| Benefit Packages
and remuneration offered to employees can be a crucial factor in
retaining and motivating staff. Employees need to be sufficiently
motivated to give their best and remain with the company rather
than seeking to further their career elsewhere. Similarly, potential
new staff will be keen to obtain a competitive package when looking
for new employment.
Employees today are more demanding and more likely
to change jobs especially if they can find a better deal. This applies
across all levels – top executives, management and staff.
Losing an employee can be expensive and high staff turnover can
have a big impact on a business. The last thing a business needs
is for its competitors to benefit from the training, knowledge and
experience it has built within its workforce.
Salary is, of course, important but additional benefits such as
pensions, healthcare, life insurance, holidays and childcare feature
high on the list of expectations.
As the challenges and opportunities to satisfy and retain staff
increase, so do the costs. The real challenge for employers is how
to develop the best possible benefits programme within the constraints
of the budget available and then to ensure it is communicated effectively
to the employees.
At DNG Financial Solutions Limited we are able to assist you with
this and arrange bespoke schemes to companies regardless of size
or sector tailored to the requirements of your company and to the
needs of your staff.
A review of your business ensures that a benefits package mirrors
the company’s human resources and compensation strategy, and
that the benefits are properly communicated to staff.
If you would like any further information about our services, or
to meet one of our advisers for an exploratory discussion about
your requirements and the services we provide, please give us a
call on 01604 657212 or email us at enquiries@dngfs.com
group
pension schemes
We can help establish new schemes from scratch, or we can help
redesign existing old schemes and benefits.
With greater public awareness of retirement planning, the company
pension may well be the most valuable of all benefits. We design
pension schemes for employers, recommend suitable providers and
remain actively involved to ensure that the schemes operate smoothly
and are kept up to date by assisting with the administration.
We also place a big emphasis on the effective communication of
the pension scheme and associated benefits to ensure that employees
understand and appreciate the company’s benefit arrangements.
group
death in service
Most employers offer some form of group insurance. The cost of
these arrangements fluctuates as a result of new product launches,
new providers entering the market and strategic decisions by existing
providers.
Group Life Insurance provides employees with the security that,
if they were to die whilst in the service of the employer, their
relatives, partners or family would receive a cash lump sum, which
is normally paid free from inheritance tax.
A major advantage of group insurance schemes is the level of
cover available before medical evidence is required. This enables
members who may not be in good health and who would find it difficult
to purchase their own individual policy to receive some cover.
group
income protection
Group Income Protection Insurance enables the employer to pay
a reduced level of salary where an employee is off work through
illness or incapacity for a prolonged period of time.
Group Income Protection Insurance is attractive to both employees
and employers. The employee sees an income protection benefit
as attractive and it also helps the employer by removing the dilemma
of how long to pay a sick and unproductive member of staff. The
income protection insurance arrangement can insure the employer’s
liability for a pre-set level of salary, National Insurance and
even pension contributions.
As far as the employees are concerned, they continue to receive
income payments as a continuation of salary up until they are
able to return to work or until retirement age.
Premiums are treated as a business expense and the benefits are
a taxable receipt.
group
critical illness cover
Group Critical Illness Insurance provides a cash lump sum benefit
to employees should they suffer a serious, usually life threatening,
illness. The benefit is payable on diagnosis of major medical
conditions, such as a heart attack or stroke, cancer and a whole
host of other ailments.
Critical illness insurance is becoming an increasingly valued
form of protection. Modern advances in medicine mean that many
people are surviving life threatening illnesses. However, the
effect of such an illness can have drastic consequences on personal
lifestyles and financial security.
group
private medical insurance
Group Private Medical is one of the most valued employee benefits
in a modern package and allows employees to seek private medical
treatment outside the National Health Service, giving them the
option to select a consultant and hospital of their own choice.
The insurance pays hospital charges such as consultations, theatre
fees and surgical dressings. It also covers specialist fees as
well as ambulance and nursing costs.
These policies are renewable annually and premiums will increase
with age. They can be written on a single, joint or family basis.
The benefit will be treated as a benefit in kind to the employee.
pension
income planning
Early retirement and redundancy programmes have become essential
management tools to cope with the consequences of volatility in
business markets. When confronted with such life-changing events,
employees increasingly expect their employers to make available
objective financial advice.
The employer’s response to this challenge affects not only
the future welfare of the employees leaving, but also the morale
and loyalty of those remaining.
We are able to help employees potentially maximise the value
of their company pension funds, whether through a conventional
annuity, impaired life annuity or any alternative, such as Income
Drawdown otherwise known as ‘Unsecured’ and ‘Alternatively’
secured pensions.
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DNG Financial Solutions Limited is
authorised and regulated by The Financial Services Authority. DNG Financial Solutions Limited is entered on the FSA register
(www.fsa.gov.uk/register/) under reference 472596.
Website last changed: 20/08/2008
