A suite of good employee benefits is essential for many employers fighting to attract and retain the right calibre of employees.
We help employers to consider the potential benefits of offering employees access to a wider range of benefits and/or greater choice. We have significant experience of ‘flexible remuneration packages’ and can advise on the tax treatment of additional benefits, both from an employer and employee perspective
Group schemes, such as Death in service and Income Protection are becoming the norm, rather than nice to haves.
Death in service schemes provide a cash lump sum in the event of the death of an employee and can be a lifeline for your employees dependants to help them manage financially if the worst happens.
Income protection provides an income (usually up to state pension age) if the employee cannot work due to a long-term illness or injury. Not only does a group income protection can benefit the employee, it also benefits companies to help manage sickness and rehabilitation costs to enable member of staff to get back to work and reduce the period of absence and impact on the business.
For employers who are new to these types of benefits, we source and implement them to maximise employee engagement to show how they are valued.
For seasoned employers who are already advocates, we review and restructure Group Protection policies and source the best terms available from the whole market to deliver the best possible value for money.
Healthcare schemes used to be the preserve of larger companies. Competitive terms are available for smaller groups of people and sometimes individuals through tailored group arrangements which we can advise on.
We understand that attracting and retaining good employees is fundamental to long term success.
We help employers to consider the potential benefits of offering employees access to a wider range of benefits and/or greater choice. We have significant experience of ‘flexible remuneration packages’ and can advise on the tax treatment of additional benefits, both from an employer and employee perspective.
We can help by:
- Providing or reviewing existing risk-based arrangements, such as Group Life, Group Critical Illness and Group Income Protection plans to ensure these are competitive.
- Providing advice on the full range and structure of defined contribution and money purchase occupational pension schemes, with the aim of reducing administrative complexity and costs.
- Reviewing or providing Group Personal Pension schemes (GPPs), Stakeholder schemes, Self Invested Personal Pension Plans (SIPP) and Small Self Administered Schemes (SSAS).
- Giving clear guidance to employers on the tax treatment of pension contributions, identifying any changes to pension legislation and terms of pension provision for staff.
- Reviewing existing schemes to ensure their continuing suitability and competitiveness, in terms of both costs and benefits.
*The Financial Conduct Authority does not regulate Taxation advice
Where a client’s circumstances require specialist advice, and the local office does not hold the necessary permission from the Financial Conduct Authority, we can draw on the wider specialist expertise available within Perspective Financial Group Ltd nationally. Many of our financial planners hold advanced qualifications in specialist areas of advice, as well as having decades of experience in solving almost all financial planning related issues.