Employee schemes – protecting your employees
At Forrester Boyd, planning for the future is something we work very closely with our clients on. Without being able to predict the future, what can be done is to plan to protect both your business and its most important assets, your employees.
As businesses grow the need to put in place schemes to reward and protect your staff becomes increasing important. Forrester Boyd’s Independent Financial Advice team can advise on a range of corporate schemes to help protect your most valuable asset - your employees
Company pension schemes
Since October 2001, a business with five or more employees is required by law to provide access to a stakeholder pension scheme, unless it is exempt. Many businesses choose to provide voluntary pension arrangements such as Occupational Pension Schemes that act as a key part of your employee’s benefits package and so aiding staff recruitment and retention.
(panel) 73% of employees stated they wanted a company pension as part of their benefits package. Trends in Employee Benefits in 2008. Hymans Robertson
Group life, critical illness and keyman insurance
Despite the fact that we are living longer, there are still a significant percentage of people who will die or suffer a serious illness during their working life.
Group life and critical illness insurance lets you, as an employer, provide your employees with an important and valued employee benefit; a lump sum should they die or in the event of diagnosis of a specified critical illness whilst they are in your employment. For your valued staff this provides some peace of mind and forms part of an attractive benefits package.
Keyman insurance helps cover your costs as a business from losing a valued member of staff should they die or are unable to work through illness It provides your business with a lump sum to help mitigate the loss of such a key person within the company
Group income protection
As a business, the cost of long term sickness absence of key members of your staff is a significant one, not only in direct salary costs but also on the cost of covering their workload and the negative affect it can have on the morale of the rest of your team.
Through a group income protection scheme, you can not only protect your business from such costs, but also provide financial support to employees suffering from a long-term illness. You can claim a proportion of an employee’s income whilst they are unable to work that you can then pass onto them until they are well enough to return to work.
Our independent financial services team can help you decide on the best scheme to protect your business and its employees and as we are not tied to a single or range of providers we can select from the whole market to meet your business needs.
To talk to one of our Financial Advisers call us one one of the numbers below or fill in our online contact form.
Authorised and regulated by the Financial Services Authority.
