Surveys have shown that the option of additional benefits is often viewed as more valuable than a direct increase in financial reward.
A Pension Scheme/Arrangement
With the gradual decrease in the value of the State Pension, and the increased press coverage of pensions as a whole, people are becoming more concerned with what levels of income will be available to them when they retire.
A Company sponsored scheme can allay many of the worries your staff may have, and because of the tax advantages they offer could be provided at a lower cost than you may imagine.
Benefits in the Event of Death Making provision for the family in the unfortunate event of premature death is something that most people will have at the forefront of their minds. The grouping together of a number of members can significantly reduce the cost of providing this type of cover. There can also be a reduction in the medical requirements for all members, even those with a history of health problems.
An Income in the Event of Incapacity As an employer you are only required to maintain Statutory Sick Pay for the first 28 weeks of absence. Periods in excess of this mean that employees will be relying solely on any State Benefits available at that time. Again, by grouping together a scheme can be put in place which would guarantee a minimum income in the event of incapacity up until a pre-set age at a reduced cost than an individual could obtain.
Payment of Medical Expenses The cost of health care in the UK is being gradually passed to the individual. The implementation of a scheme whereby private medical care is provided would be seen as a valuable benefit to your employees, and could also reduce the amount of time taken off on sick leave. All of these benefits can be provided by an employer, and can attract Corporation Tax relief.
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