Employee Benefits

Reward and motivate your workforce with an employee benefits package that makes them feel valued.

Retain your staff

Reward and motivate your workforce with an employee benefits package that makes them feel valued.

Your employees are one of your business's most significant assets, so you will want to make them feel valued and encourage them to stay. However, retaining staff requires more than just offering a competitive salary, especially in a buoyant job market. Instead, offering an appropriate benefits package can help attract and retain the best people and keep your staff engaged and motivated.

Also, employee benefits are a tax-efficient way of enhancing your employee's remuneration package, making them a win-win for your business and your staff. We can advise you on cost-effective and tax-efficient benefits and then help you incorporate these into your employee offering. With access to the whole of the market, we can find the most suitable and competitive employee protection policies for your business.

Employee benefits

We can guide you on and implement any of the following employee benefits:

Company pension scheme

As an employer, you have a legal requirement to provide a workplace pension, so you will already have one in place. But are you confident that the scheme is the best option for your employees, and are you happy with its administration?

There are two types of pension:

  • Defined contribution - employers and employees make defined percentage contributions, which the pension provider then invests.
  • Defined benefit - the employer contributes to the scheme and is responsible for ensuring there is enough money at the employee's retirement to pay their pension income. The amount is based on how many years the employee has been a member of the employer's scheme and the salary they have earned when they leave or retire.

And three types of schemes:

  • Occupational pensions – the pension is set up by the employer under trust, which has appointed trustees that, along with the employer, have legal obligations regarding the running of the scheme.
  • Group personal pensions, group self-invested personal pensions and stakeholder pensions – the employee has a direct relationship with the pension provider, not their employer.
  • Master trusts - a multi-employer occupational pension scheme in which each participating employer has its own section.

With many types of pension options, making the right decision regarding your workplace pension is far from straightforward. However, with our expertise in this area, we can review your current arrangements and recommend a pension solution that provides you and your employees with tax-efficient retirement benefits.

Employee financial advice

Money worries are a significant cause of anxiety for employees, affecting wellbeing and work productivity. Providing access to expert financial planning advice in the workplace demonstrates a solid commitment to the wellbeing of your staff. It can help your employees reduce their stress about money and, in turn, create a more productive workforce.

We can provide financial planning advice surgeries at your premises, either on a regular or ad hoc basis, for your employees to access if and when they choose.

Private medical insurance

Offering private medical insurance as an employee benefit delivers tangible benefits for you and your employees. Private medical insurance provides quick access to medical treatment and offers more choice of treatment options.

An alternative and less expensive option is a health cash plan (HCP), which provides financial assistance for everyday healthcare costs such as eye tests, dental treatment and physiotherapy.

Private medical insurance is a high-value benefit to many employees as the cost to buy it as an individual can be high. But as with all insurance products, there are many options to choose from, and prices vary. We can advise you on the policy nuances and search the whole of the market to find a scheme that suits your requirements and offers the most competitive premium.

Protection insurance

Often overlooked as an employee benefit, protection insurance can provide financial reassurance for your employees. Your options include the following:

  • Group life insurance - provides a tax-free payment to an employee's family if they die while working for you.
  • Income protection insurance - pays a regular tax-free income to an employee if they cannot work because of sickness or disability.
  • Critical illness insurance - pays out a tax-free lump sum to an employee if they are diagnosed with a specific illness or medical condition.

We can recommend the best products from across the whole of the financial services market and help build and develop an appropriate employee protection package.

Find out more about our Business Owner Services including:
  • Profit Extraction and Exit Planning
  • Business and Shareholder Protection
Business Owner Services

Contact us

Call us today

Pick up the phone and give us a call. One of our friendly and experienced team are always happy to help.
01392 221100

Email us

If you would like to know more about any of our services, please get in touch.

Visit our office

If you're local you can pop in to see us at our office in Exeter. We are open Monday to Friday 9am to 5pm.

Foresight Financial Planning
8 Southernhay West 
Exeter EX1 1JG

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© 2023 Foresight Financial Planning Ltd. All Rights Reserved. Foresight Financial Planning is the trading name of Foresight Financial Planning Limited whose registered address is as above. Registered in England, company number is 4119450. Foresight Financial Planning Limited is authorised and regulated by the Financial Conduct Authority and can be found on the Financial Services Register https://register.fca.org.uk/ under reference 788849. VAT registration number 289409553. Website designed and built by Nettl of Exeter