Financial Well-being
Your Smart Saving programmes at American Express are here to help you manage your finances. From building your savings to reaching your financial goals, you’ll find easy access and plenty of support in FYB Flex.
Covering all aspects of financial well-being from retirement and savings to managing wealth, discounts and budgeting. You can find support and select the benefits that suit your pocket all year round on The Square.
Aviva Master Trust Workplace Retirement Account
The Aviva Master Trust Workplace Retirement Account is a flexible, tax effective way to save for your retirement. Whether you dream of sunning yourself in the Med, trekking through the Himalayas, or simply spending quality time with your loved ones, it’s important that you make sure you are saving properly for your future.
All colleagues will receive a core 7% contribution paid by American Express and you will pay a 3% contribution.
Increase your contribution to 7% or above to receive the maximum American Express contribution of 11%. Take a look in the cost breakdown to see how your contribution is matched.
You can access details about the Retirement Account, other savings options and access to tools, video content and many other resources here.
Are there any flex options?
Auto-enrolment rules apply but you can select to pay less or opt out of the plan. You can adjust your pension contributions each month and take advantage of the company matching contributions when you increase.
You should consider the HMRC annual and lifetime allowance limits as these may apply to you. Take a look at the Salary Sacrifice Guide available in FYB Flex for more details.
When can I make changes in FYB Flex?
New joiners are enrolled directly into the Plan and will receive a Core Contribution from American Express in return for a minimum personal contribution. You can edit your personal contribution level during each monthly enrolment window.
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Stocks & Shares ISA and General Investment Account
As well as your Aviva Master Trust Workplace Retirement Account (WRA), the American Express UK Savings Plan is made up of the Aviva Stocks and Shares ISA and Aviva General Investment Account (GIA) to help you save for your other medium to long-term financial goals.
Saving into an ISA or a GIA is great way to save for your more immediate future as it is flexible and your selected investment savings can be adapted depending on your approach to investment risk.
Once selected in FYB Flex, you will pay directly from your pay into your chosen investment account. You can then use your Aviva account to withdraw money and manage your funds.
It’s important to remember that the value of investments can fall as well as rise and is not guaranteed – this means that you could get back less than has been invested.
Are there any flex options?
You can select ISA and General Investment accounts saving options.
When can I select it in FYB Flex?
You can select this benefit during the monthly enrolment windows.
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Life Assurance
Should you pass away while employed by American Express, you can have peace of mind that your nominated beneficiaries would receive a payment of four times your basic annual salary. This is to ensure they are financially taken care of.
Are there any flex options?
Colleagues may have the option to increase cover up to 12 times your salary.
When can I select it in FYB Flex?
You can select this benefit immediately on joining American Express and have the option to increase cover up to 12 times your salary. You can then make changes during the following annual enrolment window or after experiencing a Life Event. Please check FYB Flex for the options available to you.
When making your selections please ensure that your Nomination of Beneficiaries task is up to date in FYB Flex, as this will help the Trustees understand your wishes. The online task is available 24/7 for you to check or update.
Make a claim
In the unfortunate event of a claim, your dependants should contact the UK Benefits team at cboperations.emea@aexp.com.
Payment of a claim would normally be arranged by the Trustees of the American Express UK Life Assurance Plan, working with the provider.
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Critical Illness Insurance
If you have selected this benefit and you are diagnosed with an eligible medical condition, then you may find your personal situation dramatically changes. This insurance is designed to help you adjust to these changes by paying out a tax free lump sum. Critical Illness cover also enables yourself and your family to access cancer support services with Unum’s Cancer Support Service, provided by Reframe.
Are there any flex options?
This is a voluntary benefit with no core cover. It is offered to you at a reduced rate across various levels of cover for yourself and your partner. Any children you have aged between 6 months and 18 years will automatically be covered at the same level as you.
When can I select it in FYB Flex?
You can select this benefit in FYB Flex immediately on joining American Express and make changes during the following annual enrolment window or after experiencing a Life Event.
Make a claim
In the unfortunate event of a claim, you should call Unum claims UK at 01306 873 243 and request a “Critical Illness Employee Claim and Consent Form”. If settled, the claim will be paid directly to you by Unum.
The diagnosis needs to match the qualifying definition before payment can be made (see the technical guide for details), and you need to survive for a period of at least 14 days or any longer period specified in relation to a particular condition, from the date of diagnosis or operation in order for the benefit to be paid.
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Income Protection
Should you find yourself off-work for a prolonged period due to a number of specified illnesses, upon acceptance of a claim by our provider Zurich, you may receive a proportion of your earnings (maximum of 2/3 salary for a maximum of 5 years).
Zurich can also provide comprehensive support, through their medically qualified rehabilitation team, to help you get back to work when you’re ready.
Are there any flex options?
This is a core company funded benefit with no option to flex cover.
When can I select it in FYB Flex?
You’ll receive this benefit immediately on joining American Express. You should take the time to understand the detail with regards to this benefit in FYB Flex.
Make a claim
All claims must be made through leader referral to the UK Employee Relations Leaders Advice Line. Call 0330 123 0269 or email UKERLeadersAdvice@aexp.com. Lines are open 9.30am - 4.30pm Monday to Friday.
CEG will work together with the leader, Zurich and where necessary internal parties (for example Occupational Health) to gather pertinent information in order to make a claim. Once Zurich have been notified of a claim, they will appoint a Dedicated Case Manager (DCM) who will call the colleague to find out more about their situation and will determine if the colleague is eligible for the Income Protection scheme. The DCM will also liaise with Zurich’s rehabilitation services team to determine if the colleague could benefit from any rehabilitation support and will where necessary help to facilitate the return to work.
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Independent Financial Education support from Nudge
Nudge is a Smart Saving resource provided by American Express to help you make the most of your money. Whether you want to build up a nest egg for the future, understand more about your pension, or find advice on mortgages – Nudge will deliver updates personalised to you when you need them most. Getting started is as easy as clicking here, use the SSO login, take your financial health check and share what you want to do with your money.
If there’s something you really need to know about – like a change in how much you can save tax-free for instance – you’ll receive a ‘nudge’. Check back in regularly for tips, advice and more in your Live Feed. You can add a mobile number to your profile to make sure you never miss a ‘nudge’.
Nudge is available from any device at smartsavingnudge.com
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Smart Spending Portal
A fantastic way for you to save money on the day-to-day purchases and the bigger ones with access 24-7 via aexpsmartspending.com (select Okta for single sign on from your work laptop) or as an iOS or android app for your mobile – available via CEG Mobile Apps.
Smart Spending offers a wide variety of discounts at over 3,000 different retailers, including: Boots, B&Q, John Lewis, IKEA, Marks & Spencer, Sainsburys, and many more.
With a range of options from instore discounts direct to your phone to cash back on your online purchases, the Smart Spending portal is very flexible. You can choose from a range of categories including fashion, home and garden, healthy living and a green shop or search using the ProductFinder.
More details about the discounts available can be found on the Smart Spending portal, in FYB Flex.
If you are a new to American Express it can take up to a month for your Smart Saving account to be set up. Any problems contact the Smart Spending help desk with Reward Gateway on 0845 299 0908.
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AIA Bonus Exchange
If you are eligible for the Annual Incentive Award (AIA) you may choose to exchange some (or all) of your bonus for an equivalent, one-off, additional contribution from American Express into your pension. By doing this you can save on National Insurance Contributions (NICs) and also benefit from pension tax relief at your highest rate.
Each January eligible colleagues will receive an email from CEG UK to let them know when the AIA Bonus Exchange is selectable in FYB Flex.
Cycle to Work
The Government sponsored Cycle to Work scheme is a great way for you to save money on a bicycle and related safety equipment for the purpose of cycling to work. Simply choose a new bicycle and equipment up to the value of £1,000 and submit your choices in FYB Flex. You will receive a voucher to buy the bike and accessories that you will lease from us for a 12-month period. Repayments are made via Salary Sacrifice.
Are there any flex options?
No, but the total cost of your bike and accessories can be anywhere between £1 and £1,000 to qualify for the voucher.
When can I select it in FYB Flex?
You can select this benefit during the monthly enrolment windows. Once selected, the benefit lasts for 12 months and can be re-selected after that time.
How to get a bike
Prior to selecting a letter of collection (LOC) amount you will need to choose your bike. There are two ways of choosing your bicycle:
- Either go to your nearest Halfords store or;
- Search online at www.halfords.com
Make an exact note of all the items you want and the cost (including VAT) so that you know the value of the LOC you will need to make the purchase. Always make sure that the bike that you want is in stock. You can ask Halfords or the independent retailer if they will reserve the bike for you under the Cycle to Work scheme.
The LOC can be used in many independent bike shops across the UK. Contact Halfords to find it if your local bike shop accepts their LOC.
At work: The Square | FYB Flex UK Anytime on any device: fybflexuk.com
This guide is designed as an aid to understanding. Every effort has been made to ensure accuracy in the guide, however FYB Flex is the system of record for benefit information and rates. Benefit providers may amend terms & conditions related to each benefit.