Help your employees save for retirement
Workplace pensions enable your employees to save for retirement by building a pension pot with contributions made from their salary, from you the employer and from the Government.
Our dedicated team of business consultants, pension’s experts and independent financial advisers can help you with all aspects of workplace pensions including:
- Establishing new schemes
- Servicing, administration and governance of existing schemes
- Pension scheme transfers
- Trustee and employer training
Workplace pension contributions
As an employer, you are required to make contributions to your employees pensions, along with the Government, which contributes in the form of tax relief. The level of contribution you choose can form a valuable part of your employee benefits package and help to attract and retain employees. Employer contributions must meet certain minimum requirements now (minimum of 1%) and in the future (3% by April 2019);.some employers elect to make higher contributions. We will help you to identify an appropriate percentage to contribute to the scheme by considering what you can afford, what others in your industry are offering.
Auto enrolment has changed the world of workplace pensions forever. We support our clients in selecting a solution that best suits the business needs in line with their staging date and provide ongoing support and advice. We can also review your existing auto enrolment solution to ensure it continues to meet your needs. It may be that a new arrangement will be able to provide you with a more comprehensive structure.
Selecting the best workplace pension for your business
We can advise you on the best type of workplace pensions for your business. There are a vast array of qualifying pension schemes available in the UK. From master trusts to group self-invested personal pensions (GSIPPs), selecting the right pension scheme can be a daunting task.
As an independent firm, we will research the whole of the market before making our recommendations to you. This means you can be confident that the scheme implemented is the most suitable for the needs of both you and your employees.
A number of factors will determine which scheme is best suited to your business. When making our recommendations we consider cost, tax relief methods and compatibility with your payroll system.
Group personal pensions
Group personal pensions (GPPs) are one of the most common solutions that enable you to meet regulatory requirements of auto enrolment and provide a beneficial and rewarding personal pension to your employees.
These defined contribution schemes are run by the pension provider with individual contracts set up between the provider and your employees.
Group self-invested personal pensions
Group self-invested personal pensions (GSIPPs) provide much wider investment options than those provided in a group personal pension. GSIPPs give your employees far greater freedom over where they invest their pension contributions. Members of these schemes can select from thousands of insured and mutual funds, stocks and shares, as well as other investments such as commercial property and land or even commodities such as gold bullion.
A master trust is a multi-employer occupational scheme with one legal trust and one trustee board. Each employer who is part of the master trust has its own division within the arrangement which is managed centrally by the provider of the master trust who is responsible for the setting up, administration, investment and governance of the scheme.
Master trusts can make the burden of regulatory compliance simple and easy for employers, and generally have lower operating costs than a single employer scheme.
At Ascot Lloyd, we have established our own master trust to help ease the burden of auto-enrolment. Find out more about the Ascot Lloyd Pension Trust.
Trust based occupational schemes
Trust based occupational schemes relate to the legal structure of the workplace pension provided. This type of scheme provides your company with greater control over the structure of the pension scheme you are providing and tend to be more popular amongst larger companies that may already have an existing trustee board as the result of a legacy defined benefit scheme. Trust based occupational pension schemes are operated in-house by your company, or by third party administrators like ourselves and not by the pension provider.
Trust based occupational pension schemes come with a lot more administrative responsibility for your company but they can provide a better level of benefits to your employees.
Trustee and employer training
Our team of pension’s experts can provide you with the relevant training and guidance to ensure your board of trustees have the appropriate knowledge and understanding to effectively manage and administer a trust based occupational pension scheme.
Responsibilities of the trustee board:
- administration of the scheme
- management of member communications
- governance of the scheme
- selection of the range of funds offered to the members
We will provide training on all aspects of the law relating to pensions and trusts to ensure you are compliant. Our training will cover:
- funding of pensions schemes and the investment of scheme assets
- scheme documentation (including trust deeds and rules, the statement of investment principles and the statement of funding principles)
- The Pensions Regulator’s code of practice
Pension scheme transfers
Most pension schemes enable members to transfer their pension pot from one scheme to another. This may occur if an employee leaves one company to join another. Our highly experienced independent financial advisers will provide the appropriate advice and planning for individual members to ensure their pension pot(s) are invested in the right places.