UK - Employee benefit provider Booost is targeting small-to-medium-sized firms with new low-cost home computer and bicycle schemes.
Booost – which has won 10 clients since its launch at the end of January – says it developed its BOOOST-In-A-Box range for SMEs because the sector is “neglected by most providers”.
Booost says it has stripped out jargon from the online packages and simplified the whole process for SMEs with a step-by-step guide to implementation and communication.
The home computer initiative scheme enables firms to provide employees with up to £2500 worth of equipment, with comprehensive support, as a tax-free benefit. This tax benefit covers other employee-related products and services, such as bicycles, on which there is no upper limit to their value.
As a result, employers can include a top-of-the-range bicycle in a % package without affecting the maximum tax-free sum available for their home computer package.
Under Booost’s schemes, employers purchase or lease the PC equipment and/or bikes and then loan them to employees as a tax-free benefit.
Employees reimburse their employer through salary sacrifice and, in addition to getting the equipment at discount, also benefit from lower National Insurance costs. As salary sacrifice reduces the gross wage bill, the employer also qualifies for lower NI contributions.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.