Benefit Review Service
To assist with gaining an understanding of the existing benefits, a high-level review can be conducted to:
-
Analyse the features and structure of current benefits
-
Highlight benefit gaps or areas for development
-
Assess benefit communication focus and methods for benefit promotion
An analysis will be delivered in report with a virtual meeting to discuss findings.
We charge a fixed fee for a review depending on the number of benefits, level of detail you require and the development you wish us to consider.
Some areas that we common assist are as follows:
Workplace Pensions
Many businesses operate a Group Personal Pension Plan to provide employees with an opportunity to save for retirement tax efficiently, and to also fulfil their auto-enrolment obligations.
Some employers are operating multiple plans due to acquisition, but wish to simplify their provision and administration by offering a single plan. We can assist to compare plans and help you decide which one is of better quality in order to harmonise. This can include aspects of auto-enrolment compliance.
In addition, we can assist with analysing whether introducing pension salary exchange would be beneficial and calculate your potential Employer NI savings.
Group Protection
Many employers are still operating protection schemes that are dated and whose benefit levels are less generous than competitors.
In addition, employers are not utilising the free, additional services the product providers are offering with their main schemes. These additional services can assist with supporting employees.
Our review can analyse the quality of your schemes, suggest improvements and identify additional services you could be utilising to add value to your benefit package.
Health & Wellbeing
The pace of development in wellbeing benefits in the last few years has been staggering, and the selection now available is vast. Employers need a selection of these benefits to meet the changing needs of employees.
The mix of wellbeing support needs to provide a robust support package and need to be communicated effectively so employees can access them when required.
We can help you assess what you already provide and identify other support to design an appropriate mix for your employees. We can help you prepare a communications plan and deliver key messages.
Lifestyle
Voluntary benefits are a cost-effective way for employers to enhance their package, whilst offering employees more selection at discounted rates.
We can assist you to identify what you already provide, assess take-up rates and suggest other benefits to enhance your offering.