How to…audit your

employee benefit schemes

Angela Jones

Senior Consultant

9th December 2014

Topics

• Why do I need to audit my employee benefit schemes?

• 3 key benefits

Group Income Protection

Group Life Assurance

Private Medical Insurance

• Making them work together

• Questions

Why do I need to audit my employee benefit schemes?

• The constant changes

• Identify areas that are no longer relevant

• Highlight the different ways to adjust the level of premiums you pay

• Ensure your current benefits package is delivering value for money

• Understand whether the service from your current provider is effective

Auditing your…Group Income Protection Scheme

• Does your scheme…

- include state benefit offset?

- offer value added benefits?

- complement sick pay and absence management?

• Have you looked at…

- the maximum benefit age?

- changes to the business in relation to the benefit structure?

- trends within your absentee records?

- your current definition of occupation?

• Is the escalation on your policy comparative to current wage increases?

Auditing your…Group Life Assurance Scheme

• When switching providers, check long term absence

• Is your GLA linked to your pension

- The impacts of auto-enrolment

• Do you still have death in service pension provision?

- Is it cost effective?

• Lifetime allowance

- Is the most appropriate cover in place?

• Are your legal documents up to date?

- Trust Deed and Rules

- Expression of Wish

Auditing your…Private Medical Insurance Scheme

• Excess levels

- Do you currently have an excess?

• Using insurer data to identify claims trends?

- Preventative benefits that can be used

• Communication…

- Claims process

- Healthy lifestyle

- Other supporting benefits

• Cash plans

- Do you use this to support your PMI arrangement?

• Employee Assistance Programme (EAP)

- Stand alone or linked?

Making them work together

Summary

• Regularly audit and review your benefits

• Ensure your benefits remain attractive

and exciting for your workforce

• Support and address any business needs

• Free audit

Tel - 01527 571 300 E-mail - info@johnsonfleming.com

Guide - www.johnsonfleming.com/guide/9

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