Pensions are important to workers and employers must now provide a beneﬁt scheme structured to meet the statutory pension requirements. Progressive employers oﬀer a package designed to reward and retain their valued staﬀ.
Your Statutory Duty
Employers are required to offer employees the chance to join a pension scheme. This might be an occupational scheme or group personal pension, but workers have to be automatically enrolled into a pension scheme.
A Successful Pension Scheme
A progressive employer will offer a competitive pension as part of their benefits programme. The pension provider carries out most of the administration but costs can vary considerably, so it pays to ask an experienced pensions adviser to help choose the right one. In addition, employees have many decisions they need to make about their pension, such as which investment options to use, whether benefits will be adequate at retirement and should they make voluntary contributions. Members also need to know how to respond to government changes in limits and tax relief.
How Can A Financial Adviser Help?
• Deliver improved investment performance. • Reduce provider costs and assist with administration. • Help employers when complex or difficult problems need to be considered. • Assist employees with previously accrued pension provision and where appropriate consolidate into new and improved scheme. • Keep employees apprised of legislative developments and key tax changes to protect their benefits against the new, lower limits.
There are difficulties if you simply direct employees to seek their own advice.
• The effort involved in finding the right adviser deters most people from seeking advice. • The fees might be high and members may not be able to afford it. • The cost may only be affordable if there is a significant amount in their pension account. • Employees with similar concerns or issues might receive conflicting advice from different parties • The employer can use pensions and advice on benefits as a recruitment tool.
An experienced firm of independent financial advisers can provide a consistent service level to deliver advice and assistance on the benefits package.
Appointing Barnes & Sherwood as Independent Financial Advisers to the Scheme
• All regulatory requirements are met. • Confidential and commercially sensitive material is kept private. • New joiners receive the advice needed to make informed decisions about their pensions. • Liability rests with Barnes & Sherwood, protecting the employer. • Members have a dedicated pension resource they can draw on without disruption to HR. • Scheme members receive advice on fund choice, contributions, tax relief, pension consolidations and retirement options. • This can complement company HR and pension policy and help keep the provider and scheme benefits under review.
ADVICE AND SERVICE LEVELS
Level 1 – Pension Clinics Held in Your Workplace
Barnes & Sherwood can visit your workplace at regular intervals and employees can attend as part of their induction process, or when they need help with investment choice, guidance on taxation, personal contributions or retirement.
• Meetings of half an hour with members throughout the day provide a higher level of engagement with your scheme and support this important investment in your people. • We also draft communications to promote the benefits of the scheme and keep employees informed of all aspects of the companies’ pension programme.
Level 2 – Our Extended Service
• In addition to our workplace pension clinics, Barnes & Sherwood can deal with the day-to-day administration of the scheme, including pension related enquiries arising from members of the Human Resources team. • All auto-enrolment requirements are met and your HR team supported when they need help. • Meetings can also be arranged on a one-to-one basis with executives and members of the senior management team, counselling on all aspects of personal financial and retirement planning. • Staff information and education events on pension and retirement matters can be scheduled covering topical pension issues. • We also ensure smooth continuity of insurance cover and address any issues and problems deriving from claims on behalf of the staff and their families. • We can also provide full support and advice to pension trustee groups, including secretarial services.
These can be invoiced to the employer and are a deductible business expense. Call and ask us for a personalised quote. Our costs can be matched to the services you require.
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