How to set up your Company's first Benefits Scheme           

Setting up benefits can be far simpler and cheaper than you thought possible

• Is your Company ready to start its first Benefits Scheme?

• Are you wondering how to go about it, and keen to keep the cost down?

• Then read on, we explain the 4 steps to get the maximum benefits for the minimum cost

 Pensions

• Setting up a Company Pension Scheme does not have to be expensive or hard work

• All that needs to be decided is whether the company will contribute, and if so, how much

  • Then we sort out the best scheme for you and advise whether a GPP Group Personal Pension or a Stakeholder is most appropriate

• Whichever option you go for, it is important to implement Salary Sacrifice

  • Then, your staff get greater pension funds because they benefit from saving in National Insurance

• The best way to get things started is for you to talk to us about what you want to achieve by putting in a pension scheme

Group Protection

• Death in Service, DIS, is a fundamental part of any benefits package

  • This is life cover, normally four times base salary, that pays out if they die

  • It is a hugely appreciated benefit, since most employees will have dependent spouses and children

  • But it costs you very very little to provide - you will be surprised how cheap it is!

• Private Medical Insurance - PMI, also known as Group Health Insurance, is a very common benefit

• Cash Plans are a low cost alternative to PMI which may better suit the needs of your company and employees

• Many companies provide PHI which gives an ongoing income to staff if they can't work because of ill health

• Then there is Travel Insurance - incredibly cheap to provide and a really useful staff benefit

Salary Sacrifice: Tax Savings on Childcare, Parking, Bicycles......and Pensions

• Childcare Vouchers benefit from a Government tax incentive

• So you can greatly reduce the cost of childcare for your staff at no cost to your company

• Bicycles can also benefit from tax reliefs which can mean that they can be bought at up to 50% off

• Parking qualifies for the same tax reliefs, although it normally only works for staff who buy season tickets

• Pension contribution obviously get Income Tax Relief, but we set them up so they save National Insurance as well

Communicating the benefits to your staff / Employee Benefits Handbook & Advice to Staff

• Most employees have no idea how much it costs you to employ them and how much you spend on them

  • There really is little point spending money on benefits unless they appreciate what you are giving them

  • So we provide a custom produced Employee Benefits Handbook which explains what they get

    • You can also send this out with offer letters to aid recruitment

    • If we implement an online administration system for you this Handbook will be available online

  • Apart from that we will not only hold group presentations explaining their benefits but will meet staff individually

    • We explain the staff benefits, answer their financial and mortgage queries and generally pro-actively help them

TEBC The Employee Benefits Consultants

`

Copyright © 2005 TEBC Ltd
Last modified: 04-Dec-2007