Pensions & Auto Enrolment
Focus on what lies ahead…
Anyone earning £10,000 or more a year in the UK, aged from 22 up to state pension age, must be enrolled into a pension.
While an employee may opt out of a company’s pension scheme, the employer must initially enrol them by law or face a penalty.
It’s reasonably straight-forward with the right measures in place – something Courtiers handles for many businesses. Eligible members have their pension contributions deducted directly from their salaries (which offers a small tax saving) and employers also contribute a certain percentage.
Pensions help secure comfort in later life and Courtiers helps employees realise this, working with organisations to communicate benefits across the workforce.
Courtiers coordinates group workshops for employees to understand more about their pension and how they can save for the future. These workshops are arranged in conjunction with you (integrating any specific objectives) and are a chance for anyone in the business to ask any questions: employees, trustees, managers and directors alike.
With your input and approval, Courtiers communicates with your people, offering confidential meetings to discuss anything financial. Employees value these direct communication streams as a chance to talk with somebody objectively placed outside the business. Conversations we have can help identify any genuine concerns which might otherwise be kept locked up.
Fundamentally we’re focused on the performance and wellbeing of your employees. By building solid, personal relationships at every level of the business, we help organisations establish clear plans leading to results throughout the organisation.
Pension options available
Group Self Invested Personal Pensions (Group SIPP)
A popular ‘carrot’ in the recruitment of quality employees, who demand the best in retirement provision.
Group Personal Pensions (GPP)
A simple option for any company wishing to establish a pension scheme for its employees. Setup involves a single application form and once up and running, most functions can be managed online.
Occupational Money Purchase Schemes
Trust-based pensions, specific to a particular employer or group. When employees leave the company, they cannot contribute any more into the scheme. Like a GPP, the benefit available at retirement depends on contributions made, the return on underlying investments and the terms available for converting the accumulated sum into an annual pension.
Occupational Defined Benefit Schemes (Final Salary)
Linked to a specific employer in the same way as Occupational Money Purchase Schemes, but fundamentally different in the fact the pension at retirement is determined by a formula from the outset.
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 this offers great investment flexibility in a Pension Scheme, some individuals prefer more guidance.
Small Self-Administered Schemes (SSAS)
A scheme for 12 members or less, most or all of whom would be company directors. As with a SIPP, a SSAS offers a great deal of investment flexibility with the ability to both borrow and loan money for various purposes.
To pinpoint a suitable scheme or clarify whether an existing scheme is suitable for your organisation, Courtiers can understand exactly where your business is and walk you through any opportunities to help drive your people, teams and business forward.
Note: An individual’s state pension age depends on year of birth. There’s a calculator on the government’s website.