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:
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:
PDF file: Group income protection technical guide PDF size: 1.3MB
PDF file: Critical illness cover technical guide PDF size: 1.2MB
Please refer to the relevant technical guide for details about the cover that we can provide and how we assess claims.