Johnson Fleming: employers should review benefit schemes following pension changes

Aimed at HR professionals, the guide examines three key areas of a company’s benefits package: group income protection, group life assurance and private medical insurance, offering advice on understanding whether a business’ current package is appropriate and delivering value for money.

With the introduction of auto-enrolment, and ongoing changes to pensions looming, including alterations to defined contribution pensions, and the upcoming three-year automatic pension re-enrolment deadline, there will inevitably be a knock on effect on certain employee benefits schemes meaning a review of current structures is essential. With that in mind, the guide aims to encourage employers to review and address these issues.

Iain Chadwick, Consultancy Director at leading independent workplace pensions and employee benefits specialist, Johnson Fleming, comments:

“Many companies reviewing their employee benefits focus too often on obtaining the cheapest price.  However, with ongoing changes to legislation and new products on the market, it’s important for firms to conduct a more comprehensive audit to ensure their scheme is effective and they are getting the best out of their insured benefits.

“As many businesses reach their annual benefit renewal windows and are also already undergoing a period of review of their pension schemes to comply with new regulation, now is the ideal time to ensure that their entire employee benefits package remains relevant to their workforce and the business as a whole.

“Our new guide sets out the key considerations for employers when reviewing these three benefits in order to simplify the auditing process and provide them with a much clearer understanding of their current position and what their next steps should be.”