturity
Partial withdrawals are not allowed during the accumulation phase in the case of unit linked pension and annuity
products, and the insurance company must convert the
accumulated fund value into an annuity on the vesting
date. However, insureds will have the option to commute
up to a maximum of one-third of the accumulated value as
a lump sum at the time of vesting. In the case of surrender,
only a maximum of one-third of the surrender value can
be commuted after the lock-in period. The remaining
amount must be used to purchase an annuity.
Cap on loss on yield A cap has been introduced for
loss on yield for every policy year starting in the fifth policy
year, starting at a maximum of 4% and reducing to 2.25%
after 15 annual premiums have been paid.
Cap on surrender penalties from 1st to 4th policy
year Caps have been set on surrender charges for the first
four years of a policy, depending on the size of the premium.
There will be no surrender charges from year five onwards.
please contact Mr. Sandeep Shrikhande, Kotak Life Insurance
Phone: +91 22 666 21 59 99
Ireland I Country News
Higher retirement age proposed
for Ireland
A National Pensions Framework Document was issued by the Irish government in March 2010,
outlining proposed changes to the retirement pension system.
The government of Ireland
recently set out three major
proposals regarding retirement
pensions:
1. Increase in the normal retirement age Normal
Retirement Age under Social Security will increase from
age 65 to age 68, phased in from 2014 to 2028.
2. Mandatory enrolment of employees From 2014,
employers will be required to automatically enrol employees above age 22 in a defined contribution plan (provided
they are not already included in a qualified employer plan).
The mandatory plan will feature employer contributions of
2%, employee contributions of 4%, and government contributions of 2% of salary. Note, however, that this will apply
only to employees earning above EUR 332 per week. The
amounts involved will be adjusted for inflation in future.
3. Tax relief Up to 33% tax relief will be available on
employee contributions.
Note that while the framework document did not include
any easing of the statutory minimum funding standard
for Defined Benefit plans, the Pensions Board has now
granted a five-month extension to any plan facing a funding proposal deadline of June 2010.
It is expected that more details will be provided once the
government has developed the ideas further and received
reactions to the proposals. Given the economic environment, there is considerable uncertainty surrounding the
timing and exact nature of the implementation of these
proposals.
please contact Mr. Damian Fadden, Irish Life
Phone: +353 1 704 12 72
Country News I Singapore
Reemployment mandatory for
older workers from 2012
Rather than raise the age of retirement, as of 2012, a new law requires employers to offer
reemployment to workers who have reached the statutory retirement age of 62. The legislation
thus extends employment for older workers, initially to age 65 and later to age 67. Final guidelines were recently released to help employers become “reemployment ready”.
Based on feedback from members of the public, the Tripartite
Guidelines on Reemployment
of Older Employees were recently
issued by a committee made up
of government, employer and
union representatives.
The guidelines require employers to reemploy the majority
of their older workers, and to offer jobs to all employees
who are medically fit and perform satisfactorily or better.
Employers are required to start talking to the employees
involved at least six months before they reach age 62,
although they are not required to offer them the same job
or the same pay. Employment benefits such as annual leave
and sick leave must continue, however at the level appropriate for the reemployment job.
Reemployment will continue up to age 65, with contracts
renewable annually, provided the employee remains fit and
able to perform satisfactorily. If medical costs become an
issue, caps on medical benefits, co-payments, or additional
employer Medisave contributions can be considered.
If reemployment is not possible, employers must offer a
one-off Employment Assistance Payment (EAP) to be used
by the employee while looking for alternative employment.
The guidelines suggest a minimum of USD 4,500 and a
cap of USD 10,000.
Changes to the Central Provident Fund The re
employment legislation complements changes to the Draw
Down Age under the Central Provident Fund. The Draw
Down Age, at which employees can access their savings, will
rise from 62 to 63 in 2012, to 64 in 2015, to 65 in 2018,
and later to age 67.
Employers with existing reemployment policies will need
to check that these are compatible with the guidelines,
while companies without such policies should start to put
these in place as soon as possible, in time for the 2012
deadline. Adjustments to existing insurance and medical
plans may be necessary to cover reemployed staff.
please contact Mr. Cedric Luah, Swiss Life
Phone: +65 640 71 37 3
Client Interview
Interview with Sarah Le Guluche,
Compensation & Benefits,
Electronic Arts, Switzerland
Our occasional series of interviews with senior employee benefit professionals continues with
the thoughts of Sarah Le Guluche of Electronic Arts, who also gives us an insight into how her
company uses employee surveys.
Sarah Le Guluche,
Compensation & Benefits
at Electronic Arts
What characteristics in your employees do you
most admire? We have an amazing group of people
working for EA across the globe, who are incredibly passionate about gaming and the titles we develop. Since I
joined EA, I have admired the creativity of our employees,
especially in our development and marketing teams. I am
When did you start at always amazed by the innovation and quality of our prodElectronic Arts and why did ucts, and look forward to finding out what new products
you choose to work there? we will be launching next.
I started working at Electronic
Arts’ global headquarters in Redwood City, California, in What were the most important factors when
November 2003. As a graduate fresh out of university, the choosing the Swiss Life Network for your emopportunity to work for a company with a young and cre- ployee benefits, and what are your expectaative workforce was very attractive. In addition, the job role tions? When evaluating benefits providers, we are
was interesting as it allowed me to gain exposure to three always looking for a provider that is able to deliver on price,
different functions within HR: compensation, benefits and coverage conditions, and customer service. In several of
mobility.
our locations across Europe, we have found that Swiss Life
Network partners are very competitive on these three key
After three years working for EA in the US, I was given the criteria.
opportunity to move to our international headquarters in
Geneva, Switzerland, and take on a role within the Euro- Looking ahead, what do you think the future holds
for employee benefits? Considering the ongoing ecopean compensation and benefits team.
nomic instability, I would expect employers to continue
What characteristics do you consider most im- monitoring the effectiveness of their employee benefit proportant for a successful compensation and ben- grammes and to focus on optimising their benefits spend.
efits function? For a successful compensation and The trend in the last few years has been towards compabenefits programme, I have found it vital to focus on main- nies aggressively pursuing premium savings on core bentaining the connection between the compensation and benefits such as medical and risk insurance through regular
efits strategy and the company’s overall business strategy. tender exercises and cost-sharing. While I expect this to
Before implementation, any new programme or pro- continue, I believe companies will also look for additiongramme change should be measured against how it will al ways to leverage lower-cost perks and voluntary benefits
help support the business objectives. Company culture and to make their benefit programmes attractive to employees
employee demographics also play an important role in and new recruits as the economy recovers.
compensation and benefits programme design. It is critical to understand what employees value and how they
view total rewards, to be able to deliver programmes that
create value for both the business and the individual.
Interview
What is your opinion on market research and
surveys; are they of value for your daily work?
While I value market research and survey data, I feel that
this is only one factor among many (e.g. business strategy,
budget constraints, company culture and demographics,
local legislation, etc.) to consider when designing or updating reward programmes.
That said, when setting up a benefits programme in a new
location or industry, survey data can be very helpful in
assessing what is considered “typical” practice in that
location or field. It can also be helpful when reviewing existing programmes to ensure they are still in line with the
market. What I’ve found lacking overall from benefits
data are specific programme design details – we therefore
tend to turn to our local brokers or insurance partners for
guidance on the particulars.
Profile Electronic Arts
Electronic Arts Inc. (EA), headquartered in Redwood City, California,
is a leading global interactive entertainment software company.
Founded in 1982, the company develops, publishes, and distributes interactive software
worldwide for video game systems, personal computers,
wireless devices and the internet.
EA’s homepage and online game site is www.ea.com
Your company probably conducts employee
surveys – how do they influence your employee
benefit strategy? EA conducts formal and informal
employee surveys on a regular basis at both global and
local levels, which helps us keep an active eye on our business. In some of these surveys, we ask for employee feedback on pay and benefits. We value all feedback on our reward programmes and take this into consideration, among
many other factors, when reviewing our policies and programmes.
Because of your commitment to the organisation
there must be one thing you miss, for example,
time with family, or travelling to relax, or a favourite hobby. What is it? My move to Europe with
EA four years ago really fuelled my love of travel and the
desire to explore other parts of the world. Of course it
would be fantastic to have more time to spend discovering new countries and cultures, but for now, I consider myself lucky to be able to travel even a few weeks each year.
*Opinions expressed here reflect the personal view of the person
interviewed.
Network partners and branch offices
Country
Network Partner
Website
Contact
E-mail
Argentina
Galicia Seguros S.A.
www.galiciaseguros.com.ar
Ms. Lucía ARMANDO
[email protected]
+54 11 411 48 12 9
Australia
Hannover Life Re of Australasia www.hannoverlifere.com
Ms. Kristine NUGENT
[email protected]
+61 2 925 16 91 1
Austria
Wiener Städtische
www.wienerstaedtische.at
Ms. Monika ARNOLD
[email protected]
+43 50 350 22 08 7
Belgium
Delta Lloyd Life
www.deltalloydlife.be
Mr. Michel MOREAU
[email protected]
+32 2 238 89 11
Brazil
Icatu Seguros
www.icatuseguros.com.br
Ms. Vanessa DONKE
[email protected]
+55 11 347 23 91 6
Canada
Great-West Life
www.greatwestlife.com
Mr. David HENRY
[email protected]
+1 416 552 58 02
Chile
Cruz del Sur
www.cruzdelsur.cl
Mr. Juan Pablo ACHONDO
[email protected]
+56 2 461 83 43
China
Ping An of China
www.pingan.com.cn
Ms. Anne WAN
[email protected]
+86 21 386 38 68 5
Colombia
Seguros Bolívar
www.segurosbolivar.com
Ms. Valentina ESTRADA
[email protected] +57 1 312 26 00 ext. 7031
Czech Republic Kooperativa
www.koop.cz
Mr. Michal DLHOPOLCEK
[email protected]
+420 221 000 172
Denmark
Danica Pension
www.danicapension.dk
Mr. Peter MØRCH
[email protected]
+45 45 13 59 35
PFA Pension
www.pfa.dk
Ms. Lotte ELSBORG
[email protected]
+45 391 75 00 0
El Salvador
Aseguradora Mundial
www.amundial.com.sv
Ms. Zuleika TELLO
[email protected]
+507 207 86 27
Finland
Ilmarinen
www.ilmarinen.fi
Ms. Riitta RÄSÄNEN-RUGEMALIRA [email protected] +358 10 284 26 28
France
Swiss Life (France)
www.swisslife.fr
Ms. Anne-Gaëlle COLIN [email protected] +33 1 408 22 24 7
Germany
Swiss Life (Germany)
www.swisslife.de
Ms. Marion VINTZ
[email protected]
+49 89 381 09 18 72
Greece
Groupama Phoenix
www.groupama-phoenix.gr
Mr. Dimitris KALOUDIS
[email protected]
+30 210 937 62 44
Guatemala
Aseguradora Mundial
www.amundial.com.gt
Ms. Zuleika TELLO
[email protected]
+507 207 86 27
Seguros de Occidente
www.occidentecorp.com.gt
Mr. Wilber BARRIOS
[email protected]
+502 22 79 70 00 ext. 9373
Honduras
Aseguradora Mundial
www.amundial.com.hn
Ms. Zuleika TELLO
[email protected]
+507 207 86 27
Hong Kong
Sun Life Hong Kong Limited
www.sunlife.com.hk
Mr. Cliff CHAN
[email protected]
+852 318 66 52 9
Hungary
UNION Biztosító
www.unionbiztosito.hu
Ms. Dóra VARHELYI
[email protected] +36 1 486 43 66
India
Kotak Mahindra Old Mutual Life www.kotaklifeinsurance.com Mr. Sandeep SHRIKHANDE
[email protected]
+91 22 666 21 59 99
Ireland
Irish Life
www.irishlife.ie
Mr. Damian FADDEN
[email protected]
+353 1 704 12 72
Italy
Apulia previdenza
www.apuliaprevidenza.it
Ms. Donatella CAPONE
[email protected]
+39 02 725 66 74 5
Japan
Meiji Yasuda Life
www.meijiyasuda.co.jp
Mr. Yasuo SATO
[email protected]
+81 3 32 83 87 79
Korea
Korea Life
www.korealife.com
Mr. Chang-Mo KIM
[email protected]
+82 2 789 79 66
Luxembourg
Swiss Life (Luxembourg)
www.swisslife.lu
Mr. Steve GOEDERT
[email protected]
+352 423 95 92 33
Malaysia
Hong Leong Assurance
www.hla.com.my
Mr. Daren NG
[email protected]
+60 3 765 01 35 8
Mexico
Seguros Inbursa
www.inbursa.com
Mr. Jorge NAVARRO
[email protected]
+52 55 532 50 42 3
Netherlands
Zwitserleven
www.zwitserleven.nl
Mr. Charles ALBERS
[email protected]
+31 6 134 48 63 4
New Zealand
Hannover Life Re of Australasia www.hannoverlifere.com
Ms. Kristine NUGENT
[email protected]
+61 2 925 16 91 1
Nicaragua
Aseguradora Mundial
www.amundial.com.ni
Ms. Zuleika TELLO
[email protected]
+507 207 86 27
Norway
Danica Pensjon
www.danica.no
Ms. Nina FRIVOLD
[email protected]
+47 85 40 53 98
Vital Forsikring
www.vital.no
Mr. Tor MYRSETH
[email protected]
+47 934 07 43 4
Panama
Aseguradora Mundial
www.amundial.com
Ms. Zuleika TELLO
[email protected]
+507 207 86 27
Philippines
First Life
www.firstlife.com.ph
Ms. Ninian CEDO
[email protected]
+63 2 893 30 24
Poland
Compensa Life
www.compensazycie.com.pl
Mr. Sebastian BOROWSKI
Portugal
Groupama Seguros
www.groupama.pt
Mr. Nuno SILVA
[email protected]
+351 21 792 32 40
Russia
Rosgosstrakh
www.rosgosstrakh.ru
Ms. Olga TRUBACH
[email protected]
+7 495 783 24 24
Singapore
NTUC Income
www.income.com.sg
Ms. Sharon LOH
[email protected]
+65 686 67 25 1
Slovakia
Kooperativa
www.koop.sk
Mr. Štefan PAL’OV
[email protected]
+421 2 572 995 95
South Africa
Momentum BenefitsAtWork www.momentumcb.co.za
Mr. Nazeem KHAN
[email protected]
+27 11 485 75 58
Spain
VidaCaixa
www.vidacaixaprevisionsocial.es Ms. Ana DELGADO [email protected]
+34 93 227 89 57
Sweden
Danica Pension
www.danica.se
Mr. Tomas OLOFSSON
[email protected]
+46 752 48 04 06
Switzerland
Helsana
www.helsana.ch
Mr. Michael SOFKA
[email protected]
+41 43 340 64 30
Swiss Life (Head Office)
www.swisslife.ch
Mr. Roger BOPP
[email protected]
+41 43 284 67 89
Taiwan
Kuo Hua Life
www.khltw.com
Mr. Hunter HSU
[email protected]
+886 2 555 19 78 8
Thailand
Bangkok Life Assurance
www.bla.co.th
Mr. Taweesak DEJPRASIT
[email protected]
+662 777 8888 ext. 8441
Turkey
New Life
www.nly.com.tr
Mr. Saner ÜSTÜNEL
[email protected]
+90 212 275 46 60
United Kingdom Bupa International
www.bupa-intl.com
Ms. Jette HOLTEN
[email protected]
+45 33 15 30 99
Unum
www.unum.co.uk
Mr. Colin FITZGERALD
[email protected]
+44 1306 873 04 7
USA
Dearborn National
www.dearbornnational.com Mr. Matthew REDDY
Venezuela
Seguros Comerciales Bolívar www.segurosbolivar.com
Mr. Claudio HERNANDEZ
Telephone
[email protected]
+58 212 905 97 56
Swiss Life Network
General-Guisan-Quai 40
CH-8022 Zurich
Phone +41 43 284 37 97
Fax +41 43 284 39 97
www.swisslife-network.com

Swiss Life Network Newsletter

Transcripción

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