Pension Schemes
Pension schemes if you are an employer
As an employer offering all eligible employees the chance to join some sort of pension scheme will soon become a legal requirement. You will also soon be required to auto enrol eligible employees and offer company pension contributions up to 3% of each employees pensionable earnings. These changes will be phased in between 2012-2017, by which time all employers must be fully compliant.
Pension schemes can benefit employers by boosting morales and company loyalty. There may be a number of different options available if you are looking to set up a pension scheme, these include:
- Occupational pensions
- Stakeholder pensions
- Group Personal Pensions.
Alternatively you may choose to enrol employees in the new NEST pension scheme (National Employment Savings Trust).
If you don't already have a suitable company pension scheme in place, it could be a good time to think about your options. If you are an employer looking to set up a pension scheme you may wish to speak to a member of an independent company pension advice team for impartial advice and a free initial consultation.
Pension schemes if you are an employee
Paying into a pension scheme can help to provide you with a financially secure retirement. Pension schemes provide a long term investment option for your retirement, and if your employer offers a company pension scheme you may enjoy scheme benefits from your employer and government tax breaks.
As an individual there may be a number of pension scheme options available to you,including occupational pensions, stakeholder pensions, personal pensions, and Self Invested Pension Plans (SIPPs). For impartial advice on you pension options, speak to an independent pension advisor.
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