Employee Benefits
As a client of NW Brown, you and your employees will benefit from an ongoing relationship with our Corporate Benefit team. We will also assist with communicating details of the benefits package to your employees to make sure that they fully understand the real value of the benefits offered.
Our Bespoke Pension Service
Whether your company offers defined benefit, defined contribution or a mix of both, we provide a variety of services to meet your needs including:
- Direct offer, where information is supplied to your employees to enable them to make informed decisions
- Restricted advisory service, where our consultants will take time to build up an understanding of your employees' pension requirements, objectives and tolerance to risk
- Production and processing of the monthly pension contribution schedule, incorporating those joining and leaving the company pension scheme
- Compliance with workplace pension reform.
Our Bespoke Group Risk Service
Group Risk comprises Group Life (death in service), Group Income Protection, Group Critical Illness and Group Health Insurance. These are the backbone of an employee benefit programme, being highly valued by employees as they provide financial support in the event of long-term illness or death.
- We undertake a full review of your current arrangements and compare these to the market, to ensure you have the highest quality scheme with the lowest possible cost.
- We continue to monitor this to ensure the protection levels remain relevant and costs are kept under control.
Our Bespoke Childcare Voucher Service
Following changes to the employer support childcare legislation in April 2005, the provision of childcare vouchers as part of an employee's remuneration has grown in popularity. This is because, using salary sacrifice, an employee can swap up to maximum of 243 per month in exchange for a childcare voucher, free of tax and national insurance. Employers also benefit from a reduction in their national insurance cost. Since April 2011 the maximum voucher amount has been restricted dependent upon the individual's taxable earnings. For more information about these amounts and the qualifying conditions, see the Childcare Vouchers section for more details.
Efficient Administration
Effective consultancy needs to be backed up by efficient administration and reporting. We have developed bespoke internal systems that enable us to provide excellent administration support for your Corporate Benefit needs.
Regular Reviews
Our consultants will keep your benefits under regular review to make sure they are up to date and appropriate. If we feel changes are needed, we will agree them with you before taking the appropriate action.
Tax Considerations
Benefits in kind are benefits that an individual receives during their employment which are not included in their wages, for example, private health insurance and pension contributions. Certain benefits are tax free but others are taxable. Tax is paid on the taxable value of the benefit, usually the amount of the cost paid by the employer, and reported to HMRC on a P11d. An adjustment is made to the individual's tax code to reclaim any tax due.
For more information about our services or to arrange a meeting with one of our consultants, simply complete our enquiry form, send us an email or call our Cambridge office on 01223 357131 or our Norwich office on 01603 661156.
