We offer a wide range of employee benefits to our clients. These are tailored to the individual requirements of your company and will vary depending upon your firm's budget, employee demographics and your underlying needs . An example of some of the benefits we offer are shown below.
Group Life Insurance
Life Insurance (which can sometimes be referred to as Death in Service) pays a tax-free lump sum[GW1] in the event that an employee dies during their employment with the firm. This is to help provide financial support for their dependants. It is often calculated as a multiple of salary, for example if an employee earned £25,000 and had a 'four times salary' policy, their chosen beneficiaries would receive £100,000 if they passed away.
It is important that employers carefully consider the framework around a death in service scheme and how this lump sum benefit may be treated should there be a claim. There are different ways of setting up this type of life insurance, for example either a registered or excepted scheme. Advice should be sought as to which type of policy would best suit you and your employees.
Group Income Protection
Income Protection pays a percentage of an employee's salary each month (typically 60-80%) as a regular income, if they are unable to work due to a long-term illness or injury. When an employee receives Income Protection as a benefit from their employer, any pre-existing medical conditions the employee has prior to joining the plan are often covered by the policy. Many private policies will have some level of exclusion for existing conditions. Joining an employer’s scheme can also cost less than if the employee took out a similar policy themselves.
Group Income Protection (GIP) policies can be set up in different ways by an employer. Usually, they're set up so that payments start once Statutory Sick Pay or Occupational Sick Pay ends. Typically, Group Income Protection pays benefits after 6 months off work, though the employer can choose when they would like the policy to commence. The payments continue until either the employee returns to work, reaches the retirement age given in the policy, or reaches another timescale set in the policy and chosen by the employer when it was set up. For example, some policies have a 'limited term' which means they only pay out for up to a set period of time – say 2, 3 or 5 years of absence from work, rather than to retirement age. This can help manage scheme costs.
Private Medical Insurance
Having key staff absent from work can have a huge impact on businesses. Companies may consider providing private medical insurance to help avoid lengthy absences and high business costs caused by staff having to wait for treatment on the NHS. Medical Insurance is designed to provide both employers and employees with additional security and peace of mind when it comes to receiving healthcare. In the UK we are lucky enough to have the National Health Service that provides medical attention that is free at the point of delivery, however many people still opt for private treatment because of the increased additional benefits and the speed of treatment that it has to offer.
Health Cash Plans
Health Cash Plans work hard for both employers and employees alike. They are an affordable and easy way to help spread the cost of health care not covered for free by the NHS. For example, with dental and optical appointments, employees can receive cash back (up to set limits) after spending the money on their appointments. Most Health Cash Plans also offer a Private GP service which allows employees to speak to a doctor at any time of the day and assess if they need medical treatment.
Group Critical Illness
If an employee is diagnosed with one of several specific medical conditions and survives for a minimum period of time once they’re diagnosed, then critical illness insurance would pay out a tax-free lump sum to them. The policy will list exactly which medical conditions are eligible, but these typically include cancer, heart attacks, stroke, MS, dementia and Parkinson’s Disease, amongst others. Policies do vary from insurer to insurer so it is vital that both employers and employees understand how and when claims can be made.
Cycle to Work Scheme
The scheme is a great way for employers to help employees to stay healthy and save money through salary sacrifice, saving National Insurance contributions. The scheme helps employees to save money on fuel, car parking, train and bus fares as well as saving time waiting for public transport. Cycle to Work also helps employees to reduce their carbon footprint, and by promoting alternative travel, employers demonstrate their status as a caring and green employer.
Car Leasing
Car Leasing is a benefit that allows your employees access to a new fully maintained, taxed and insured car through salary sacrifice. Most brand-new cars are built with the environment in mind which may make them more economical. By helping employees replace older vehicles with new lower-emission vehicles, you are helping to reduce CO2 emissions, which helps to keep your workforce green.
Retail Discount Schemes
Retail Discount Schemes enable employees to get discounts from a wide variety of shops, restaurants and cinemas. Employees can make savings on day-to-day essentials as well as on larger purchases such as holidays or days out.
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