Flexible Benefits Scheme
A flexible benefits scheme allows employees to choose from a range of benefits offered by the employer to create a combination that works best for them.
Why choose a flexible benefits scheme?
A flexible benefits scheme will give the employer the option of offering benefits such as group life assurance, income protection and critical illness cover, normally in addition to usual employee benefits such as a corporate pension. The employee will then choose the benefits most relevant to their needs.
Flexible benefits schemes can enhance employee loyalty and may help to give your company the edge over other employers in attracting and maintaining the very best staff.
Which flexible benefits for my company?
One of the key advantages of offering a flexible benefits scheme is that is can cater for the diverse set of needs of individual employees. It may be beneficial to speak to an independent company pension advisor for help in considering the benefits that you could offer that would best suit the needs of your company.
Choosing the right flexible benefits scheme may also depend on the size of your budget and other employer obligations such as compliance with the 2008 Pension Act.
What Next?
Employees are often left in the cold when it comes to understanding how to exploit a flexible benefits scheme to their full advantage. To ensure that employees understand and are able to gain the most out of a flexible benefits scheme, communication is paramount.
There is usually a set up cost for such a scheme, although with certain providers you may be able to avoid a this upfront charge.
For help and impartial advice on acquiring and developing a flexible benefits programme to suit the needs of your company, contact an independent company pension advisor for a free initial consultation.
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