Peel Ports Group offers its 1,000 employees several benefits via salary sacrifice to support them in both their work and personal lives. These include its contributions to its stakeholder pension scheme and childcare vouchers.
Its most popular benefits offered on a tax-efficient basis are pension contributions, which 90% of its workforce takes up; its iPad salary sacrifice scheme, which 10% use; and its childcare voucher scheme, which 4% of its staff have taken up.
Howard Sloane, HR director at Peel Ports, believes that the government simply may not be able to afford to not dispose of the schemes. “Salary sacrifice has a much wider benefit to the economy in areas such as encouraging people to save, supporting working people with childcare and reducing carbon footprint,” he says.
“Without salary sacrifice, the amount payable to pension schemes could be affected, which would affect employee’s retirement plans. This knock-on effect would have UK-wide implications. In addition, the complexity and costs associated with unravelling salary sacrifice would not be insignificant.”