In today’s highly complex labour environment, employers need to stay on top of the fast-changing and diverse legislation in respect of employee benefit programmes. This can impact heavily on businesses, to the point where it can become expensive in terms of time and resources, as well as costs incurred.
At Magwitch, our focus is on providing an efficient, personalised and hands-on support service to our employers in respect of their retirement funds, so they are free to concentrate on running their businesses, secure in the knowledge that their retirement fund is being managed by professionals.
Our employee benefits services to businesses include:
- Retirement funds encompassing pension funds, provident funds and corporate retirement annuities
- Group risk cover (life, disability and severe illness)
- Medical aid schemes
- Funeral cover
How we go about new business:
We do the leg work to provide you with:
- A number of quotes from different insurance and investment companies
- We compare the risk benefits, costs, investment choices and operational ability of the various systems
- We will recommend the best solution for your company
- Develop a strategy to grow your new fund in line with proposed legislation
- Customised training for administration staff to ensure complete understanding of the system and to minimise administrative problems
- Presentation to staff to explain the benefits and risks and the importance of these benefits
Relationship with existing clients:
After the successful implementation of the employee benefit solution Magwitch continue to add value to the employer, partnering with them to create a relationship that transcends that of a business relationship. With our considerable experience in managing payroll functions we provide the clients with ongoing solutions to ensure efficient operation of all benefit schemes.
It is important for us to meet with the management of the business at least once a year where we can provide them with feedback on their investment performance. We take this opportunity to also provide updates on the administration of the employee benefits solution so management can take comfort that every solution is functioning as it should.
We try meet regularly with all members of the schemes to ensure that they develop an appropriate knowledge base that can help them make better informed financial decisions. To assist in this we treat every member of our employee benefit schemes as an individual client and try meet with them as often as possible where we provide financial advice free of charge to these members. We ensure that members receive regular communication regarding their investment balances and benefits in order for them to know their existing financial position and forecast retirement financial status at all times.