Group Benefits Within A Business
With the recent legislation regarding auto enrolment affecting all employers, this is perhaps the most obvious example of a group benefit. Well-motivated and looked after staff is the bedrock of any business ensuring customer service is high and sales targets met but sadly most business owners overlook this. Building a benefits package that can attract and retain quality staff is more cost effective than a lot of people think.
Normally only available to larger companies, most group benefits start with as few as 2 employees and does not cost as much as you think. By providing staff with additional benefits, should they consider leaving it may make them think twice! It is also an excellent way to generate good will cost effectively. Don’t forget the premiums from any policy should also receive tax relief!
We can not only introduce a group pension scheme that provides many additional features such as individual internet-based accounts allowing employees to view their pension savings in real time including valuations, switching investments, topping up plans directly and having access to calculators enabling them to plan for the future. This is very different to a great many of the basic group pension providers where it is introduced as cheaply as possible without the whistles and bells. If you already have a basic pension, we can recommend something more bespoke.
Other options include group death in service, essentially this is a group life insurance policy where the company uses a defined sum (perhaps 4 times salary or a fixed amount of £100k). Should an employee pass away, the business is paid the lump sum to provide to their family.
Another example is group private health insurance, essentially allowing any treatment to be provided privately and escaping any waiting times etc. This can be provided to all employees but tends to be more expensive so employers tend to provide it to key staff, perhaps senior management and their families.
Costs will vary but group death in service starts from around £60 per employee per year and private healthcare around £500 per employee per year. Your adviser will use a purposely designed fact find to help you introduce a cost-effective package and don’t forget most premiums are eligible for tax relief!
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