Pensions

This is not intended to sell you the concept. If you are not already aware of the benefits of pensions for yourself and your colleagues then please do ring us on 01483 715823. But what is the pensions menu?

If you have something in place already

There have been enormous changes in legislation in recent years and you may need to review and perhaps change what you are doing to minimise the financial and legal risks.

If there is nothing at present

Perhaps you will accuse us of bias, but is it time to start something? It does not have to be a perfect scheme on day one, but anything is better than nothing, and you can improve it in later years.

Generally speaking a group scheme that you may arrange for your employees will have lower charges than individual plans, and this alone can improve the final pension by up to 10%.

We can arrange self administered schemes, top-ups, and schemes to supplement the pensions cap for high earners.

And what about the Autoenrolment or Workplace Pensions?

They are here and in the middle of being phased in. We are now into medium and small companies and all will be in by the end of 2017 (see financial aqdvice for business/pensions for more details) – pensions for all, run by a government quango – the pensions regulator. Compulsory for the employer, with a 3 % payment of mid band earnings, with an employee opt out option and 5% employee payment (less tax relief).

Which will be the better?

A government provided private pension, or your own ? The jury is out.

Your options

• Autoenrolment/workplace pensions
• Personal Pension (Employed or Self Employed)
• Group Pensions
• Directors Pensions
• Self-Administered Pensions
• Free-Standing Additional Voluntary Contributions (FSAVC)