Pensions are an integral part of today’s benefits packages and can help your employees to prepare for their financial future. And the introduction of auto-enrolment means that pensions are an important responsibility for employers too.
Under the Pensions Act 2008, every employer in the UK must automatically enrol eligible employees into a workplace pension scheme and contribute towards it. Auto-enrolment is an opportunity to boost employees’ retirement savings, with the benefit of an employer contribution and the Government providing help either as tax relief on the employee’s contribution or via lower tax from any salary sacrificed. The savings held within the employee’s pension are not normally accessible until age 55.
If you employ at least one person, you have certain legal duties and must:
As an employer, you have a number of options available to you to comply with this legislation in a way that best suits your business. For example, there are:
By working closely with you and the pension provider, we can help design your workplace pension scheme. We can:
We can help your employees prepare for their financial future by:
*Excludes specific tax or investment advice
With so many choices, many CLA business members choose to get professional advice. This can help you to ensure that your scheme is compliant and meets the specific needs of your organisation and workforce. We can also work with you to help ensure good scheme governance; that you are aware of the tax breaks available; and that employees are made aware of the benefits being provided by you and help them better understand their retirement planning journey.
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Providing your employees financial security if they can’t work for a long time due to illness or injury.
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