Employee Benefits Information

Employee benefits are a tax efficient route for looking after your staff, which will aid in staff retention, new staff attraction, rewarding staff for loyalty, and building a caring employer attitude.

Directors and business owners can usually be members of these schemes.

Group schemes usually have scale on their side. This means that because more people are included in your package than just an individual, the costs associated will be substantially lower than a series of individual plans.

This is true of death in service, income protection, private medical schemes and, depending on numbers, for pensions as well.

Different product providers have different requirements for what they class as a group scheme. Most will be concerned about how many people are on a scheme and will only offer a scheme to 10 or more employees. Some will offer a scheme to less and some to more.

Traditionally, death in service schemes work around a multiple of salary basis. This could be, for example, a 4 x Salary scheme. So, if an employee earning £35,000 per annum died while employed by your company, £140,000 would be paid to his or her beneficiaries.

Income protection covers an employee’s salary. You have a choice at outset to decide on what amount of cover, up to a maximum of 75% of pre disability earnings, you wish to have in place until your selected retirement age. Other benefits can also be covered apart from salary including employer national insurance contributions and employer pension contributions.

Private medical insurance ensures that your staff do not have to wait for the queues prevalent in the NHS system for medical procedures in hospitals or by specialists. Families and partners can also be covered with this type of planning.

Pension schemes can be set up whereby your administration is greatly simplified by an online scheme, in some cases, and your staff can have access to their own individual pension plans. There are a number of options for pension schemes available from the relatively straightforward to the sophisticated.

Complete an enquiry form if you have a specific requirement.