How We Can Help
Before you embark into the new Workplace Pension Schemes, you will have to review your current pension scheme to deem whether it is eligible. Alternatively you may have to set up a new scheme. Aspects that you will have to consider include:- Current take-up percentage;
- Current contribution basis;
- Member awareness and communication;
- Current charging and commission basis;
- The profitability of your existing scheme and the impact of Automatic Enrolment will have on this;
- Current pension providers commitment to the market and the support given towards Automatic Enrolment;
- Other existing schemes your company contributes to
- Determine when you will have to start Auto enrolment
- Determine what approach you would prefer to take towards automatic enrolment responsibilities
- Assess who is eligible for the Workplace Pensions Schemes
- See if your current scheme can be extended for new Auto enrolment legislation and the costs of doing so
- Analyse the potential national insurance and tax savings from using salary exchange and offering additional benefits
The value of a pension will be directly linked to the performance of the funds selected and the value can therefore go down as well as up. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.
Auto enrolment schemes are not regulated by the Financial Conduct Authority.
