JLT Employee Benefits (“JLT EB”) has entered into a partnership with financial wellbeing specialist Nudge Global (“Nudge”), which will allow JLT EB to provide Nudge’s financial education software to clients through its employee benefits platform, BenPal.
BenPal provides access to benefit details for well over one million users. Demand for the service has risen significantly as three factors concur to create a need for greater financial literacy among employees:
- Employees need help to navigate the changes brought by the pension freedoms
- Employers are looking to complete the wellbeing jigsaw by adding “financial wellness” to physical and mental wellbeing programmes already in place
- Employers are keen to refresh and drive more value from existing benefit packages
Through Nudge’s SaaS software, JLT EB will be able to provide clients with on-demand financial education, which is designed to improve their financial understanding and increase their ownership over their financial circumstances.
The system will be integrated into BenPal and available to all of the platform’s users, alongside BenPal’s other features, including its proprietary pension modelling tool.
Andrew Drake, Head of Reward & Benefits at JLT Employee Benefits, says: “As we continue to develop our benefits network, the time is now right to add to our existing financial wellbeing solutions. There are a number of really interesting providers in the financial education space and, following a rigorous selection process, we found Nudge was the most suited partner for us. Their offering and expertise perfectly complements BenPal and our Your Future solutions, and their data driven solution has proven its success in the UK market. This partnership will bring a huge additional value for our clients.”
Jeremy Beament, Director at Nudge Global, comments: “Our latest research, “Financial Education – The Definitive Guide” confirms what most people have long suspected - the workplace financial education market is booming. Furthermore, 79% of reward leaders say that financial education improves employee understanding and appreciation of their reward and benefits. We are delighted to be able to support JLT Employee Benefits and their clients with our automated technology and direct industry experience.”
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Notes to Editors
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Jeremy Beament | Jeremy.Beament@nudge-global.com
BenPal is JLT’s online management solution delivering automated and secure processing of benefits. It delivers a wide range of services including Employee Engagement through Total Reward, Flex Benefits and communications as well as the ability to combine both DC and DB pension schemes under a consistent technology.
About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.