Associate Handbook 2018

4.6

Deductions

Statutory Deductions

Lockton is required to deduct income tax and National Insurance from Associate’s salaries.

Voluntary Deductions

Voluntary deductions will be made from Associate’s salaries only with written approval.

 The most common deduction is in respect of a Season Ticket Loans

All season ticket loans must be repaid in accordance with the rules of the scheme, which are detailed on the season ticket forms found on LockDocs within HR Forms.

If an Associate leaves the employment of Lockton all monies owing become repayable in full. If no other provisions have been made to repay any outstanding balances they will be deducted from any final salary or from other monies owed. For the purposes of the Employment Rights Act 1996, Associates authorise the Company at any time during the continuance of their employment and in any event on termination howsoever arising, to deduct from their remuneration (which for this purpose includes salary, pay in lieu of notice, commission, bonus, holiday pay and sick pay) all debts owed by Associates to the Company, including but without limitation the balance outstanding of any loans (and interest where appropriate) advanced by the Company, the cost of repairing any damage or loss suffered by the Company as a result of any neglect or breach of duty.

4.7

Tax Form - P60

All Associates employed at 31st March each year will receive a Form P60. This is a summary of Associate earnings and statutory deductions in the year ending on 31st March. P60’s are normally issued with April payslip with the original being sent to the Inspector of Taxes.

The Company will issue your P60 via the HR Self Service Site on or around 30 th April each year.

5

BENEFITS

5.1

Life Assurance

Any entitlement to Life Assurance will be set out in the Associate’s Main Terms and Conditions of Employment.

The benefit is insured with an insurance company and the total costs of the plan are met entirely by the Company. The plan is written under trust and this means that the benefits are paid tax free.

Associates should let the trustees know whom they wish to receive the lump sum benefit by completing an Expression of Wish form on LockDocs within HR Forms.

Whilst the trustees cannot be legally bound by nominations they will always take it into account.