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Home » Business » Financial Advice » Employee Benefits

Employee Benefits

A strong employee benefits package can go a long way in helping your business achieve its goals by keeping your people motivated and feeling appreciated

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If you’re an employer, offering employee benefits is an excellent way to motivate your workforce. Whether you are looking to offer pension contributions, life cover or ‘flexible benefits’ like discounts on shopping and eating out, the increase in staff morale will be a huge benefit to your business.

If you’re an employee, you may have a pension or protection through your employment and it can be challenging establishing how they work and what your options are.

Call us today to discuss your employee benefits provision or read more detail about the options below.

The Alan Boswell Group Difference

We build solid relationships with our clients. Whether you’re an employee or an employer, our advisers will take the time to get to know you and your objectives to help you establish the most appropriate employee benefits package.

The key to our exceptional service is our people. Our specialists have the knowledge and expertise to put together a comprehensive solution, perfectly tailored to suit your needs.

Alan Boswell Employee Benefits

Planning for the future

Encourage your employees to plan for the future, supporting them to proactively review and improve their finances and overall wellbeing.

Rewards packages

Give your employees access to a range of benefits and discounts that support their overall wellbeing, whether it’s physical, emotional or financial.

Wellness at work

By investing in your employees, you can mitigate risks, reduce costs and help to ensure a healthier, happier and more productive workforce.

How we can help

Designing a holistic employee benefits and rewards strategy that works for both your company and your employees is a priority for any modern business.

We can help you to deliver a wellness strategy for your business that finds the right balance between benefits and budget, allowing you to attract and retain your best staff.

Group Critical Illness cover

This helps your employees pay for things like household expenses, extra medical care or paying off a mortgage if they’re diagnosed with a critical illness.

Group Critical Illness cover
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Who we work with

Adam Revell
Adam Revell

Head of Employee Benefits

Adam began his working life in financial services at Norwich Union (as it was back in 1997), where he worked as a Life & Pensions…

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FAQ's

Below are some FAQ’s relating to employee benefits

  • Employee benefits are non-financial compensation given to employees as part of their employment contract. Employee benefits may be required by law (depending on things like the risk associated with the job, or the industry the job is in), or provided voluntarily by the employer

    From an employee’s point of view, a good benefits packages increases the value they receive from their working life and contributes to their own health and even that of their family.

    From an employer’s point of view, benefits help staff remain happy and committed to their role, reducing the chance of them leaving to work elsewhere.

  • The main employee benefits we offer are:

    1. Workplace Pensions: Both the employee and employer contribute to a pension scheme each month to provide the employee with a retirement fund when they finish work.
    2. Group Life Cover/Death in Service: This provides benefits to the family if an employee dies during work, usually in the form of a lump sum based on their salary.
    3. Group Income Protection: This aims to provide an income to an employee if there are unable to work due to illness or an accident.
    4. Group Critical Illness Cover: This is a type of cover which usually provides the employee with a tax-free lump sum if they are diagnosed with a specified medical condition.
    5. Private Medical Insurance: This is designed to cover some or all of the costs of private medical treatment. Policies are intended to meet the costs of having private treatment for illness or injury on a short term basis.
    6. Health Cash Plans: This provides employees and their families with health expenses for routine providers, such as dental treatment and visits to the optician. The plans are affordable with costs starting from £1 per employee, per week.
  • Workplace pensions are subject to minimum contribution levels based on the employee’s salary. The current levels are 3% from the employer and 5% from the employee.

    There is another charge for workplace pensions: the annual management charge levied against all members’ pension pots in the scheme. The pension provider charges this fee to the employer for managing the money. This charge is currently capped at 0.75% per annum, but lower charges are possible depending on the scheme.

    The cost of other employee benefits depends on many different factors. These include:

    • Level of cover selected
    • Average age of workforce
    • Employers location
    • The occupation of the workers
    • Current staff absences

    Each scheme will be priced according to these, and other, criteria. A broker can help navigate the complexities of arranging an employee benefits scheme and make sure you get the best package for your valued staff.

  • How employee benefits are taxed depends on the type of scheme purchased. Below is a table summarising how different schemes are taxed:

    Employee Benefit Scheme Tax for the employer Tax for the employee
    Workplace Pension Employer contributions can usually be treated as a business expense Employee pension contributions are subject to an uplift of 20% due to government tax relief. Any fund growth within the pension is then tax free. When the pension is released at retirement, 25% of the fund value is tax free and the remaining 75% taxable at their marginal rate.
    Death in Service This can usually be treated as a business expense These schemes aren’t normally treated as a ‘Benefit in Kind’ so proceeds from claims are usually tax free
    Group Income Protection This can usually be treated as a business expense These schemes aren’t normally treated as a ‘Benefit in Kind’ so proceeds from claims are usually tax free
    Group Critical Illness This can usually be treated as a business expense These schemes are treated as a ‘Benefit in Kind’ so employees who are members of the scheme will have to pay tax on the premiums at their marginal rate. The proceeds are usually tax free.
    Private Medical Insurance This can usually be treated as a business expense These schemes are treated as a ‘Benefit in Kind’ so employees who are members of the scheme will have to pay tax on the premiums at their marginal rate. The proceeds are usually tax free.
    Health Cash Plans This can usually be treated as a business expense These schemes are treated as a benefit in kind to employees. However, due to relatively low premiums, there are some exceptions where members are not asked to pay tax on the premiums. The proceeds are usually tax free.

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