Group Pensions
Employee Benefits play a very important role in attracting and keeping high calibre staff. As part of a benefits package, a group pension scheme will offer your employees reassurance to see that their long-term future is being provided for.
Additionally, if you have five or more members of staff, you are legally required to provide access to a pension scheme for them.
By helping you decide on the right group pension product we can ensure that your employees are saving towards their retirement in the best way possible to allow them to live the lifestyle they desire in later life.
We offer expert advice in the following key areas:
Group Personal Pension Plan
These are a cluster of individual personal pension plans with one provider to receive the employer and employee contributions. By arranging this on a group basis, you can pay contributions for all members in one payment. You can choose to make contributions to the scheme and if these are at least 3% of the employee’s pay you will not be required to provide any other pension arrangement for your employees under current pension regulations.
Contributions paid by employee’s benefit from tax relief at the employee’s highest rate. This ensures that they can save for the future in the most tax efficient way possible.
Group Stakeholder
Stakeholder pensions were introduced in 2001 to provide a low-cost means of saving for retirement to supplement the basic state pension. Under current legislation, there is a requirement for all employer’s with five or more employees to provide a stakeholder pension for its employees, unless another suitable pension scheme is in place. To qualify as a stakeholder pension, certain standards need to be met such as restrictions on charges and minimum contribution levels.
Although stakeholder pensions work in a very similar way to group personal pension plans, they do not offer the greater flexibility and wider investment options available.
Whether you currently provide a pension scheme to your employees and wish to review this or you are thinking about starting to provide a scheme for them, please contact us today to discuss your circumstances.