As part of the TBA's drive to expand its support for employers the TBA has launched an employee benefits scheme that members can utilise to offer their staff. The TBA Employee Benefits Scheme 2008 (“The Scheme”) is a cost-effective and easily administered Scheme available for any stud, large or small, to take advantage of. A package of benefits has been put together by PFP Financial Planning LLP, which already has considerable involvement in the equine and estate world. Rates are competitive, and PFP are confident that they can match or reduce any costs currently paid by studs to other companies.

The Package has three constituent parts at present, from which Studs can pick and choose, the key points being:-

1. Lump Sum Death in Service Benefit

This provides a lump sum of three times salary, which is payable on death should an employee die while they have a valid Contract of Employment. To give some idea of the cost, an employee with a salary of £15,000 would have a benefit of £45,000, which would cost the employer £45 per annum.

Not only does this provide an excellent benefit for employees, Brian Smyth of PFP suspects that Stud owners could save substantially on any existing benefits they may have for themselves and at the same time remove the requirement for medical questionnaires.

2. Group Personal Pension Plan

Pensions are much in the news at the moment, particularly with the Government's plans for compulsory provision, which comes into effect in 2012, if employers do not already have their own arrangements. PFP has devised the Association wide Plan to allow individuals to build up valuable benefits and move easily from Stud to Stud, as well as exempting Studs from the plans for Personal Accounts. The normal charge for a Group Personal Pension Plan is about 1% of the fund value, however, PFP expects the TBA's Plan to be anything up to 50% less.

3. Long Term Incapacity Benefit

This falls under phase 2 and is currently expected to be introduced in 2009, although it will be brought forward if there is sufficient demand. This will provide an employee with an income in the event of long term sickness or incapacity of 75% of their salary less the Single Persons State Invalidity Benefit and payable after a deferred period of 26 weeks. Successful claims will be paid until the earlier of the individual's recovery, retirement or death.

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. This is one way of effectively offering staff a tax-free pay-rise, and in doing so, demonstrating that that you value your staff, and are concerned about their long-term interests.

There are no costs attached to investigating this further, as the TBA has taken care of the initial cost of setting up this Scheme. If you already provide a package and you are interested in finding out what savings can be made, or if you have no benefits at all at the present time or wish to plan for future costs, please contact Brian Smyth at PFP Financial Planning LLP, Windsor Court, Clarence Drive, Harrogate, HG1 2PE. Telephone 01423 521111 ext 250 or email – ebs@pfpg.co.uk.