It's not just big companies that can offer flexible benefits. We have a way for smaller companies to do so too.
Employers with between 50 and 500 employees shouldn't be put off flex schemes by concerns over the variable cost and administrative burden. Our Employee Protection Menu means they can now get a flex package at a fixed cost with very little administration.
Clients can choose from a range of six menus, plus an executive option, according to the needs of their workforce and their budget. Each menu offers a choice of different benefit options for employees, which can include:
- life cover (lump sum)
- life cover (spouse's or dependant's pension)
- income protection cover
- critical illness cover
- spouse and partner life cover
Your client simply chooses which menu to offer. Then employees can make their selection from the benefit options. Like any flex scheme, employees can change their choices if their circumstances change:
- at the yearly renewal date
- within three months of a specified range of lifestyle events (eg the birth of a child)
But because the contribution is calculated for the menu as a whole (expressed as a fixed percentage of salary roll and guaranteed for two years), your client's employee benefits spend would be stable, no matter how many changes of benefits their employees make.
Benefits for your clients
- The fixed cost makes flex easier to budget for.
- It recognises that individual employees have individual needs - and so can act as a strong recruitment and retention tool.
- We provide information packs for all employees.
- We handle all the administration - all they have to do is send us employees' option forms and let us know if any information changes.
- There aren't any age discrimination implications because employees have a free choice of which option to take no matter what age they are.
- Employees can access our RED ARC services.
More product information
For more details about this product and information you can use with clients, please take a look at our literature.
For more information on getting a quote or setting up a scheme, please choose 'Quotes and scheme set-up' from the menu on the left.
For more information take a look at our literature section