Workplace pension (Business Owners)
If you run a business, it’s compulsory to offer a workplace pension scheme. This is not only a legal necessity but will help you attract and retain the best people. You have various options to choose from including the government’s NEST (National Employment Savings Trust) scheme. Alternatively you can use a private pension provider or create your own unique pension scheme.
If you have any employees aged over 22 and up to the state pension age and they earn at least £10,000 per year you have to offer them a workplace pension scheme. Employees need to be enrolled in your scheme by default and you must contribute to the pensions as well as the employees.
Workplace Pension (Business Owners)
If you run a business, it’s compulsory to offer a workplace pension scheme. This is not only a legal necessity but will help you attract and retain the best people. You have various options to choose from including the government’s NEST (National Employment Savings Trust) scheme. Alternatively you can use a private pension provider or create your own unique pension scheme.
If you have any employees aged over 22 and up to the state pension age and they earn at least £10,000 per year you have to offer them a workplace pension scheme. Employees need to be enrolled in your scheme by default and you must contribute to the pensions as well as the employees.
Options for workplace pension schemes
The NEST scheme is a government-backed scheme that’s simple to set up and use and it offers good levels of support. The downside is that your investment choices are somewhat limited and there are few retirement options. NEST can be a good basic option, from an employer’s point of view.
If you want to offer your employees something more attractive, then a multi-employer pension scheme could fit the bill. These are managed by private pension providers and the range of employers using particular schemes will usually be broadly similar in terms of size and turnover.
A key factor to consider when selecting a scheme is how much they charge. This may be a percentage or flat fee.
Bespoke pension schemes are generally used by larger employers with very specific requirements.
Kingsmarque can provide workplace pension advice to employers choosing a pension scheme.
We can support you in various ways, providing you with factual information in terms of the pension schemes available and help you compare schemes in terms of investment fund charges, and fees for services.
We can also help you understand tax relief as it applies to staff pension contributions. Many pension schemes support just one tax relief method, so it’s important to know which system they use.
Please get in touch for support in selecting the right workplace pension scheme for your business.
While we will do our utmost to provide you with the best advice we can, it’s important to remember that it’s your legal responsibility as an employer to choose a pension scheme that suits your requirements.
Kingsmarque can provide workplace pension advice to employers choosing a pension scheme.
We can support you in various ways, providing you with factual information in terms of the pension schemes available and help you compare schemes in terms of investment fund charges, and fees for services.
We can also help you understand tax relief as it applies to staff pension contributions. Many pension schemes support just one tax relief method, so it’s important to know which system they use.
Please get in touch for support in selecting the right workplace pension scheme for your business.
While we will do our utmost to provide you with the best advice we can, it’s important to remember that it’s your legal responsibility as an employer to choose a pension scheme that suits your requirements.
Asad was very knowledgeable and explained how he could help with the various aspects of my finances.
He was polite and friendly throughout. Thank you!
The financial adviser Asad Khan made contact with me very quickly.
He was able to answer questions I asked regarding my pension and advised me what I should do next.
Asad was super helpful and intuitive. He provided lots of options and tailored solutions, which was exactly what we wanted.
