Group pensions – what are the benefits?

Offering employees a secure and comfortable pension scheme in retirement can increase their motivation at work, and can even be the deciding factor in whether they choose to work for you or not. However, an overwhelming range of available options means that what can seem like a simple benefit can often be one of the most complex to provide. Essentially, you can choose from stakeholder arrangements or group personal pension (GPP) plans, both of which fall under Personal Pension Plan rules and are defined contribution plans. Each have their own benefits, and furthermore, you can even run different pension schemes for different members of staff. This can be beneficial if, for example, you wish to offer owners or executive staff schemes that are more suited to tax planning or business needs.

Choosing the right group pension options for your business is key and receiving the right advice is crucial. As fully independent advisers we are ready to help you select the best pension plans and the best provider for your needs, to ensure that you and your employees are happy with your pensions for the long term.

  • Strong focus on minimising charges
  • Providers of comprehensive pension fund advice
  • Guidance on optimising contributions by using salary sacrifice
  • Counselling and support for members, where necessary

Auto-enrolment – what’s required of employers?

The laws regarding workplace pensions have changed.  Regardless of the industry you work in, it is now a legal requirement to place certain staff members into a pension scheme automatically.

Unless eligible staff select to opt out, they will make contributions automatically towards their pension, out of their monthly pay. In the majority of cases, the employer will also make a monthly contribution.

Receiving a workplace pension can influence more than just take-home pay – tax credits, income benefits and student loan repayments can also be affected as a result.

Do you have staff that meet these criteria?

  • Aged between 22 and state pension age
  • Earning more than £10,000 per year
  • Employed in the UK

We offer fully impartial advice to businesses across Sussex, Surrey and the South East who are looking to discuss group pension and auto-enrolment.