Workplace Pensions
Will your employees have confidence and control over their retirement plans?
Whether you’re a new or established business, Bradstock Bourne’s experienced team of Independent Financial Advisers will help you choose the right Workplace Pension for your employees and your business.
The Government introduced Auto-Enrolment as a way of helping employees save for retirement. It means that as an employer, based on certain qualifying criteria, you must automatically enrol certain staff into a company pension scheme. Your employees have a choice to opt out of a scheme if they choose.
Employers pension obligations
For most Workplace Pensions, employees are automatically enrolled if they’re between age 22 and State Pension age, earn a salary of at least £10,000 per annum and if they work in the UK. If they qualify, they are enrolled and you as the employer pay into their pension plan. The employee will usually have to pay into it too.
HM Revenue & Customs also makes payments into some types of Workplace Pension. This payment is known as tax relief. The employee can receive more tax relief if they’re a higher or additional rate tax payer, but they’ll have to claim for the extra relief. This does not apply if they pay into their pension plan through salary sacrifice.
Choosing the right provider
The money in the employees Workplace Pension is invested into funds. The fund’s performance can potentially help their money grow over the long term. They will usually only be able to take money from their Workplace Pension once they reach 55, subject to future changes. Like most types of pensions, it’s designed to help the employee in later life when they’re not in full-time employment.
A poorly chosen Workplace Pension scheme and provider can mean less money for your employees when they retire. It can also cost you more as a business in administrative charges, so it pays to choose the best pension scheme. To find out more, please contact Bradstock Bourne.
Learn more about our services
For a complimentary, no obligation consultation, please contact our highly experienced team of In-dependent Financial Advisers on (0115) 941 8585 or email info@bradstockbourne.co.uk.
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