An Employee Benefit Plan that talks to your employees.
Discover the essence of an Employee Benefit (EB) scheme – designed not just for the benefit of the employer but primarily for the well-being of your valued employees. These schemes offer a unique set of advantages that can be seamlessly integrated into their financial plans. By bundling benefits together, employees gain access to a range of perks they might not have individually pursued with companies directly. It’s a crucial component of their compensation, and its mandatory nature ensures participation, addressing the common challenge of individuals procrastinating on financial planning.
Why opt for an EB Scheme?
Unleash the power of employee incentivisation while simultaneously safeguarding both your staff and your business. Employee Benefit schemes are tailored to provide a robust framework of benefits, reinforcing the commitment to the financial and overall welfare of your workforce.
Empower Your Workforce:Directing Their Financial Future
A pivotal aspect of our approach is to empower your employees with control over where their hard-earned money goes. As a percentage is deducted from their salaries, they face the question: Where can they derive the maximum benefit from directing their funds? This decision-making process is crucial to their financial planning, allowing them to align their contributions with their personal goals.
As the employer, you play a vital role by setting minimums, thereby providing some guardrails against biases that do exist in our financial knowledge and assumptions. These act as guidance, nudging employees in a direction that ensures a level of security while offering them the comfort of being in control of their finances. It’s about providing a framework that allows them to make informed decisions while creating a safety net.
Traditional Pension or Provident Schemes
As a standard offering, we provide Traditional Pension/Provident Schemes, including Umbrella Funds and Group Retirement Annuities (RA’s), accompanied by appended risk covers. Our hands-on approach and expert advice ensure that your team, both in payroll and throughout your organization, reaps the benefits of our comprehensive services. If your company already has an existing scheme, we seamlessly integrate our services to enhance its performance. For those considering the traditional route, our detailed proposals and expert advice pave the way for informed decision-making.
We had found that older, unionised-based industries find this an easier option to consider due to our hybrid models offering something different and considered unknown.
Flexibility Unleashed:A New Approach for Employers
Traditional schemes can be rigid, requiring set contributions adhering to both legislative and insurance company regulations.
Recognizing the evolving needs of modern workplaces, we present hybrid models that offer a fresh and unique approach. These models extend beyond the conventional, providing alternatives that may be considered unknown but are designed to cater to diverse industries and workforce dynamics.
Our innovative approach brings flexibility to the forefront. For employers, this means adaptability in the face of income downturns or changes in employment status. The traditional constraints are lifted, allowing both employers and employees to navigate unforeseen circumstances with ease.
Seamless Contributions:A New Frontier
Contributions seamlessly occur through a debit order, streamlining the process and ensuring a hassle-free experience for both employers and employees. We can also do EFT’s and either way we would facilicate a reconciliation of these contributions with your payroll department or provider. As such this becomes a straightforward task, ensuring transparency and accountability. As we introduce this new product offering, some initial inefficiencies may arise, but rest assured, we are committed to managing and overcoming these challenges with your valuable assistance. Embarking on something ‘new’ always involves complexities, and together, we’ll navigate through them to ensure a smooth and successful implementation.
Pros & Cons in the Evolving Landscape of Umbrella Funds/EB
In the current paradigm of Umbrella Funds/Employee Benefits (EB), employees often enjoy underwriting concessions by blending into the group. This strategic grouping allows individuals with pre-existing conditions such as Asthma, Diabetes, or HIV to receive coverage, as insurers perceive them collectively rather than as individual risks. However, in the proposed framework, the extent of these concessions may vary based on the finalized benefits. Consequently, individuals with pre-existing conditions may still have coverage, but certain benefits could be excluded, or they might incur higher costs for their insurance.
It’s essential to highlight that for those who have not previously had any form of insurance coverage, whether it’s life insurance or medical cover, the introduction of any coverage is an immediate improvement. While some concessions may not be full, having some level of coverage is inherently more advantageous than having none.
Our Role:Comprehensive Service Offering
In our open planning space, we redefine the conventional approach to Employee Benefit (EB) funds. Instead of merely accepting what’s provided, your employees become active participants in co-creating their own EB fund. This level of involvement empowers them to strategically direct their money to areas they consider most beneficial. Our dedicated planning sessions become instrumental in guiding them through this process, allowing them to truly ‘feel’ and understand the impact of their decisions.
Empowering Employees:Access to Our Platform & Expert Advice
Your employees gain exclusive access to our platform and expert advice. We encourage them to reach out with any questions or seek advice on their financial planning, whether it pertains to the administered products or those acquired independently outside of their employment. It’s crucial to note that engagements external to their employment are clearly defined, ensuring a clear distinction between professional and personal relationships. This dual perspective allows us to offer holistic planning, considering all the tools at their disposal.
Aligned Incentives:Earning as You Pay
Our unique approach ensures that we align our success with yours. We earn as you pay, fostering a commitment to providing ongoing service and support for both you and your employees. All fees and costs associated with our services will be transparently presented in the proposal, which will be finalized once we collaboratively determine the tailored benefits to be included. This commitment to clarity ensures a transparent and mutually beneficial partnership.
What to Include & How to Calculate in Your Enhanced EB Scheme
In designing an Employee Benefit (EB) scheme, the options are extensive, and the calculation process is crucial. Traditionally, these schemes have revolved around Pension/Provident funds, primarily focused on retirement investment with elements of investment and risk benefits (such as life and disability coverage). This deduction is typically a percentage of the salary, often set at 10% of the cost to company/pay/salary. However, the definition of this amount and what it encompasses, including considerations like bonuses and travel allowances, remains to be decided by yourself as an employer.
As an employer YOU will decide on this amount and provide that to us so we can then work out the benefit possibilities. Platforms and providers also have minimums so once we know this deduction, we can then work on benefits to include.
When and how much are vital as you are increasing your costs through your Salary bill by doing this. It is also very clear that any deduction into an EB scheme would be eating into any increase an employee may get when this is implemented. They will not benefit in their bank account should you implement an increase and not provide any of that to them directly. Thus, you may choose to stagger any benefit additions and our hybrid option specifically caters for this strategy.
Expanding Deductions for Maximum Employee Benefit
We propose a more inclusive approach by broadening the scope of deductions to encompass benefits that are inherently more advantageous for most employees. In our perspective, many employees may not fully leverage traditional funds due to reasons such as not requiring tax deductions, frequent job changes leading to cashing out, or a lack of need for comprehensive risk benefits without dependents or spouses.
Nonetheless, we recognize certain benefits as essential minimums. Our commitment is to collaborate with you in tailoring these benefits based on what your employees genuinely perceive as beneficial and necessary.
Basic Benefits & Structures
Risk Cover
Medical Cover: Options include:
Investments: Choices range from:
Breakdown and Benefits of Selected Components
Get in Touch
Request a call-me-back
Let us get in touch with you and find out how we can help you look after your employees.