A Workplace Pension scheme allows you to help your employees save for retirement in a way that’s straightforward and tax efficient.
Finding the right Workplace Pension scheme for your business can be very beneficial for you and your employees. If you’re looking for help getting started, contact us to discuss your company’s circumstances. We can explain more about the options available and if it’s beneficial we can arrange an initial discovery meeting to help you plan your scheme.
How does a Workplace Pension scheme operate?
Under new legislation, companies are now obliged to offer employees the opportunity to enrol in a Workplace Pension scheme. Depending on the size of your company, you may already be subject to the new legislation.
You may have seen Workplace Pensions described elsewhere as Company Pensions, Group Pensions or even Occupational Pensions. The phrases are relatively interchangeable and all have the same goal – to provide a simple and tax-efficient way for companies to help employees to save for their retirement.
What do you need to consider?
There are many options available from pensions providers and a great deal of flexibility to tailor a scheme to meet the needs of your business. It’s important for you to think about what you want from a scheme, and the following are some of the things you should consider:
- Are you already subject to the new Auto Enrolment pensions legislation?
- If not, when is your ‘staging date’ (the date from which you need to comply). If you don’t know, The Pensions Regulator will be able to advise you.
- How many employees do you have?
You will also need to look at the breakdown of ages and salaries of individuals within your workforce. This will have a bearing on what you need to do to put a qualifying scheme in place to comply with the new legislation.
How can JM Glendinning help you?
We can look at providing a Workplace Pension scheme as part of an overall package of Employee Benefits to help you attract and retain quality staff. Our team of advisers have many years’ experience of finding the right Workplace Pensions for a wide range of businesses.