Flexible benefits

Flexible benefits is one of the newer developments in the employee benefits arena. Some employers are keen to offer their employees to tailor their own benefit package in order to meet their personal needs. For example, some employees may wish to sacrifice holiday allowances for extra pension contributions, or waive death-in-service cover and have critical illness cover instead.

It is crucial that offering such flexibility is planned and implemented correctly. We can help advise you on some of the key areas of consideration:

• Scheme administration – How is the scheme administered, for example what system / technology platform is used?

• Scheme providers – which providers do you use to offer the various benefits, and how do these integrate?

• Employee control – How much employee control is offered – are there various thresholds in place – and how is this managed?