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Salary sacrifice
Salary sacrifice is popular with employers and employees alike, and it is easy to understand why: it is a great way of providing more value to your employees, whilst generating financial savings for the company that can either help the ‘bottom line’ or fund other initiatives, such as flexible benefits or total reward statements.
Recent clarification and support from HMRC and other Government bodies also means that salary sacrifice appears to be around for the long term. This is evidenced by the take-up of the initiative, with 92% of companies providing at least one salary sacrifice benefit (Employee Rewards Watch 2012).
The greatest savings are usually made when introducing it for company pension contributions, meaning it is also well-worth considering as part of your auto-enrolment strategy.
Our Salary Sacrifice Experience
Thomsons Online Benefits has helped nearly 300 UK companies implement salary sacrifice, whether as a standalone imitative or part of a complete review of their benefits package.
We work with HMRC to ensure changes in salary sacrifice guidance are correctly implemented and built into our clients’ schemes, as well as collaborating with many benefit providers in the market to innovate and expand the potential for salary sacrifice.
Our Salary Sacrifice Services
As with all other parts of your benefits programme, salary sacrifice is about designing the right policy, issuing the right communications to engage employees and implementing the right processes to make it all work. This is where Thomsons’ unique combination of consultancy, communications and technology has helped many UK employees maximise the value of salary sacrifice:
Consultancy– helping you decide how to implement the right salary sacrifice scheme, understand which benefits can generate savings for you and your employees, whether and how to share those savings and how to implement policy changes, such as for maternity and paternity leave.
Communications– establishing the key messages, creating a communications plan and executing it – our end-to-end service covers everything to make sure your employees understand the advantages to them and the things to consider, before they sign up. We help clients do this on and off-line.
Technology– our award-winning technology, Darwin™, ensures that your salary sacrifice scheme is compliant and robust. There are many processes to manage, from the initial launch to monthly life events and annual renewal of the scheme, and Darwin™ provides a cost-effective and reliable way of taking away the hassle of jumping through those hoops.
The Result
Thomsons have helped many clients maximise the savings available through salary sacrifice, whilst also improving employee engagement with their benefits. This has provided the platform for those clients to go on to introduce flexible benefits, increasing even further employees’ satisfaction with their reward.
Want to Know More?
- If you would like to know more about introducing or improving salary sacrifice, please contact us
- A member of our consultancy team will get back to you right away
- To stay in touch with the latest benefits news and events, and receive the latest thought-leadership and research articles, subscribe to MyThomsons
