Your staff are your most valuable asset
A generous employee benefits package can be a great way to ensure that you can attract the best applicants to work for your company, and retain existing employees.
Although certain benefits may be legally required, for example, paid holiday or auto-enrolment pension schemes in the UK, other benefits are provided by companies who feel a sense of social responsibility towards their employees, and truly care about their health and well-being and that of their families.
Our experienced consultants can tailor a cost-efficient benefits package for you to offer to your employees, whatever the size of your business.
The most common forms of benefit offered to employees are detailed below:
Group Life Insurance, commonly referred to as Group Death in Service, provides life cover to eligible employees while they remain in your employment. These plans can be set up to provide a lump sum benefit or pension to the family of your staff members on their death: this could be a fixed sum or two, three or four times salary: whatever is deemed appropriate by the company.
Edgewater Associates offer access to a choice of several different group pension scheme arrangements for you and your employees. These can be set up on a non-contributory basis for your employees (i.e. company contributions only), a non-contributory basis for the firm (i.e. employee contributions only) or a matched contribution basis.
Setting up schemes on a ‘salary sacrifice’ basis can result in significant savings for your firm in National Insurance payments, which can then be passed on to your employees as an additional benefit. Employees will also receive relief on their individual National Insurance payments, in addition to the tax benefits they would make on any personal contributions.
Group Income Protection products are designed to provide your employees with an income (typically 50% to 75% of salary) if they are unable to work for a prolonged period due to ill-health or accident. This income will generally begin to be paid after a deferred period selected by you, for example three, six or twelve months. The policy will continue to pay the chosen level of benefit until the individual returns to work or the selected retirement age is reached, whichever is sooner.
Group Private Medical Insurance plans are designed to provide your employees with access to private healthcare should they fall ill, meaning shorter waiting times, access to specialists and potentially a speedier return to work.
There are a number of different cover levels available, with additional options such as dental cover, psychiatric care and island cover, in the event that specialist UK-based treatment is required. There are also varying degrees of underwriting available, depending on your needs.
“Edgewater Associates are happy to meet with members and non-members to discuss the benefits of joining the scheme, they demonstrate real flexibility in fitting in around the working days of our staff as and when required. An annual review service is also offered to update the members on their pension fund value and performance. We are happy with the assistance offered by Edgewater as our scheme’s administrator, and the timeliness in which they deal with any queries we have.”
Andrew Corrie, Operations Manager, Manx Co-Op