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The most successful flex schemes engage employees from the outset. One way of doing this is by involving your workforce in the scheme design through a survey of the benefits that appeal most to them.
Hymans Robertson has the tools to build, design, populate and report on a survey of your workforce. This online survey can be easily tailored to reflect your company’s branding, and the content updated as necessary. The survey can be as simple or complex as you need – for example incorporating conditional questions based on different responses or employee location and grade.
Please note that the survey below is a sample and not ‘live’, any responses submitted will not be received.
If you would like further details on our employee survey or any questions regarding Flex or Total Reward Statements please contact Paul Waters on paul.waters@hymans.co.uk or alternatively by phone on: 0207 082 6281.
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1. Very likely
2. Quite likely
3. Not sure
4. Quite unlikely
5. Very unlikely
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Select up to 5 days extra annual leave at a cost per day of 1/260th of your basic salary.
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You will save income tax at your highest rate, and National Insurance, on any salary you exchange for additional annual leave. You will need to choose the amount of annual leave you would like at the start of the flex year (the benefits chosen will remain in place for a 12 month period, the 'flex year'. This will run from 1 April to 31 March each year.)
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| How likely would you be to buy annual leave? |
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Reduce your annual leave by up to 5 days in return for extra salary, at a value per day of 1/260th of your basic salary.
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You will be liable for income tax at your highest rate and you will pay National Insurance on any additional salary you earn by reducing your annual leave. You will need to choose the amount of annual leave you would like at the start of the flex year.
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| How likely would you be to sell annual leave? |
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Undergo a comprehensive 'health and wellbeing' assessment that will provide you with an analysis of your current state of health.
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Health assessments are carried out at specialist centres across the UK. If you like you can add a screening for your partner. Premiums range from around £200 to £500 per screen, depending on the level of screen selected.
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| How likely would you be to take up Health Screening? |
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Take out insurance to give you a tax free cash lump sum if you are diagnosed with a specified critical illness, and you survive for 28 days following diagnosis or surgery.
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Cover can be selected in units of £25,000, up to the lesser of £250,000 or 4 times your basic salary. A range of conditions are covered, such as cancer, brain tumour, stroke or coma. Premiums are based on your age and the level of cover selected.
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| How likely would you be to buy Critical Illness Insurance? |
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Vouchers worth up to a value of £2,860 per annum to pay for approved forms of childcare. These are free from National Insurance and income tax at your highest rate.
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Vouchers operate on an electronic basis, with members having access to an on-line account, similar to on-line banking. You can select any amount of vouchers between £520 and £2,860 per annum. Vouchers can be used to pay for childcare at any of the following, provided they are registered as 'approved childcare':
- Day nursery
- Nursery school
- Child minder
- Crèche
- Pre-school
- Nanny
- Au-pair
- Out of school club
- Holiday play scheme
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| How likely would you be to buy Childcare Vouchers? |
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Cover yourself against an accidental bodily injury and receive a tax free cash lump sum if you suffer one.
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Cover is available in anything from 1 to 10 units. You can take out cover only for yourself, or you can extend it to include your family. Premiums cost around £18 per unit per year (or £36 per unit for family cover). Cash sums payable in the event of an accident range from £500 per unit for the loss of a toe, up to £50,000 per unit in the event of a catastrophic injury such as quadriplegia.
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| How likely would you be to Personal Accident Insurance? |
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Access discounts on goods and services including flights and holidays, CDs and electronic goods, health and leisure, and other types of entertainment.
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Thousands of discounts available negotiated with product suppliers. Payment is made by you directly to the provider and goods are delivered to your home address.
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| How likely would you be to use an on-line discount shopping site? |
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'Lifestyle management' to help you with all the jobs you don't have time to do, or simply don't want to!
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Lifestyle management services can do anything for you, as long as it is moral and legal in the UK. Examples include organising your dry cleaning from the office, providing a key holding service for your home, or organising a holiday for you. Fees for the service are dependant on the number of people who select it, and the level of use. A typical fee may be around £75 per month.
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| How likely would you be to use a Concierge Service? |
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Cover your holidays with personal travel insurance.
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Choose between European and Worldwide cover, with additional 'Winter sports' cover also available. If you wish you can extend the policy to include other family members. Premiums range between £35 and £75 per annum.
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| How likely would you be to buy non business travel insurance? |
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Increase the amount of life cover for your dependants if you die while you are an employee of the Company.
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You are currently covered for four times your basic salary. This level of cover is provided by the Company for free. Yet using this option you could choose to increase your cover to up to eight times your salary. Premiums will be based on your age and salary, and will be free of income tax and National Insurance. Any lump sum payment made will be free of income tax subject to your total benefits not exceeding the current HM Revenue and Customs 'lifetime allowance' of £1.6 million.
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| How likely would you be to buy Additional Life Assurance cover? |
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Buy a bike for travel to and from the office, or train station, free from income tax and National Insurance under the Government's 'Green Transport' initiative.
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The value of the bike can be between £200 and a maximum of £1,000. In order to qualify for income tax and National Insurance relief, the bike must be used predominantly for travel to work, although this can be to a train station as opposed to the office. The bike remains the property of the Company for a 12 month period until the final payments have been made and you own the bike.
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| How likely would you be to buy a bike fom "Cycle2Work"? |
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Calculate your carbon footprint and pay an offset to a carbon emission management company to neutralise the emissions you create.
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Donations made are used to support Kyoto Protocol emission reduction projects around the world. These emission reductions are then witnessed by carbon credits, which are cancelled from the international register, limiting the amount of greenhouse gases polluting companies are allowed to release into the atmosphere.
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| How likely would you be to use the carbon offset scheme? |
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Meet with an independent financial adviser in the office to discuss your financial arrangements.
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A £150 fixed fee service set up in line with HM Revenue and Customs salary sacrifice pensions advice guidelines, making the cost free from income tax and National Insurance. This Service provides a 45 minute face to face meeting with an independent financial adviser and then an email follow up. The advice provided covers pensions investment options as well as wider personal financial planning topics.
More in depth financial advice is also available - a full financial advisory service which covers you for 12 months at a time and provides a proactive service of advice costs £1,600. The service includes a comprehensive annual review and report detailing an investment risk profile and asset allocation strategy, followed by a quarterly review of your file with proactive advice on any changes in the market affecting you. This service does not qualify for the income tax and National Insurance relief detailed above.
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| How likely would you be to buy Independent Financial Advice? |
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| Please let us know any thoughts you have on this subject. |
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