How to set up your Company's first Benefits Scheme   

Is your Company?

A new UK office of a foreign-owned parent company

A recently set-up UK company

An established small company that has grown lately

Then you will want to set up benefits to help recruit, retain and reward staff

But keeping the cost to a minimum is probably essential to you

The notes below  explain the things you need to do to get maximum impact from the money you spend on benefits

   

    Pensions

• You probably need to set up a company pension scheme to meet legal requirements

• However, the  company do not have to pay into it, we can set up a Stakeholder scheme to meet your legal requirement

• If the company will make a contribution, a Group Personal Pension gives more flexibility and options

• Whichever option you go for, it is sensible to implement Salary Sacrifice to enhance staff benefits at no cost

    Group Protection

• Fundamental to any benefits package is DIS - Death in Service

  • 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, often referred to as BUPA, is a very common benefit

  • However, it is more expensive to provide and less tax efficient

  • But we should talk about whether you want to implement it

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

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

  • Group Critical Illness Cover is sometimes provided instead of this

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

• But we emphasize, that we create an individual benefits package that suits your company

   Tax Planning & Childcare

• 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

• Surprisingly, Bicycles can also benefit from the same tax reliefs

  • We will explain how when we talk with you

    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 an Employee Benefits Handbook which explains what they get

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

  • We will send you a free example copy when you fill in our enquiry form

• 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

• To get an idea of this service you may wish to look at the Employee Services section of this website

  • This section is for staff of our corporate clients and is designed to show how we can help them

  • Providing financial, mortgage and other advice to staff is a hugely popular benefit, second only to pensions

New Scheme Enquiry

The Employee Benefits Consultants

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Copyright © 2005 TEBC Ltd
Last modified: 20-May-2007