BOB Purves, a 42-year-old senior benefit consultant for Buck Consultants in Edinburgh, is more concerned with the overall flexible benefit package he receives than the actual money transferred into his account at the end of each month. All in, Bob's benefits equate to around 40 per cent of his basic salary. Core benefits include a non-contributory final-salary pension scheme, life insurance, income protection insurance and a car allowance.
Over and above these basic benefits, Bob, married to Lesley and with one daughter, Claire, is also able to access a range of flexible benefits. He can buy or sell up to five days holiday a year and having carried over a few extra days he decided to s
ell them off this year. "I had saved some extra days with the intention of going on a big holiday, but it has not happened yet," he explained.
"If we decide to go away in the next couple of years then I can always buy a couple of extra days if I need to."
Bob also takes advantage of the private medical insurance and dental insurance on offer, paying the top level of cover for the latter at £15 a month, which covers a large part of any dental bill he incurs. He is allowed to sacrifice up to £243 of his monthly salary on child care vouchers and again this is a benefit that has proved hugely useful. "We pay for an after school club and a child minder and the online voucher system is easy and the tax breaks mean it's great value," said Bob.
He has also bought a new bicycle through the Bike to Work scheme and saved almost 50 per cent on the shop window price because of the VAT, income tax and national insurance concessions.
He is currently considering adding a little extra to his pension because of the 6 per cent top up his employer will make to any additional voluntary contributions he lays down. "I am a great believer in flexible benefits and my overall package would definitely be a massive consideration in any future employment decision."
