What are the benefits for employees?
- Workplace Pensions – This could be the set-up of a new pension scheme, or the review of an existing pension scheme
- Salary Exchange (also known as ‘salary sacrifice’) – A tax-efficient way of making pension contributions to reduce National Insurance for both employers and employees
- Group Critical Illness – This benefit provides a lump sum benefit in the event of a serious illness diagnosis
- Group Death in Service – In the event of death, (or potentially the diagnosis of a terminal illness) this benefit provides the deceased’s loved ones with a lump sum
- Group Income Protection – This benefit provides employees with a percentage of their income if they are absent from work due to illness or injury
- Private Medical Insurance – This benefit is designed to either partially or fully cover the cost of private medical treatment
Our consultants are also able to provide consultation on any benefits which are not listed above e.g. electric car schemes, cycle to work, dental plans, employee discounts etc.
Why Albert Goodman?
With over 150 years of heritage, we provide advice and support to employers of all sizes across a wide range of industries. Our reputation has been built upon our ability to provide clear, bespoke advice which aims to enhance an employer’s workplace benefits offering in a cost-effective way. Contact us today to see how we can help.
FAQ’s
Are employee benefits tax deductible?
For many employee benefits, including Group Death in Service, Group Critical Illness, Group Income Protection and Private Medical Insurance, the premiums paid by an employer are classed as an allowable business expense. This means that the premiums aren't subject to Corporation Tax, and employers can therefore benefit from a reduced tax bill. For further detail on the tax treatment of a specific employee benefit, please feel free to get in touch.
Are fixed term employees entitled to benefits?
Yes, fixed term employees are entitled to employee benefits in the same way as permanent employees.
Can employee benefits be taken away?
Yes, with the exception of a workplace pension scheme, employee benefit schemes can be cancelled.
Can employees offer different benefits to different employees?
Yes, employers ultimately have discretion over which employees a benefit can be offered to. However, in the interests of fairness and anti-discrimination, they must ensure that all decisions can be justified with a clear business need.