Group Employee Benefits
We had acted for a business owner for several years during which time we had on several occasions argued successfully against the company’s group pensions advisers with regard to directors benefits.
Our client asked us to review the group personal pension plan. Our review highlighted the fact that the scheme was both antiquated for the staff and expensive for the employer. The scheme was still using manual cheque and list procedures and the pension consultant was making personal calls for all staff enquiries which was costing the employer significant sums in consultancy fees.
When we looked at the other staff benefits we discovered there was no provision for greater directors death in service and disability benefits all of which could be paid for by the business at no P11D cost to the owners.
We moved the pension scheme to a directly (principally internet based) managed modern group personal pension plan. This then negated the need for the group pensions advisers and saved the employer significant costs each year.
We increased the death in service provision for directors to use as much of their Lifetime Allowance as possible and we increased their disability cover to include dividends thus negating the need for some private cover and saving after tax income on premiums.