Navigating the pensions maze
Legal and social changes mean that workplace pensions have become increasingly important for both companies and their staff.
David Williams IFA has worked with businesses ranging from 5 to 500+ employees to create the right pension solution for their workers. Implemented correctly, a workplace pension is a hugely valuable staff benefit and can significantly enhance both recruitment and retention of employees.
Our role is to advise employers on the right structure of any pension offering. We can explain the cost implications of different funding options and match the employer’s requirement with the most suitable pension provider.
Where employers wish, we can offer advice to employees, both through their working life and in the run up to retirement. This helps ensure that employees fully appreciate the value of employer’s contributions and that every penny paid by the employer goes to providing the maximum benefits to staff. We can also help employers implement salary exchange options, giving additional National Insurance savings to both employee and employer.
The picture has become more complex over the past few years with the arrival of auto-enrolment legislation that will eventually require all employers to pay into pensions on behalf of their staff. Employers have no choice but to comply with these new rules.
David Williams IFA has invested the time needed to understand the complexities of the new world of workplace pensions. We have identified a range of potential solutions, both for those employers with existing pensions in place and for companies who are completely new to pensions.
We have also seen the potential pitfalls that can catch out the unwary employers, particularly those who leave planning for the pension until the last minute. Complying with the new rules may mean employers need to rethink payroll providers, probationary periods or employment contracts too.
Our auto-enrolment checklist is the first step to help you prepare in good time