EMPLOYEE BENEFITS

We frequently see the link over time between valuable employee benefits and success in attracting and retaining employees at all levels. Whether the benefit is a legal requirement or implemented voluntarily, we work with employers to ensure that the arrangements are cost-effective, and staff understand their value.

Workplace Pension Schemes

Most companies have now passed their staging date under the Auto Enrolment legislation and have a pension scheme in place. This is not an end to an employer's obligations, as schemes must be re-certified every 3 years, and we are consulted to review the ongoing suitability and values of schemes. In some cases, employers also appoint us to provide presentations or one-to-one surgeries with their workforce. The feedback from staff to management is always that they find these sessions extremely useful, as it helps them plan for their own retirement, encouraging them to keep the employer informed about their intentions, and to remain with the company until such time.

Group Protection Schemes

While thankfully rare, early death or serious illness does occur, and this can have a profound affect on the workforce, as well as of course on the deceased's family. Group Death in Service, Critical Illness or Income Protection schemes may not be as expensive as thought. Benefits can be structured according to the level of employee - eg 4 x salary for management and 2 x salary for other staff. We are happy to provide indicative costings on confidential receipt of employee data.

A surviving shareholder may be worried that control of the business would be lost if the shares of the deceased were to be sold to an unwelcome party. An insurance policy, along with a prepared legal document arranged by a solicitor, would allow the remaining shareholders to decide if they wish to buy the shares, which then enables continuity of control.

Private Medical Insurance

Company schemes can be established for key employees, who may also include family members at their own expense. Premiums are treated as a benefit in kind. With NHS waiting times growing, private medical cover can also be seen as a benefit for the employer as well as the employee, reducing time that may otherwise be needed away from the workplace.