All Tax-efficient benefits articles – Page 6
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Case StudiesThe benefits offered by Inspired Villages
The benefits offered by Inspired Villages:Pension, protection and payA defined contribution (DC) pension scheme is available for all staff through auto-enrolment; contributions are set at the statutory minimum of a monthly 5% from employees and 3% from the employer.Life insurance, at three times an employee’s base salary, is available on ...
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Case StudiesRoyal Mail delivers financial wellbeing focus to support employee health
Between March and April 2019, national postal and courier organisation Royal Mail introduced a focus on financial wellbeing to better support its 140,000 staff and mitigate the effects that financial difficulties could have on employees’ overall wellbeing.Ian Dockerill, employee share plans and benefits manager at Royal Mail, explains: “We were ...
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Case StudiesThe benefits offered by Royal Mail
The benefits offered by Royal Mail:Pensions, pay and group riskRoyal Mail's defined benefit (DB) pension scheme was closed to new members in March 2008 and new employees are provided with a defined contribution (DC) pension. The DB arrangement closed to future accrual in March 2018; members of this scheme have ...
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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ArticleBritish Transport Police adds cycle scheme to benefits offering for 5,000 employees
The British Transport Police (BTP) has introduced a new cycle-to-work scheme for 5,000 employees.The new benefit, provided by Green Commute Initiative, was implemented in April 2019 to offer employees a greater choice of bikes; traditionally, cycle-to-work schemes allow employees to select a bike up to the value of £1,000, but ...
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ArticleLeicester City Council launches cycle scheme for 8,000 staff members
Leicester City Council has launched a new cycle-to-work scheme for its 8,000 employees in order to align with business goals around sustainability.The new benefit, provided by Green Commute Initiative, was implemented on 1 April 2019. It enables employees to purchase a bike or e-bike up to the value of £5,000 ...
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Case StudiesUK Power Networks clearly communicates salary sacrifice rules to employees
When it comes to salary sacrifice, electricity distribution organisation UK Power Networks has traditionally been risk averse from a tax perspective, according to Steve Remnant, head of reward and HR services. This means that the government’s moves to limit salary-based benefits have had limited day-to-day impact.“I think that, overall, employers ...
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AnalysisHow to help employees manage their take-home pay when in a salary sacrifice scheme
Need to know:Automation and payroll tools can flag if an employee is at risk of falling below the minimum wage because of salary sacrifice, but employers should be wary of becoming overly reliant on such technology.Employee communications must illustrate clearly what the effect of salary sacrifice will be on pay, ...
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ArticleKavitha Sivasubramaniam: Promoting and communicating benefits adds to their value
As our Maximising Benefits Week in association with Tusker draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.This dedicated week was designed to bring you exclusive insights and opinions, uncovering the latest trends and best ...
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Case StudiesSevern Trent Water places strong focus on health and wellbeing of employees
Severn Trent Water has positioned its benefits strategy to place a strong focus on the health, wellbeing and engagement of its 6,500 UK and Ireland-based employees.The organisation launched a virtual GP service in December 2018, available through its health cash plan and its contractual private medical insurance (PMI), in order ...
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Case StudiesThe benefits offered by Severn Trent Water
The benefits offered by Severn Trent Water:Pension, protection and payA defined contribution (DC) pension scheme for all employees, offering 2:1 matching contributions and a maximum 15% employer contribution.Group income protection, available for all staff on an employer-funded basis. This operates on a phased reduction model: once an employee's sick pay ...
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ArticleGovernment to tackle tax after 2019’s Spring Statement
Spring Statement 2019: The government has announced a call for evidence on insurance premium tax (IPT), in addition to a series of other consultations and responses published in alignment with the Spring Statement 2019.Chancellor Philip Hammond (pictured) outlined the tax-related consultations and published government responses in his annual Spring Statement ...
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OpinionMatthew Potter: What are the impacts from Iceland's minimum wage non-compliance case?
According to the national minimum wage regulations, a salary sacrifice scheme that brings the gross pay of a salaried employee below the minimum wage threshold is technically a breach, attracting fines and a requirement to put employees back into the position they should have been in, had the sums not ...
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ArticleZurich launches new employee benefits and portal for 5,000 UK staff
Insurance organisation Zurich has updated its employee benefits offering for 5,000 UK employees, as well as launched an employee benefits portal to better support the organisation’s agile working culture and multigenerational workforce.The new portal, called Indigo, was introduced on 7 November 2018 for the organisation’s UK-based staff. Provided by Thomsons ...
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OpinionJonathan Watts-Lay: Ensuring the savings effort pays off
Nearly half (46%) of all UK adults rate their own knowledge about financial matters as low and almost a quarter (24%) have little or no confidence in managing their money, according to the Financial Conduct Authority's Understanding the financial lives of UK adults report, published in October 2017.The impact of ...
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Case StudiesWeetabix Food Company tailors benefits platform to employee preferences
In February 2017, cereal manufacturer Weetabix Food Company launched a combined flexible and voluntary benefits platform, to align with the needs of its 1,000 UK-based employees.The platform, provided by Edenred, was designed to engage and retain Weetabix's varied workforce, as well as to attract new staff.Stuart Branch, group HR and ...
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Supplier article
Individuals pay 10 times more in tax for breaching the Lifetime Allowance
The tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £110m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced.WEALTH ...
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ArticleSurrey County Council launches cycle to work scheme
Surrey County Council has launched a cycle to work scheme as part of its new employee benefits platform for 23,000 employees.The scheme, provided by Green Commute Initiative (GCI), was implemented in August 2018 as part of the Council’s new bespoke employee benefits platform, supplied by provider My Staff Shop. The ...
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Article29% cannot explain how company cars impact upon their taxes
Under a third (29%) of respondents cannot explain how having a company car impacts on their taxes, and simply accept the amount that comes out of their pay packet, according to research by vehicle supply organisation OSV.Its survey of 759 individuals also found that 51% admit that they still do ...
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Article67% feel employers could do more to encourage active commuting
More than two-thirds (67%) of respondents believe that employers can make allowances to help encourage employees to have a more active commute, according to research by social enterprise organisation Free2cycle.The survey of 2,000 UK individuals highlighted initiatives such as introducing flexible start times, providing access to changing facilities and offering ...