What JB Wealth Management Ltd provides
- Fully qualified advice to provide tailored solutions to meet your company’s needs, circumstances and budget.
- We work with HR and Finance Directors to review company benefit packages and requirements
- On-going scheme administration with the provider on your behalf which saves your company time and hassle
Death in Service
Death in service benefit is one of the most popular and cost effective employee benefits a firm can provide and one which employees value immensely. It provides a lump sum benefit in the event of death whilst employed by the company.
JB Wealth Management Ltd, research and implement the most appropriate death in service schemes for employers. The level of benefit is decided by the employer, usually a multiple of annual salary (normally up to a maximum of four times salary).
Often the lump sum benefit is the main accessible fund (liquid asset) when someone dies and it provides significant security at a time of upheaval. It is paid free of tax to a beneficiary chosen by the employee.
If you need expert advice on employee benefits including death in service benefit contact us.
Health Insurance
Employers may wish to provide private medical cover as part of their employee benefits package. In many sectors, especially in time of low wage rise this is a basic benefit employees expect to receive.
Group rates tend to be much more competitive than an individual would get on their own for private healthcare plans (so the perceived benefit is higher than the cost to the employer).
- We research a range of providers on behalf of the employer and provide the best choice available for their company.
- We can implement and administer the chosen scheme, which reduces the time an employer needs to spend
- We can help with communication and administration to ensure that a workforce understand and value these enhanced benefits from their employer
- We can assist with the application process. Pre-assessments of employees health may be needed prior to being accepted onto a scheme – policy documentation and further advice is required to fully understand what any policy covers
If you want professional advice on health insurance and other employee benefits contact us.
Group Pensions
JB Wealth Management Ltd provide efficient solutions to manage group personal pension (GPP) schemes. We reduce the hassle for employers by saving time and we can boost a workforce’s interest in pensions and enhance their perception of employee benefits.
We provide a comprehensive GPP service, including researching suitable schemes, supporting scheme implementation and administration, for example handling member queries, leavers and new recruits.
Protecting your Business
Business protection is one of the best ways to safeguard a business. Whether it’s Key Person cover, Shareholder Protection, Loan Protection or a Key Life policy, Vitality has a variety of solutions for business. There is a range of protection products to choose from;
- Life Cover: helps you protect your business if a key employee, shareholder or partner dies
- Life cover (with disability cover for business) can be added to life cover for enhanced protection against serious injury or illness.
You can use Life Cover or Life Cover with Disability Cover for business to protect your business in three ways
- Key Person Cover
- Protect your profits if you lose an employee through death, disability or severe illness
- Shareholder or partnership protection
Vitality Health and Vitality Life help you keep control of your business, if a shareholder or business partner dies or suffers a severe illness. In addition to having the flexibility to manage protection as your business changes you also have the added benefits of Vitality which we know employees value.
Employee Life Insurance
An SME employee benefits package which give big business benefits for small businesses.
Relevant Life Cover
Sometimes known as relevant life cover is a cost-effective alternative or ‘top-up’ to group death in service benefit with access to Vitality a healthy living rewards programme. Relevant Life Cover is a tax efficient way of arranging life cover for employees – a tax deductible business expense and no NI contributions.
Income Protection Cover
Can start paying a regular income in as little as 7 days for sole traders.
Workplace Benefits – Income Replacements
Income replacement (or Income protection) benefit pays out if an employee is unable to work due to long term ill health (after a specified period). The length of delay period determines the level of premium paid – so for example a 6 month delay period will cost less than a 3 month one.
For small business in particular the loss of key staff who are seriously injured or diagnosed with a critical illness can be devastating. Income replacement can provide protection for individuals and businesses.
Long-term income repayment policies usually apply when sick pay stops and runs until you collect a pension. Income replacement can be paid to the employee right up to their normal retirement age if ill health persists.
Income replacement is popular with employers because in the event of prolonged absence the benefits paid to individuals don’t come from company funds. They are also a popular worksite benefit with employees as they provide security and a protected income at a time when people are seriously ill and unable to work.
A health assessment may be needed prior to an employee being accepted into a scheme. JB Wealth Management Ltd can help arrange and provide guidance on policy documentation.
Workplace Pensions
Every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called ‘automatic enrolment’.
If you employ at least one person you are an employer and you have certain legal duties.
We work with employers of all sizes to select appropriate pension providers that not only comply with the legal requirements but help to fulfil the needs of the organization. We can help establish administration procedures, including providing training where necessary, or undertake the regular monthly and annual submissions on behalf of our clients.
The pensions regulator has an excellent website: https://www.thepensionsregulator.gov.uk/en/employers.
Our friendly, trained team are on standby to help.