Employee Benefit Schemes

Keeping a good team together is as much of a challenge as finding the right people in the first place. Yes, we live in straitened economic times, but isn’t it a good use of company resources to offer a benefits package that gives the people you value the recognition and reward which helps keep everyone on board?

Employee Benefit Schemes features:

Registered Group Life Insurance

  • Provides life insurance benefits to members of a UK occupation pension trust.
  • Provides dependants with the financial protection of either a tax-free lump sum or a dependant’s pension, or both, up to the Lifetime Allowance (LTA).
  • Benefits are normally based on the employer’s earnings and can be tailored to meet the employer’s specific needs and those of their staff. 
  • The policy can provide lump sum benefits of up to 20× annual salary, although the level may be reduced if a dependant’s pension is in place.

Excepted Group Life Insurance

  • Enables employers to offer generous tax-free benefits for their highest earners by providing lump sum benefits that do not count towards their Lifetime Allowance (LTA).
  • Benefits are paid as a lump sum only and are normally based on the employee's earnings.
  • The policy is designed to meet the criteria for an Excepted Group Life policy as defined in section 480 of the Income Tax (Trading and Other Income) Act 2005.

Group Income Protection

  • Pays your employees up to 80% of their salary if they’re long-term ill or injured and can’t work.

Group Critical Illness

  • Should an employee become critically ill, a lump sum will be paid to help with any expense they choose, such as treatment costs, nursing care or changes to the home.
  • Cover varies from one insurer to another. In addition to money, some insurers have additional benefits such as counselling and bereavement services. Oviso will help find the right one for you.

Employee Benefit Schemes benefits:

Registered Group Life Insurance

  • Enjoy the taxation advantages of providing attractive paid-for benefits within HM Revenue & Customs (HMRC) regulations for a Registered occupational pension scheme.

Excepted Group Life Insurance 

  • The policy does not have to be linked to a registered policy.
  • Cover can be tailored to meet the employer's specific needs and those of their staff.

Group Income Protection

  • There may be the option of sharing the cost of cover with your employees.
  • Group Income Protection normally costs less than if taken out individually.
  • For every £100 of premium paid, you’ll get back an average of £481 thanks to savings on Occupational Sick Pay and other indirect costs.