Howden provides independent employee benefit advice to over 2,000 employers in the United Kingdom. As a result, Howden uses their substantial data to frequently help employers understand how their employee benefits compare in their sector. To answer employers’ most common questions, Howden created this market guide. Inside the document you’ll find outlined:
- The United Kingdom’s benefits landscape including a benefits menu, mandatory requirements, and employment law
- Typical benefit design and cost
- Adviser remuneration
Example language inside the guide…
Pensions are a mandatory benefit and subject to legislation. In light of this, employers must comply with this legislation and auto enroll eligible employees into an appropriate pension. In April 2019, the minimum contribution increased to 8%. The employer pays at least 3%. However, this is a minimum requirement. Most employers base their contribution strategy on industry norms and benchmarking data provided.
When designing your pension, take great care in the following areas:
- Contributions — how do they benchmark in your sector?
- Supplier — selecting the best supplier based on service and costs is important
- Default Fund — employers should consider the selected default fund and make active choices in this area
If you have further questions about benchmarking employee benefits in the UK, please contact us and we will put you in touch with Howden.