Most business owners adopt salary sacrifice schemes today. A salary sacrifice is a contractual arrangement whereby an employee gives up the right to receive part of their cash remuneration, usually in return for their employer’s agreement to provide some form of non-cash benefit. As the salary sacrifice comes out of gross pay the employee is able to save on income tax and National Insurance Contributions. The general idea behind salary sacrifice schemes is to help you manage your savings. Salary sacrifice is when you agree to exchange part of your salary so you can get extra benefits from your employer. Benefits offered can include childcare vouchers, a company car and additional pension contributions. Employees usually have more to gain in this type of arrangement.
Salary sacrifice scheme administrators basically put everything in place to handle your organization’s salary sacrifice scheme needs. The idea behind this is quite simple. You give up part of your salary and, in return, your employer gives you a non-cash benefit, such as childcare vouchers, or increased pension contributions. There are a couple of things you should put at the back of your mind when employing the services of salary sacrifice scheme administrators. The ideal administrators should be able to do the following:
Online footprint and support
Having a strong presence on the Internet is a necessity in the 21st century where most people have internet-enabled devices. Like any other business, when you provide online services, people can find you easily and thus you can deliver your services faster and better. The ideal salary sacrifice scheme administrators should have spectacular customer support as well – this will ensure that businesses that choose their services will always have somewhere to go to for help.
Complete scheme setup
The ideal salary sacrifice administrators provide scheme set up including compliance, risk and marketing to help make things easier for users. The administrators would take their time to properly setup the scheme and check for any form of compliance that needs to be adhered to. Things like marketing are also handled by the ideal salary sacrifice scheme administrators.
Provision of HR tools
The Human Resources department is part of any business in the 21st century and having the ideal tools for handling HR issues is an added advantage to your business. The right salary sacrifice scheme administrators should be able to provide you with the HR administration tools for application approvals and payroll reports. Team Rewards is a salary sacrifice scheme provider that has the best administrators in the business.
Scheme management and transition
When you choose salary sacrifice administrators, professionals will handle your salary sacrifice scheme. They make the management of your salary sacrifice scheme very easy. Team Rewards provides spectacular service such as ‘End of Scheme’ administration including, transfer of ownership, return on investment modelling and real time management information. You can get more information about Team Rewards salary sacrifice scheme administrators at http://teamrewards.co.uk/