While life expectancy increases, it’s important to have well invested pensions to help build wealth and enjoy a potentially lengthy retirement.
Courtiers Corporate Wealth Management experts listen to understand your organisation's circumstances and requirements. With the right knowledge we can then clearly explain the options available and help you implement the right Pension Scheme. You can be comfortable while Courtiers will apply its experience to:
- Review any existing pension schemes
- Understand your need for any new pension schemes
- Select any schemes to suit the requirements of your organisation and employees
- Provide ongoing hands-on support, updates and regular reviews
- Offer complete management and support for the new Auto Enrolment legislation
Pension Schemes Available
Several kinds of Pension Schemes are available and often an organisation may choose to run more than one:
Auto-Enrolment and NEST
Whether you already offer a company pension scheme or not, Auto-Enrolment and NEST (National Employment Savings Trust) are important. Depending on the size of your company, at some point between 2012 and 2017 you will be forced to enrol all of your staff (aged between 22 and State Retirement Age) into a quality pension scheme and make a minimum contribution on their behalf.
Group Personal Pensions (GPP)
A Group Personal Pension (GPP) is the simplest option for a company wishing to establish a pension scheme for its employees. They can be set up with a single application form and, once up and running, most functions can be managed online.
Group Self Invested Personal Pensions (GSIPP)
Group SIPPs are becoming a popular ‘carrot’ in the recruitment of quality staff, and many employers now use them alongside a traditional Group Personal Pension to reward their most valued employees.
Occupational Money Purchase Schemes
Occupational Money Purchase Schemes are trust-based pensions that are specific to a particular employer or group. This means that when members leave the company, they cannot contribute any more into the scheme. Like GPPs the benefit available at retirement depends on the amount of money paid in, the return on the underlying investments, and the terms available for converting the accumulated sum into an annual pension.
Occupational Defined Benefit Schemes (Final Salary)
Occupational Defined Benefit Schemes are linked to a specific employer in the same way as Occupational Defined Contribution Schemes, but they fundamentally differ in that the pension at retirement is determined by formula at outset, rather than depending on the level of contributions, investment returns etc. sum into an annual pension.
Individual Self-Invested Personal Pensions (SIPP)
“DIY” pension schemes allowing employees to choose exactly where their savings are invested. SIPPs are unique in the fact there is complete freedom for employees to invest where they like.
While SIPPs do offer a choice for maximum flexibility in a Pension Scheme, some individuals prefer more guidance when it comes to making the wisest investment decisions.
Small Self-Administered Schemes (SASS)
A SASS is a company pension scheme with fewer than 12 members, most or all of whom would be the company directors. SSASs offer a great deal of investment flexibility, as well as the ability to both borrow and loan money for various purposes.
For a clear understanding and concise advice on what scheme would be most suitable for you, your people and your business, talk to us.
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