Mark Pemberthy, Director, JLT Employee Benefits, comments:
“It is ironic that in an Autumn Statement which is targeting productivity, some of the incentives that employers use to raise productivity and engage their workforce have been made less affordable. The insurance premium tax increase and restrictions on salary sacrifice will have the biggest impact on employers who encourage a high performance culture. Employees participating in these schemes could see the cost of some of their benefits double. This may wipe out the advantage of personal tax threshold increases.”
JLT Employee Benefits will be hosting a webinar to discuss the implications of the announcements on Friday afternoon for those employers providing health, well-being and lifestyle benefits to their employees. Topics covered including the changes to salary sacrifice schemes and Insurance Premium Tax, and also offer a view on what the Chancellor may be keeping up his sleeve for next year’s Budget. To attend, register here.
Notes to Editor
JLT Employee Benefits
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About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with some 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.