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Flexible benefits.

Make it possible for employees to vary their pay and benefits to suit their personal requirements. Either they can change the mix of benefits they receive, without affecting their pay, or adjust their pay by taking fewer or more benefits. You may wish to fund all or part of the benefits. 

There is no standard approach to flexible benefits. Scheme design typically uses the following components:

Flex pot/ benefit allowance/ flex account A percentage of salary which the employee must spend on a range of benefits or if permitted, take as cash. 
Benefit ‘trading’ More of one benefit can be chosen by taking less of others, such as the sale of holiday entitlement funds greater income protection cover. 
Salary sacrifice

Employee gives up or ‘sacrifices’ part of their salary – in exchange you provide a non-cash benefit. For example, pensions, childcare vouchers or company cars. 

You can use your National Insurance (NI) savings to offset administration costs or return them to employees.  

Salary deduction Employee pays for the benefit with a deduction from either their net or gross salary (dependant on the tax status of the benefit). 

Flexible benefits use our standard Group Life Assurance and Dependants’ Pensions, Group Income Protection and Group Critical Illness Cover product material. See the relevant technical guide for more information:

Group life assurance and dependants' pension technical guide (PDF: 385KB)

Group income protection technical guide (PDF: 412KB)

Critical illness cover technical guide (PDF: 338KB)

We have bespoke technical guides for our voluntary group life and voluntary critical illness benefits. 

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Typical costs

Our Group Income Protection cover can cost 0.66% salary on average.

Group Life cover can cost 0.35% salary on average.
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Your guide to flexible benefits

Access our useful online flexible benefits guide to help you administer a policy.