Flexible & Voluntary Benefits
The employment market can be extremely competitive and it is important for a business to offer something with a little more edge.
This can be achieved by providing a scheme with a lot of choice, which allows a member to build their package around what suits them as an individual. Many employers have a diverse range of employees and a Flexible Benefits Package can help create something that provides that choice.
The design of a Flexible/voluntary Benefits Package is essential in creating the look and feel of the offering, with accessibility being the most important aspect. It is essential that any employee can gain access to a simple online platform to view and manage their benefits package at any time on any day.
We have found that a greater level of interaction from employees leads to an overall increased level of success for employee benefits packages. At Ernest Grant we help build bespoke packages that are designed to offer maximum flexibility and choice, whilst having the comfort of our advice process working in harmony. We are able to advise you on the most efficient methods of communicating this to your employees, thus creating a greater level of staff participation which can in turn lead to higher levels of employee motivation and loyalty.
We work closely with the team at our sister company Zenith Benefits who provide the non regulated products which help build a comprehensive package in order to include all the options that are regulated and mentioned previously and a range of voluntary benefits that can attract the benefits of Salary Sacrifice.There are several options which can in fact save employers money through reductions in the employer National Insurance bill.
The range of benefits is very wide, and we will help you to select the most appropriate benefits for your organisation, the right way to implement them and (where needed) help to source the leading providers.
Many of the benefits we provide can be enhanced using our in house technology provided by Zenith Benefits, but we also work with some of the most well respected benefit providers in the UK. This approach means that we can provide our clients with a comprehensive and effective package of reward and benefit solutions which in turn can become highly competitive and on occasion even cost neutral.
There are many aspects to a successful benefits package, and some of these will be benefits that are regulated by the Financial Conduct Authority (FCA). Those benefits that fall outside the regulation of the Financial Conduct Authority will be provided by our sister company Zenith Benefits.
Salary Sacrifice/Exchange works by exchanging part of an employee’s remuneration from cash; on which PAYE tax and NICs are due, to non-cash benefits that are wholly or partially exempt from tax and NICs.
In recent years many UK companies have used the tax and national insurance savings gained through the implementation of salary exchange benefits to fund the implementation of an employee reward scheme.
In addition to the full range of group risk benefits, these arrangements are also used for:
- Childcare vouchers;
- Cycle to work schemes;
- Mobile phone contracts;
- Buying and selling annual holiday entitlement;
- Car leasing;
- And many more.
It is also becoming common place for employees to make their pension contributions by way of a Salary Exchange, as this can increase the amount paid in, whilst reducing the cost to an employer or a mixture of the two.