Group pension & insurance schemes
In April 2012 the Government introduced the requirement for all companies with at least one employee (or two including a director) paid through PAYE to have a suitable workplace pension scheme in place.
The employer must automatically enrol all qualifying employees (based on age and salary) in the pension scheme and make the required level of contributions. The employee can be asked to also contribute in order to benefit from employer contributions.
The level of contributions paid can vary between different groups of employees, as long as they meet the minimum levels set out by the Government.
There are a number of different schemes, offering varying levels of support. It is important to choose the right type of scheme and provider to meet your requirements and obligations.
Group Insurance Schemes
The provision of additional benefits in an employee’s overall package can be a key aspect of attracting and retaining staff. As well as meeting staff pensions expectations, a business may well consider providing various protection plans both to safeguard the business itself as well as adding to employee benefits.
Cover available can range from life assurance plans (paying a lump sum in the event of death), to private medical cover (perhaps including family members as well) and income protection which will meet a percentage of salary in the event of accident or long term illness.
These plans have differing tax treatments and may be assessed as a ‘benefit in kind’ for tax purposes, but they can encourage a feeling of greater security and have been proven to aid staff retention in general. “Groups” can be as small as three members, and some of the savings in cost when compared to individual plans can be very marked.
Who can I talk to about this?
For more information on how we can help in this area, please call 01844 261283 or email email@example.com.