Group Schemes for Companies Return to all services
Providing your employees with extra benefits can be a great way of attracting high calibre staff and importantly retaining them. Some of the most popular with employers are:
Group Life Cover
These schemes pay out a lump sum amount if an employee who is part of the scheme dies. The lump sum amount is typically set as a multiple of salary e.g. 2, 3 or 4 times salary. It is generally much more cost effective to offer a group scheme for your employees rather than setting up individual policies for them.
Group Personal Pensions
These plans are in fact a series of individual pension plans with the same provider. Each employee who joins the scheme has their own plan, which they and their employer can contribute to. As they are individual plans the employee can decide the level of risk they wish to take with their funds.
As you are likely to be aware, the introduction of Auto Enrolment means that all companies that employ at least one person must have by their “staging date” a “workplace” pension into which eligible employees are automatically enrolled. Both the employer and employee will contribute into the pension.
These workplace pensions are Group Personal Pension Plans that meet a specific criteria set out by the Government. If you are a company that is yet to reach your “staging date,” but want to set up a pension scheme for your employees, it is important to make sure that the scheme you arrange complies with the Government’s requirements.
Group Income Protection
These plans provide replacement income if an employee in the scheme is absent from work due to a long term illness or injury. This can be a great benefit as without it many would struggle to cover their monthly outgoings if they were unable to work for a significant period of time.
If you would like to find out more about the options open to your company for providing group benefits we would be happy to assist. If you decide to set up a scheme as part of our service we will research the market to obtain quotes and will advise upon suitable options for you.