Launch of TBA Employee Benefits Scheme 2008

As part of the TBA’s drive to expand its support for employers and in response to recommendations made the 2004 Report of the Stable and Stud Staff Commission, 2008 sees the launch of a package of benefits for employers to offer their staff. The TBA Employee Benefits Scheme aims to be cost-effective, simple to operate and beneficial to staff, and furthermore will help employers to comply with future legislation.

Appointed consultants PFP Financial Planning have put together an initial benefits package consisting of a Lump Sum Death Benefit and Group Personal Pension Plan. It is also the intention to offer a Long Term Incapacity Pay Scheme, once the take-up for Lump Sum Death Benefit Scheme is known. As part of the package, PFP will offer clear and easy to understand support, providing a member help line, website access and guidance for employers.

It should be noted that from 2012 the Government is planning to introduce the National Pension Saving Scheme, which will be compulsory for most employees and employers unless the employer already offers a better or comparable scheme. With the help of PFP, the TBA aims to provide a scheme that will offer flexibility and a more tailored approach to suit our industry, as opposed to a standardised scheme. The framework outlined above should offer economies of scale not available to individual Studs and will go some way to assisting studs in improving their employment package and thus retaining staff. Most importantly, by putting this in place now the opportunity exists for employers to budget for the costs that will come into effect in 2012.

Further information on the TBA Employee Benefits Scheme 2008 is available from Caroline Turnbull at the TBA on 01638 661321 or email caroline@thetba.co.uk