Support, motivate and reward your people Oval Workplace Benefits
Take care of your people...
...and they’ll take care of you Employees are key to the success of any business, no matter how large. Recruiting and retaining good staff makes a business more successful. The march of modern media and technology makes it easy for staff to compare employment packages. Whilst it’s important to offer competitive salaries, a package of benefits is also important to employees and it’s increasingly the case that staff will choose to join employers who offer a good balance of pay and benefits to suit their needs. Oval Financial Services Limited (Oval) are able to support you as an employer by putting together a suitable range of benefits to meet your aims of recruiting and retaining good staff. We are also able to construct it so that you achieve the best return from the arrangements in terms of HR support, cost efficiency for your business and value for your staff.
Welcome to Oval: Workplace Benefits that are shaped around your people
Oval’s packaged Pension Solution offers affordable and flexible service packages for you to choose from to meet your pension obligations. Working with payroll, through an online hub, it provides the following benefits:
With Oval, you’ll find all the services you need to deliver exceptional motivational, reward and protection packages that improve the value you receive, reduce your risk exposure, and remove expensive benefit administration errors.
Auto Enrolment means that all employers in the UK will, at some point, be required to enrol staff into a Qualifying Workplace Pension. Compliance with these regulations is important, as is getting across the real value of how pension planning ultimately delivers value to your employees at the point of retirement.
• Compliance with Auto Enrolment
Available packaged solutions include:
• Value for money for employees
• Pension Plans
• Easy to understand and engaging communication material
• Life Insurance • Sick Pay and Group Income Protection • Critical Illness • Flexible and Voluntary benefits We can offer advice to help you source flexible and value for money service packages which you can configure in a way that supports your business and your people, giving them the knowledge they need to make well-informed choices, today, tomorrow and beyond.
• Salary Exchange to maximise value for employers and employees • Overarching Governance to the standards expected by the regulators
Life Assurance The untimely death of a colleague is not only felt emotionally, it often has an effect on the business itself. Life Assurance provides much needed financial support to the family of the colleague who would have been relying on that person’s income. Group Life Assurance can be provided to companies with just two or more employees. Benefits include: • Generous levels of cover that can be put in place without the need to supply medical evidence, meaning cover can be implemented quickly and easily • A very low cost and tax efficient benefit for a company to offer employees • Tax relief is usually available on the premiums paid and the benefit is also usually paid tax free • Separate Key Person insurance can be obtained to cover business risks of losing a key employee on whom the businesses success relies
Sick Pay insurance and Group Income Protection Businesses try to be efficient in terms of people employed and how they are deployed to deliver their services to their customers. The absence of one or more people for short periods are juggled but usually kept under control. However, if the absence is for a longer period, disruption can occur and cause difficulties for a business. In addition, most companies don’t have fully formed policies in terms of addressing absence and how to support staff to return to work. Sick Pay Insurance and Income Protection helps in the following way: • Generous levels of cover that can be put in place without the need to supply medical evidence, meaning cover can be implemented quickly and easily • Manage absence of staff through independent verification with the provider contacting employees to discuss their absence and keep the employer in touch with progress and support return to work • Longer term or serious illness absence is managed by rehabilitation experts • An Employee Assistance Program (EAP) is provided as part of the service for employees to access online, by telephone or face to face counselling if required • Payments are made to the employer to meet the terms and conditions of the occupational sick pay policy the employer has in place • Supports the removal of unintended anti discrimination practices that could arise • Premiums for insurance are tax relievable
Communication, Education and Advice
This cover provides a lump sum to a person who is diagnosed with a critical illness as defined in the policy. The main incidences of critical illness are Heart Attack, Stroke and Cancer, but other conditions can also be covered. Employers with two or more employees can be covered and its features include:
To achieve the various regulators’ aims of delivering good outcomes for employees, we believe it is important that employees get the right help at the right time so that they make good decisions about their financial planning that lead to good outcomes in the long term.
• Generous levels of cover that can be put in place without the need to supply medical evidence, meaning cover can be implemented quickly and easily
Oval maintain full Financial Conduct Authority (FCA) authorisation to enable us to deliver financial guidance to our clients. We can work with you to ensure that your employees receive the right support in the following ways:
• Premiums are a P11D benefit to the employee but Corporate Tax relievable if paid by the Company • Pre existing conditions are excluded
Flexible and Voluntary Benefits Oval can help you source the most suitable provider to deliver flexible benefits or voluntary benefits for your employees to self serve through on-line hubs. Oval’s approach of helping you source the right platform for your needs ensures you don’t pay twice for introducing the flexibility of benefit choice. Oval could help you in the following ways: • Understanding the motivations for flexible benefits in the workplace
• When joining a Company, helping an employee to understand what the benefit package delivers in supporting them with their general financial planning • Providing education at key points in a person’s life in terms of how the benefits support them personally • Through Governance, identifying certain groups of people who need help, such as those in certain age groups and how planning for retirement might be achieved • Delivering employee paid financial advice at their request for bespoke planning requirements such as tax planning or investment advice requirements
• Ensuring the specific requirements are recorded and built into a tender document that is used for reviewing existing arrangements or for tendering for new flexible benefit platforms • Helping you evaluate whether a full flexible benefit system is needed or whether a ‘lite’ version is more appropriate before embarking on flexible benefits packages • Helping you shape the employee experience to ensure it has maximum impact and ongoing engagement with staff
Working with Oval to help shape, source and communicate a range of employee benefits can help you to keep hold of your most important asset, your people.
About the Oval group The Oval group is a leading UK risk, insurance broking, healthcare and financial services advisory group. Part of the Oval group, Oval Financial Services is one of the premier financial advisory firms in the UK. We go beyond traditional boundaries to contribute positively to the success and profitability of our clients. Thatâ€™s why we are the financial services adviser of choice for thousands businesses and individuals across the UK.
Would you like to talk? If you would like to explore the options for optimising your Workplace Benefits strategy, weâ€™re here to help. Call: 0800
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Oval Financial Services Limited Registered Office: 9 South Parade, Wakefield, WF1 1LR Registered in England No: 02192234 Authorised and regulated by the Financial Conduct Authority.