Why do you need a workplace pensions specialist?
Are you complying with current legislation? Can you be sure that the workplace savings you offer is the most suitable for your and your employees' needs? Does your provider encourage your staff to save for retirement?
Effective management of your workplace savings can help you to stay on top of your pension scheme, keep your employees engaged, and maximise your investment in benefits.
- Keeping your business compliant
If you fall foul of the required compliance it can be very time consuming to put things right and you may have to pay a costly fine.
- Maximising return on investment
Demonstrating to employees the value of your investment in the workforce and helping them understand what employee benefits you offer.
- Managing people risks
Disengaged employees are usually less productive, meaning your business is less profitable.
How our employee benefits consultants can help
We work with you to reduce the risks linked to your workplace savings arrangements, helping to make sure you remain compliant with legislation. We work to give you appropriate advice and solutions. In reviewing your workplace savings, we help you to maximise your spend and return on investment, re-engage your employees with their pensions and ensure they are preparing for retirement.
Pension scheme design and provider selection
We review your pension provider and their capabilities to help you get the most appropriate solutions.
We can implement your pension scheme and help you to plan effective member engagement strategies.
Pension management and reviews
Our team supplies day-to-day management of your scheme and provides you with regular updates on the progress of the pension plan.
We can support you by regularly monitoring your provider to help ensure you and your members have the best solution.
We can support you with your Auto Enrolment compliance, wherever you are on your journey.
Ensure your business is taking advantage of the most efficient way to make pension contributions. Our team can provide practical help and financial education for your employees when you implement salary exchange.
Frequently Asked Questions
Current rules state that you must automatically enrol and make an employer’s contribution for all staff who:
- are classed as a ‘worker’
- are aged between 22 and state pension age
- earn at least £10,000 per year
- normally work in the UK (this includes people who are based in the UK but travel abroad for work)
When you enrol a member of staff into your workplace scheme, you must write to them to tell them:
- The date you added them to the pension scheme
- The type of pension scheme and who runs it
- How much you’ll contribute and how much they’ll have to pay in
- How to leave the scheme, if they want to
- How tax relief applies to them.
If staff become eligible because of a change in their age or earnings, you must put them into your pension scheme and write to them within 6 weeks of the day they meet the criteria.
For example, in a defined contribution pension scheme, each payday they pay in £40. As their employer you put in £30 and they get £10 tax relief from the government. So for £40, a total of £80 goes into their pension. Find out more about how we can educate your staff about your pension scheme and retirement planning.
The latest articles on workplace pensions
Find out what this could mean for other pension providers and employers looking to ensure their workplace pension scheme delivers value for its members.
The cost of topping up State Pension is increasing from 6 April 2019. Are your employees on track to receive a full State Pension?
What our clients say
Coming into a rapidly growing and evolving business, having a genuine partner who I could trust to assist with our benefits provision has proven invaluable. Great advice, friendly and efficient (and excellent) after sales service - I have been very impressed! Thank you Jelf for understanding our unique requirements, ensuring we have the best benefits for our team, and being a trusted partner.