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Workplace pensions

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.

Ongoing support

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.

Pension governance

We can support you by regularly monitoring your provider to help ensure you and your members have the best solution.

Auto Enrolment

We can support you with your Auto Enrolment compliance, wherever you are on your journey.

Salary Exchange

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

Q
What are workplace pensions?
A
Workplace pensions are a way of saving for retirement that’s arranged by employers. Some workplace pensions are referred to as ‘company’, ‘works’ or ‘work-based’ pensions. In most cases, you, your employees and the Government will pay into the pension.
Q
How do workplace pensions work?
A
Every payday a percentage of your employees’ pay is put into the pension scheme from their salary. In most cases you, as their employer, will add money into their pension scheme. Your employees may also get tax relief from the Government on their contributions.
Q
Are workplace pensions compulsory?
A
Yes, all employers must offer a workplace pension scheme by law for eligible staff as soon as their first member of staff starts working for them. This is called ‘automatic enrolment’ or Auto Enrolment.
Q
What is Auto Enrolment?
A

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.


Q
Can an employee opt out of workplace pensions?
A
An employee can choose to opt out of your workplace pension. However, when you consider the potential benefits to their pension pot, why would they opt out?

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.
Q
Do small businesses need to offer a workplace pension?
A
Yes. Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension and pay into it, regardless of size. So whether you’re an architect, a shop owner or have a nanny, you are an employer from the day your first member of staff started working for you and you have legal duties.

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.