In light of the increasing concern over how the UK can continue to fund the retirement needs of its ageing population, compulsory pension legislation was introduced. The legislation required firms to enrol their workforce into a pension scheme and make contributions on their behalf.
We realise the impact that auto enrolment has had on employers and employees alike. Our specialist Employee Benefits Team will provide all the guidance and advice required to ensure that you are able to continually meet the challenges of workplace pensions.
Whatever size your business, we will ensure you have the right amount of cover for your company and employees’ needs.
Most people require a retirement income as close to their workplace earnings as possible, to ensure their lifestyles do not have to change when they stop working. Most people would agree that a greater level of income and flexibility is required than simply relying on the state pension alone and this can only be achieved by establishing a sound financial plan at the earliest opportunity, which will include a suitable savings plan.
Based on the significant tax advantages, personal pension funds are one of the most efficient and effective plans for retirement saving. Auto enrolment pension reform will ensure that your employer must establish a personal pension fund for you and contribute to the plan for your benefit.
For employers we are able review any existing schemes which are already in operation, their suitability for meeting the combined needs of the Pensions Regulator, the employer and the employee. Many different types of pension scheme can be used by employers to meet their requirements and our advice would differentiate, recommend and establish whichever scheme (or combination of schemes) we deem most appropriate.
Our service will outline how costs can be controlled and mitigated (for example, using salary exchange). Our team will deliver regular management meetings to review the on-going suitability of the scheme and provide advice to the management team. Our regular on-site pension clinics ensure that all existing and new members to the scheme have face-to-face contact to provide guidance and assurance.