Employee Benefits

Free Employee Benefits Review

The Government has announced that the price cap on Stakeholder pensions can be increased from 1% p.a., to 1.5% (for the first 10 years of the policy). This move was welcomed by insurance companies and advisers alike as both have long stated that there is insufficient profit to actively market pensions within a 1% charge. Will this then lead to a wholesale change of pension pricing for consumers?

Given that employee benefits are usually the second largest cost for employers after salaries, companies should ensure that they derive maximum value for this investment. As many as a third of employees don’t even realise that their employer contributes to a pension scheme on their behalf.
Hill Martin is offering you a free review of any employee benefits you may make available to your people. By employee benefits we mean not just pensions, but also life assurance, income protection and private medical. Of course, insured benefits are not the only benefits available, and the review will extend to ‘flexible’ benefits, ‘voluntary’ benefits etc.

The review includes:

  • An initial meeting to gain an understanding of your current employee benefits programme
  • A bespoke report making recommendations (where necessary)

How you choose to use the information and what you do about the findings, is up to you and the review is without obligation for you to proceed with any recommendations made.

Consumer and Government pressure have caused fierce competition amongst insurance companies, fund managers and financial advisers, all vying for market share. This has led to many of these companies reducing charges and increasing technology investment to service clients more efficiently. Are you sure that your company’s employee benefits programme is benefiting from this competition?

Any cost savings that the review may identify can be windfall revenues to your company, or can be used to offer a wider range of benefits to employees with no additional cost or administration.
Other areas which can be covered by the review:

  • Are your employee benefits competitive- how important is competitor alignment?
  • Do your employees value and understand them?
  • What standard of service do you get from your benefit providers?
  • Do you spend too much time administering your benefits?
  • How well are your benefits communicated to your employees?
  • Does your benefit structure embrace technology efficiently to reduce paperwork and empower employees to access their benefits 24/7?

Hill Martin is an independent financial adviser, authorised and regulated by the Financial Services Authority.