Offering benefits to your employees over and above the obligatory workplace pension can help you attract and retain good people. In addition, certain benefits are tax-efficient for employers and employees and others can be around 33% cheaper if bought in bulk rather than individually. Indeed, the cost to the business can be lower and the value to employees higher than that of a pay rise.
An increasing number of companies are finding that it is cost-effective to offer a more complete package of employee benefits, on top of the mandatory workplace pension as, in addition to helping attract and retain good staff, they often also find that the net cost to the business is lower than they expect.
Essentially, the right employee benefit scheme allows you to step in with the financial safety net when things go wrong for your staff – great for morale, great for your bottom line, great for your employees. Below are the various issues involved in setting up and operating workplace pensions and broader employee benefits packages efficiently and effectively and details of how we may be able to help you.
Here are some of the workplace pension issues you need to manage as an employer on an ongoing basis:
How we can help you with workplace pensions
We advise organisations on all aspects of workplace pensions, including separate schemes for senior managers, directors and owners, from setting up new schemes to servicing and administering existing ones. Our clients tend to be small-to-medium-sized organisations with up to 1,000 employees.
We have been arranging auto-enrolment schemes since they started and pride ourselves on being able to find a provider willing to accept even the most challenging schemes – including for organisations based outside the UK but with employees in the UK. So far we have never failed to find a provider willing to accept a business or organisation.
If you already have a workplace pension, we can take on the ongoing management and staff engagement and provide you with the advice and support you require to ensure that staff have the savings, knowledge and confidence they need to secure their retirement. For instance, we can:
We are experienced in setting up and managing entrepreneurial pensions for business owners that, as well as being tax-efficient for the business and its owners, can allow them to use their pension fund to buy commercial property, own their business premises and lend money to their business. You can find out more in the Your & Your business section of this website.
Employee benefits: ensuring you provide staff with the financial and practical support they need when things go wrong
Offering benefits to your employees over and above the obligatory workplace pension can help you attract and retain good people. In addition, certain benefits are tax-efficient for employers and employees and others can be around 33% cheaper if bought in bulk rather than individually. In our experience, a good benefits package generally costs between 1.5% and 4% of an organisation’s total cost of payroll.
Here are some of the benefits that you can pay for to provide employees with the valuable and welcome financial support they and their families need should the worst happen:
Our employee benefits consultants are experienced in advising on and setting up all aspects of employee benefits. Being independent, we research all options available in order to find ones that match your needs. For instance, we take into account cost, payroll compatibility, number of employees, the flexibility you wish to offer them in terms of choice, and your agreed employee benefit strategy. Our recommendations aim to be cost-efficient to you, the employer, while being attractive to your employees. Moreover, we have over 30 years’ experience of implementing HMRC-approved salary sacrifice arrangements that reduce tax both for employers and employees.
1-to-1 personal financial wealth checks for employees
We offer the full range of employee engagement, from financial coaching workshops to full one-to-one personal financial advice.
As independent financial planners, we can provide your employees with one-to-one advice on all aspects of financial planning. This includes advice on retirement planning (including pension transfers), other investments, including ISAs, and financial insurance and protection. We offer a complementary initial consultation with a fee payable for any advice by the employee if they decide to go ahead with our advice.