Due to the new Auto enrolment laws, every employer in the UK will be required to provide a qualifying pension scheme for their employees by April 2017. This means all employers must enrol relevant employees into this scheme, pay a contribution on their behalf and deduct and pay a contribution from the employees’ earnings.
Here at the POSH Agency we must have this in place and set up by the 1st February 2017, but we decided to improve our employee benefits by starting the scheme earlier with an increased contribution rate at 2% of the basic earnings (higher than the government rate), plus we have put in place Group Life Assurance and Group Income Protection. We openly discuss with our staff what they want from us in regard to their pensions and we increase our payments and their payments to keep in line with this and ahead of the standard which our staff love. We also make it optional as far as we can.
Group Life Assurance
Group Life Assurance enables us to provide a tax-free lump sum benefit payment to an employee’s family and dependents if they should sadly die when working with us. They can have this as well as their own personal Life Assurance policy and as such would receive two payments. The package we have selected also offers bereavement counselling and a helpline for family and dependents. As our team, being digital, are predominantly young, none had this kind of protection in place, whilst most do have property and partners. Our team were keen that we protect them in the first instance and help them on the road to financial security.
Group Income Protection
This product protects us as a small business from long term sickness, whilst ensuring our employees have extended financial security should they go off on long-term sick. Nothing in life is certain and we wanted to be able to support our employees through what can be an emotional and financially stressful time.
We selected Canada Life for both of these policies.