PensionBee Parental Leave Policy

Welcoming a new-bee to the family is a life changing moment and providing support for all new parents as they navigate this stage in their life journey is key. The aim of this policy is to address some of the challenges that face new parents, and support them in maintaining an engaging, and fulfilling career alongside their new responsibilities.

Our hope is to go some way towards removing the challenges facing new parents by:

Providing the flexibility, and financial support required to adjust to new parenthood
Assisting with the high cost of child-care that prevents many returning to work when they wish
Maintaining a supportive working relationship that encourages new parents to stay connected
Addressing some of the gender inequalities that continue to exist in our society

Who does the policy apply to?

Parenthood comes in many forms, and this policy applies to anyone taking on parental duties, regardless of their biological relationship to the new arrival. Please let your manager and the Head of People know with at least 3 months’ notice of the date you’re expecting a new arrival so they can guide you through.

Also, all elements of the policy apply regardless of gender, and we encourage everyone to make full use of its features in creating a set up that works for them. For far too long men have been excluded from the parenting journey through societal expectations, and imbalanced policies. We believe that addressing this exclusion is one of the key factors in correcting some of the societal gender disparity still seen today.

You must have been employed with PensionBee for one year prior to the arrival date to make full use of the leave benefits, and two years to make full use of the childcare benefit (discretion will be used in the case of premature arrivals). Return to work benefits, and reduced leave benefits are available immediately for all new joiners along with any statutory leave or pay entitlements.

Policy Details

Leave Benefits (everyone):

We believe that everyone, regardless of gender, should have the opportunity to spend quality time bonding with their child. In order to encourage this, and remove any stigma, we’re taking a leaf out of Sweden’s approach to parental leave and introducing;

20 Parental Leave Days on full pay.

Leave Benefits (1+ years’ service):

Flexibility is important, and it can be hard to predict how you’ll feel in advance, we’re therefore providing an additional allowance of Parental Leave Days which can be used from up to one month before the arrival date, and last for a two-year period. The allowance is made up of;

130 Parental Leave Days on full pay (this is pro rata meaning if you’re contracted on a 4-day week your allowance is 104)
These can be taken in blocks or used to reduce your working week on full pay
One month’s notice is required when booking to ensure consistency for the team and will require approval from your manager
See possible scenarios section for examples

Some parents may wish to stay at home with their child for longer than this period. If you’re using your entire allowance of Parental Leave Days as one block it’s possible to remain on statutory leave or unpaid, for a further 6 months.

To help new parent’s stay connected, and feel supported, we’re also offering;

Up to 10 Keep In Touch (KIT) Days which you can work during your leave without losing any pay (these require approval from your manager)
The option to continue Happiness chats on your regular schedule whilst on leave
The option to switch your Happiness manager to a fellow parent for some or all chats
The option to continue attending Show & Tell as you wish, remotely, or in person

Return to Work Benefits (everyone):

Parenthood contains unpredictable surprises, special occasions, and in those precious first years new parents may need to take extra time off to be with their children. We’re therefore providing an additional allowance of 5 Carer Days (CD) which can be used from your return from your Parental Leave Days after the birth of your child, and are eligible for anyone with a child under 18.

Childcare Benefits (2+ years’ service):

If you have completed at least 2 years’ service with PensionBee when the baby is born, and you have returned to work, and are no longer using any Parental Leave Days, you are entitled to a one-off £2,000 payment, if your child is in paid-for childcare. If you have a partner at home, or other childcare arrangements with friends/family, it’s not possible to receive the childcare benefit on offer.

Other Features (everyone):

Regardless of how much leave you take during that first year, some things will remain the same;

Pension contributions, although if your pay reduces this will be reflected
Holiday & Sick leave allowances
End of Year Bonus
Vesting of any options
Job title and salary, if returning up to one year after arrival date

If, on your return to work, you wish to change your working pattern on a more permanent basis, you will need to put in a flexible working request to your manager and Head of People. All requests to change to a 4-day or 3-day working week on reduced pay will be considered.

Please note: there are no repayment conditions if you do not return to work following a period of parental leave.

Example Scenarios

The idea of this policy is to give each new parent the flexibility to organise their leave in a way which works for them. However, some possible scenarios are below to provide a background to how each type of Parental Leave Days (PLD) might help you create a schedule that works.

Scenario 1

Reduce to 4 day week for 4 weeks on full pay (4 PLD)
Then take 3 months on full pay (65 PLD)
Return to work on 4 day week for approx. 61 weeks on full pay (61 PLD)
After using up your Parental Leave Days, receive a payment of £2,000 for paid-for childcare
Use your 5 CD throughout the year for unpredictable surprises or/and special occasions

Scenario 2

Take 6 months on full pay (130 PLD)
Remain off work on unpaid parental leave, or statutory pay if eligible, for a further 6 months
Then put in a flexible working request to stay on a 3-4 day working week on reduced pay
Receive a one-off payment of £2,000 for paid-for childcare
Use your 5 CD throughout the year for unpredictable surprises or/and special occasions

Scenario 3

Take 6 months on full pay (130 PLD)
Return to work full-time
If you have a partner at home, or other childcare arrangements with friends/family, it’s not possible to receive the childcare benefit on offer
Use your 5 CD throughout the year for unpredictable surprises or/and special occasions

Scenario 4

Take 20 days in one block (20 PLD)
Return to work on 4 days a week for approx. 5 weeks on full pay (5 CD)

Policy Review

This policy is in effect for 2024/25 and will be reviewed annually.

Last edited: 02-04-2024