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Alternative to Flex

Contrary to the group risk article ‘Flex through the back door’ (April 2009) we have found that businesses are looking for alternative cost efficient ways to offer group income protection other than through flex.

Businesses are still keen to offer group income protection to their employees, as it is a highly valued scheme, but in some cases offering it via flex is no longer viable due to cutbacks in the current economic climate. In which case, we have been advising businesses that may want to cut company paid schemes to consider the option of offering voluntary group income protection through salary sacrifice.

For the employer this means that they can make significant national insurance savings and for the employee it provides them peace of mind in troubled times, should the worse case scenario happen and they are no longer able to work due to long term illness or incapacitation.

Caroline Jordan, Head of VGIP (voluntary group income protection) at Personal Group

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