Retirement Planning For Employees

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It is sensible for everybody to make sure that they have some sort of pension provision. As an employer, you need to understand your legal obligations in this area. We can help!

  • From 2012, employers will be required to automatically enrol all their eligible employees into a qualifying pension scheme and make contributions towards it.
  • Get ahead of the game! Aside from the legal obligation, many employers are now recognising that a comprehensive benefit package, rather than a simple pay cheque, is more likely to create a committed workforce and reduce staff turnover.
  • If you have an existing scheme, does it meet the Government's requirements?
  • If you currently have five or more employees you need to offer them access to a Stakeholder pension (unless you are exempt e.g. you have an existing qualifying scheme). You don't have to actually contribute yourself, but you must facilitate employee contributions.

If you’re contemplating a scheme for your employees for the first time, it is vital to consider eligibility conditions, costs, funding levels and the type of scheme at an early stage.  There are many options available including (but not limited to):-

Executive pension plans (EPPs) – although complex, EPPs offer flexibility of contributions which can be useful if profits fluctuate.

Small Self-administered schemes (SSASs) -SSASs offer flexibility with regard to the investment choices as they can include commercial buildings, loans to the employer and the purchase of unquoted company shares.

Self-invested personal pension plans (SIPPs) – SIPPs allow investment in a very wide range of funds and investments such as commercial property, offices, shops or factory premises.

Group personal pensions (GPPs) – GPPs are a collection of individual personal pension plans grouped together. This type of arrangement allows you to tailor a scheme to meet your needs and those of your employees.

Stakeholder pensions – these offer greater simplicity and low charges, they must meet minimum standards which ensure they are flexible and portable with capped management charges.

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