Benefits & Rewards
Here at Leeds Building Society, we recognise that our strength lies within our people and we want to reward the contribution they make. To do this, we offer a comprehensive benefits package, which includes everything from a preferential mortgage rate to discounted parking.
Our holiday year runs from 1st January to 31st December.
Depending on your band and length of service, holiday entitlement for a full time employee is as follows:
|Service at 1st January||Team Player Band||Team Manager / Specialist and Business Manager / Professional Bands||Business Leader Bands|
|Up to 5 years||23 Days||26 Days|
|5-10||24 Days||27 Days||30 Days|
|10 years plus||27 Days||30 Days|
Eligible colleagues have the opportunity to purchase up to 5 days additional annual leave (or equivalent pro-rata for part time colleagues) through a salary sacrifice arrangement. The window to apply opens at the end of every holiday year.
The Society works in partnership with KiddiVouchers to provide a childcare voucher scheme to all colleagues.
Childcare vouchers provide an easy way for working parents to save on the cost of childcare. Suitable for children up to age 15, childcare vouchers can be used for a wide range of care, from nurseries and childminders through to holiday camps and breakfast clubs.
Simply by signing up for childcare vouchers, parents can enjoy automatic savings in tax and National Insurance. The savings are up to £1,196 a year and both parents can take part to benefit even more. Most parents choose electronic vouchers, which can be transferred straight into a carer's bank account for quick and convenient payment.
The Society offers a discretionary bonus scheme for colleagues in Team Player, Team Manager/Specialist and Business Manager/Professional bands which may be changed from time to time to reflect business requirements.
On the completion of your probationary period, you are eligible for a colleague mortgage at a concessionary rate of interest.
There are three colleague mortgage products:
- Standard Colleague Mortgage Rate
- Shared Ownership Colleague Mortgage Rate
- Buy to Let Colleague Mortgage Rate
There is a limit of one Colleague Mortgage Scheme product per colleague
The Society uses a model to assess affordability. The standard lending policy applies to all colleagues applying for a mortgage and this will determine the maximum lending limit.
The savings made on the Colleague Mortgage Scheme are treated by HMRC as a ‘benefit in kind’. This means that colleagues pay tax on the amount saved, as if it had been earned as part of basic salary. However, the savings are still great and an example of how the tax is applied is shown below, for information. The waiving of fees for colleagues and the discount on home insurance are not considered by the HMRC to constitute a ‘benefit in kind’.
Terms and Conditions apply.
As a Society we value the health and wellbeing of all our colleagues. To assist us in achieving this balance we have a Colleague Assistance Programme in place.
The Employee Assistance Programme is designed to support with the day to day challenges we all face at one time or another. You have access to professional, qualified advisers who are trained to help you 24 hours a day, 365 days a year. It is a free benefit to use and it’s confidential.
CycleFlex is a scheme which enables all UK based colleagues to enter into a salary sacrifice arrangement and receive a loan of a cycle and cycle safety equipment of their choice, up to a maximum of £1,000, with an additional saving of tax and National Insurance on the value sacrificed.
There are two joining windows each year, a three week period in July and a three week period in December. Each scheme year runs for 12 months from 1st August and 1st January each year. You will not be eligible to join the scheme at any other time.
The Society has negotiated discounted corporate rates for a dry cleaning collection and delivery service from our Head Office, in Leeds City Centre.
Dry Green is an environmentally friendly company who do not use carcinogenic chemicals or produce hazardous waste and CO2 emissions, therefore, supporting the Society's commitment to being 'green'.
The Society has a monthly Excellence in Action scheme, in which nominations can be made to reward an individual or a team.
The breakdown of awards are:
- Gold - £300
- Silver - £150
- Bronze - £75
- Special Recognition - £50
If you nominate a colleague for an award, and they are successful, you will receive £20 of High Street Love2Shop Vouchers.
The Society offers all colleagues a free eye test every two years with Specsavers Opticians.
If glasses are required for VDU use, you will be able to choose a free pair of glasses from the £45 range.
The Society has negotiated a discounted rate for The Gym, Leeds Core and Newcastle East, which offers a corporate discount of £13.99 per month and only a £10 joining fee (normally £20). There is no contract and the Gym is open 24/7.
All colleagues can also benefit from 20% corporate membership via Bodyline which allows access to all Leeds City Council leisure centres.
Corporate Membership at Nuffield Health Leeds – The Light is also available at a discounted rate.
As part of our commitment to colleague health and wellbeing, the Society offers all UK colleagues between the age of 16 and 69 a Health Cash Plan which will provide you with cash-back for everyday health care including dental and optical costs.
The Society pays the annual cost of Level 1 cover. This is a benefit in kind which is taxable but you will only pay the tax on the benefit.
You are able to increase the level of cover or add your partner and you will only pay the additional costs through a deduction from your net monthly salary.
The Society participates in the Leeds Lucky Numbers lottery draw which is restricted to employees based in the UK, who are aged 16 or over.
The cost of joining Leeds Lucky Number is £2.00 per month which is deducted from your monthly salary, with 20% of the proceeds supporting the Societies charities.
Prize fund will be paid to the winners on the following basis:
1st prize – 70%
2nd prize – 20%
3rd prize – 10%
Colleagues benefit from life cover provided by the Society of four times their basic salary. This benefit ceases at 65 years of age.
The Society is very proud of our colleagues who have given us long and loyal service. Colleagues are awarded for a long service award at 10, 20, 30 and 40 years of service including any colleagues who also retire from the Society.
The award is £20 for each completed year of service, and issued in the form of a Love2Choose Extra card along with a bottle of champagne.
At Leeds Building Society the most important thing is you. That’s why we like to recognise when colleagues exceed expectations and show outstanding customer service.
'Nominate a Star' is a monthly recognition scheme which gives our customers the opportunity to tell us about the excellent service they receive from our colleagues.
All nominations are received on a monthly basis and the winners of a Nominate a Star award receive £25 tax free in their salary.
The Defined Contribution section of the Leeds Building Society Staff Pension Scheme ("the Scheme") commenced on 1 January 2000. The Scheme has been set up to provide you with a pension pot which will be used to purchase a pension and other benefits for you at retirement or for your family or dependants if you die before retirement.
We contribute a minimum of 2% of your salary, rising to 8%, depending on your age. If you decide to pay additional contributions we'll match them up to a maximum of 6%, depending on your age. Your contributions will be made under the salary sacrifice arrangement called Leeds Flex, unless you opt-out.
The normal pension age in the Scheme is 65 years, but with the Society's consent you can receive your pension from age 55.
The Society offers a Private Medical Insurance scheme through AXA PPP Healthcare, one of the UK's leading healthcare insurers.
Eligibility of the scheme is subject to an employee's job band and length of service:
|Team Player||After 5 years' service|
|Team Manager/Specialist 1 to Business Manager/Professional 1||After 2 years' service|
|Business Manager/Professional 2 and above||On joining the Society|
The provision of Private Medical Insurance by the Society for eligible colleagues is a taxable benefit in kind, and is reported on colleagues P11D returns.
Colleagues who are currently not eligible for the Private Medical Insurance benefit, (due to job band or length of service), have the option to elect to access and pay for this benefit for themselves and their dependants.
The Recommend a Friend scheme is open to any colleague introducing a friend, family member or professional contact to work at the Society.
For every successful introduction you make to the Society, we’ll thank you with £500.
The Staff Association is independent of the Society and is the only Trade Union recognised by the Society for the purpose of consultation and negotiation on the terms and conditions of your employment.
The Association supports individuals through any changes made by the Society and staff have access to our consultants when the need arises.
The Society offers colleagues an interest free loan to purchase an annual season ticket for bus or train travel, which is repaid through monthly deductions direct from your salary.
We have negotiated discounted rates with:
First West Yorkshire
Interest free season ticket loans are an excellent way of reducing the cost of your commute to work.