Flexible Benefits
Flexible benefit schemes have become increasingly popular in the UK in the last ten years. Originally pioneered in the United States they offer employers the opportunity to offer a variety of different benefits to their employees and importantly allow the individual employees to pick the range of benefits that suit their individual circumstances.
Flexible benefit schemes would typically include the usual employee benefits, for example a corporate pension, but in addition to these other tax efficient benefits such as childcare vouchers and other products where the employer is able to offer a discount, for example a bike or computer scheme.
Technology and flexible benefits
The increased sophistication of technology has been an essential factor that has increased the popularity of flexible benefits. Without an efficient technology platform it would not be economically realistic for an employer to offer each individual employee the ability to self-select their own individual benefit package.
With recent changes in government policy, particularly pensions for employees earning over £150,000, we believe that flexible benefits are an excellent strategy for employers who want to offer their employees the best benefit packages.