An attractive employee benefits package is proven to help secure and retain key personnel. There are few benefits that an employer can still fund for staff, without attracting benefit in kind taxation!
At Finance One, we provide the relevant advice and implementation supports for the following three benefits:
- Employee Pension
- Death in Service Life Cover
- Income Protection
Pensions are not complicated! A pension is simply a long-term savings plan where employees build up a pension fund for retirement. It is tax efficient and positions the business as a responsible and caring employer.
As well as outlining the benefits of an employee retirement scheme and making all arrangements, Finance One assists employers in weighing up the merits of different options around providing an occupational pension scheme or a Group PRSA scheme.
The business also keeps clients informed of relevant developments, such as Finance Bill implications and auto-enrolment, which is part of the Government pension agenda.
The main criteria to consider in choosing the right pension scheme for a firm are:
- Administration and Service
- Investment Choice
- Member Communication
As impartial advisers, Finance One research the entire market and bring longstanding expertise to the task of identifying the best possible employee pension options.
Death in Service Life Cover
The death of an employee is a devastating event for family as well as work colleagues. For a small annual outlay, employers can offer life cover that provides a valuable lump sum of up to 4 times salary for the benefit of a deceased colleague’s dependents.
A summary of the benefits of death in service cover are:
- Employers write-off the full cost of providing the benefit against corporation tax.
- This valuable employee benefit is appreciated and supports staff loyalty.
- Underwriting requirements for a Group Life scheme can be more flexible than for individual life assurance cove
- As cover is organised on a group basis, costs are significantly lower than equivalent individual life assurance cover.
Finance One supports annual administration of the cover, ensuring it is competitively priced and up-to-date.
Employee Income Protection
Income Protection provides an income for employees if they are unable to work for a prolonged period, due to illness or injury. Advantages of income protection are simple:
- Employees continue to receive an income until normal retirement if unable to work due to accident or illness.
- Employers avoid the financial headache of feeling obliged to continue to pay a valued employee, unable to work.
- Employee loyalty is enhanced, potentially supporting staff retention.
Finance One assists in identifying and tailoring the many employer options available to provide a suitable income protection scheme.
As impartial advisers, Finance One assesses the entire market to identify the best possible employer options for Group Scheme financial products.