OSB Group – Employee benefits package

At OSB Group we understand the value our people bring to the success of the Bank, which is why we do our very best to give back. We’ve put in place an extensive and robust benefits package which we hope proves this.

We understand the huge contribution that our staff make to the success of the Group. Rewarding and retaining our highly valued employees is enormously important to us as is attracting new top talent to join us.  With this in mind we are proud to offer a wide ranging and compelling benefits package

In addition to the financial benefits of our package, our health and insurance benefits seek to support both physical and mental wellbeing and also provide peace of mind. Work:life balance is also a key factor, which we seek to contribute positively to by way of our strong annual (and additional) leave offering and our approach to Hybrid Working.

The following is a broad summary of the Group’s employee benefits at the current time:

Financial

  • Discretionary Bonus Scheme – Annual opportunity of 12.5% (Grades I & J), 15% (Grades F to H), 25% (Grade E), 35% (Grade D) or 45% (Grade C).
  • Pension Scheme – Employer contribution of 8%, which requires an employee contribution of 5%.
  • Bonus Sacrifice Scheme – Optional scheme enabling employees to direct part or all of their annual bonus to their pension.
  • Save as You Earn – Optional annual scheme enabling employees to make monthly savings into an equity related savings scheme for a 3 year period.
  • Employee Perks – A fully funded and optional benefit providing employees with a wide range of exclusive discounts.
  • Long Term Incentive Plan – Annual LTIP opportunity of 35% of salary (Grade D roles) or 50% (Grade C roles).
  • Car Allowance – Provided as standard at £9,000 (Grade C), £7,500 (Grade D) and where applicable to the role at £6,000 (Grades E & F) and £4,800 (Grades G & H).

Health & Insurance

  • Life Cover: Fully funded cover provided at 4 x salary under the Group’s scheme.
  • Group Income Protection: Fully funded cover provided under the Group’s scheme.
  • Personal Accident Insurance: Fully funded cover provided under the Group’s scheme and relates to accidents occurring inside or outside the workplace.
  • Private Medical Insurance: Optional Group scheme with the costs of individual fully funded (Grades C to E) or 50% funded (Grades F to J).
  • Medical Cash Plan: Fully funded cover provided enabling access to counselling, medical consultations and scans along with the opportunity to claim costs (subject to annual limits) associated with consultations, optical care, dental treatment and therapy treatments which include physiotherapy, acupuncture, chiropractic, homeopathy and osteopathy.
  • Occupational Sick Pay: After 6 months service, OSP is 6 weeks of full pay and a further 6 weeks of half pay. After 2 years’ service, this increases to 10 weeks (full) and 10 weeks (half) and increases again after 5 years’ service to 14 weeks (full) and 14 weeks (half).

Leave

  • Annual Leave – 28 Days (Grades F to J) or 30 Days (Grades C to E) provided in addition to bank holidays.
  • Holiday Purchase Scheme – Annual opportunity to buy up to 5 days of additional leave.
  • Holiday Sell Scheme – Annual opportunity to sell up to 3 days of leave.
  • Volunteering Leave – An additional day of paid leave each year for employees to make a difference within their local community.
  • Additional Leave – An extra day of paid leave provided when an employee gets married or moves house.
  • Long Service Leave – An additional week of annual leave is awarded upon each 10 year service milestone being reached.

Other benefits

  • Cycle Purchase Scheme – Enables employees to purchase a cycle and have the related costs deducted via 12 monthly payroll deductions.
  • Technology Purchase Scheme – Enables employees to purchase equipment which supports a homeworking environment and have the related costs deducted via 12 monthly payroll deductions.
  • Season Ticket Loan Scheme – Enables employees to obtain an annual rail pass and have the related costs deducted via 12 monthly payroll deductions.
  • Long Service Awards – Vouchers provided when the following service milestones are achieved: £100 for 5 years, £150 for 10 years, £200 for 15 years, £300 for 20 years and £500 for 25 years (and every 5 years thereafter).
  • Quarterly Awards Programme – 5 quarterly winners, assessed from employee nominations, each receive £250 in vouchers.
  • Employee Referral Scheme – Employees receive up to £1,500 when referring a potential candidate who is subsequently employed by the Group.
  • Maternity & Adoption Leave – Occupational Maternity/Adoption Pay provided at 100% of salary for the first 13 weeks and at 50% of salary for the next 13 week period.
  • Paternity Leave – 4 weeks of paid leave to be taken within 8 weeks of childbirth.
  • IVF Treatment - Up to three days of additional paid leave in any one year is provided for the employee undergoing fertility treatment or where the treatment relates to the employee’s partner.
  • Hybrid Working – The vast majority of roles throughout the Group fall within scope of our Hybrid Working approach, which aims to provide ongoing flexibility and support in terms of work:life balance. Our approach provides opportunity for individuals to informally agree with their Line Manager how they split their working week between their primary office location and home.

Financial

  • Discretionary Bonus Scheme – Annual opportunity of 12.5% (Grades I & J), 15% (Grades F to H), 25% (Grade E), 35% (Grade D) or 45% (Grade C).
  • Pension Scheme – Employer contribution of 8%, which requires an employee contribution of 5%.
  • Bonus Sacrifice Scheme – Optional scheme enabling employees to direct part or all of their annual bonus to their pension.
  • Save as You Earn – Optional annual scheme enabling employees to make monthly savings into an equity related savings scheme for a 3 year period.
  • Employee Perks – A fully funded and optional benefit providing employees with a wide range of exclusive discounts.
  • Long Term Incentive Plan – Annual LTIP opportunity of 35% of salary (Grade D roles) or 50% (Grade C roles).
  • Car Allowance – Provided as standard at £9,000 (Grade C), £7,500 (Grade D) and where applicable to the role at £6,000 (Grades E & F) and £4,800 (Grades G & H).

Health & Insurance

  • Life Cover: Fully funded cover provided at 4 x salary under the Group’s scheme.
  • Group Income Protection: Fully funded cover provided under the Group’s scheme.
  • Personal Accident Insurance: Fully funded cover provided under the Group’s scheme and relates to accidents occurring inside or outside the workplace.
  • Private Medical Insurance: Optional Group scheme with the costs of individual fully funded (Grades C to E) or 50% funded (Grades F to J).
  • Medical Cash Plan: Fully funded cover provided enabling access to counselling, medical consultations and scans along with the opportunity to claim costs (subject to annual limits) associated with consultations, optical care, dental treatment and therapy treatments which include physiotherapy, acupuncture, chiropractic, homeopathy and osteopathy.
  • Occupational Sick Pay: After 6 months service, OSP is 6 weeks of full pay and a further 6 weeks of half pay. After 2 years’ service, this increases to 10 weeks (full) and 10 weeks (half) and increases again after 5 years’ service to 14 weeks (full) and 14 weeks (half).

Leave

  • Annual Leave – 28 Days (Grades F to J) or 30 Days (Grades C to E) provided in addition to bank holidays.
  • Holiday Purchase Scheme – Annual opportunity to buy up to 5 days of additional leave.
  • Holiday Sell Scheme – Annual opportunity to sell up to 3 days of leave.
  • Volunteering Leave – An additional day of paid leave each year for employees to make a difference within their local community.
  • Additional Leave – An extra day of paid leave provided when an employee gets married or moves house.
  • Long Service Leave – An additional week of annual leave is awarded upon each 10 year service milestone being reached.

Other benefits

  • Cycle Purchase Scheme – Enables employees to purchase a cycle and have the related costs deducted via 12 monthly payroll deductions.
  • Technology Purchase Scheme – Enables employees to purchase equipment which supports a homeworking environment and have the related costs deducted via 12 monthly payroll deductions.
  • Season Ticket Loan Scheme – Enables employees to obtain an annual rail pass and have the related costs deducted via 12 monthly payroll deductions.
  • Long Service Awards – Vouchers provided when the following service milestones are achieved: £100 for 5 years, £150 for 10 years, £200 for 15 years, £300 for 20 years and £500 for 25 years (and every 5 years thereafter).
  • Quarterly Awards Programme – 5 quarterly winners, assessed from employee nominations, each receive £250 in vouchers.
  • Employee Referral Scheme – Employees receive up to £1,500 when referring a potential candidate who is subsequently employed by the Group.
  • Maternity & Adoption Leave – Occupational Maternity/Adoption Pay provided at 100% of salary for the first 13 weeks and at 50% of salary for the next 13 week period.
  • Paternity Leave – 4 weeks of paid leave to be taken within 8 weeks of childbirth.
  • IVF Treatment - Up to three days of additional paid leave in any one year is provided for the employee undergoing fertility treatment or where the treatment relates to the employee’s partner.
  • Hybrid Working – The vast majority of roles throughout the Group fall within scope of our Hybrid Working approach, which aims to provide ongoing flexibility and support in terms of work:life balance. Our approach provides opportunity for individuals to informally agree with their Line Manager how they split their working week between their primary office location and home.