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Will flexible benefits schemes as we know them still exist in years to come? This question is currently the subject of much debate as product and provider evolution in the benefits market means the boundaries between different types of scheme are becoming increasingly blurred.
For example, there are no longer such distinct lines as before between the definitions of flexible and voluntary benefits schemes. Also, the launch of corporate wrap platforms has led to speculation about what this will mean for flexible benefits schemes going forward.
Only 35% of respondents to this year’s survey think flexible benefits will remain in their current form for the foreseeable future. A further 38% see flex plans becoming integrated into wider reward platforms, and 14% predict that schemes will be integrated into corporate wrap products. Some 13%, meanwhile, believe flexible benefits plans will be replaced by voluntary and tax-efficient schemes. It will be interesting to see how this pans out over the next couple of years as the market continues to evolve.
As always, we have carried out a prize draw among our respondents. This time, Catherine Campkin, HR and reward manager at Estee Lauder Companies, is the lucky winner of £100-worth of Marks and Spencer vouchers.
Debbie Lovewell, Deputy Editor