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Workplace Pensions

World class accounting from award winning chartered accountants you can trust

No matter how long one may be in a company’s service, retirement will surely come. You will end up as a retiree who has to depend on a pension. Well, a workplace pension is a good way to start preparing for retirement. It will help you to enjoy a decent standard of living. Joining the workplace pension scheme offers a lot of benefits. As an employer, knowing these benefits is important so that you can carefully work out what is best for your employees. The government of the UK makes this compulsory because many employees hardly consider saving up for their retirement. Should this be the case for everyone, retirees will become a burden for the government.

As a business owner, embracing workplace pension is another form of incentive which can help spur your employees to want to put their best in for the interest of the business. When you seek the best scheme on their behalf, employees will end up gaining more than they have actually invested. Although it usually doesn’t come off easily to have to part with a percentage of one’s income every month, it remains useful advice which our clients at Nordens usually return to thank us for.

There are different types of workplace pension we can help you work out. We explain them in brief detail below:
Occupational Pensions. These are set up by an employer to grant them access to a pension scheme. They are:

• Final salary schemes which are tied to an employee’s salary and paid at retirement

• Money purchase schemes which aim at increasing the amount an employee is entitled to upon retirement

• Group personal pensions work for employees who are unable to sign up directly for a workplace pension. The contribution is usually invested in order to generate extra funds

• Stakeholders pension which does not necessarily require an employee’s contribution. Ultimately, it depends on the terms of pension which has been signed between employers and employees in a particular company

Over our many years of working and providing services that are pension-related, we have realised that finding the appropriate workplace pension to embrace is usually difficult. This is a serious concern, at least, for those who are sincerely concerned with the comfort of their employees after retirement. Even after settling with one, another important concern is how to go about managing the scheme.Well, you don’t have to worry because Nordens is the best service firms that you can trust to handle it for you. At Nordens, we offer amazing workplace pension service features. Our team is the best hands you can trust for the job. We provide the following:

Well, you don’t have to worry because Nordens is the best service firms that you can trust to handle it for you. At Nordens, we offer amazing workplace pension service features. Our team is the best hands you can trust for the job. We provide the following:

• As an employee, we can help you handle pension transfer if you leave your job

• We can help your company execute its workplace pension monthly calculation

• We provide our clients with access to legal and general workplace pension provisions

• We will help you calculate the pension due to your employees upon retirement

With Nordens, you don’t have to worry yourself about handling workplace pension every month. We have a team of experts who are available to cater for all your needs.

Frequently Asked Questions

What are workplace pensions?

Retirement plans are established by business owners in order to help employees live comfortably after retiring. However, not all employees qualify for retirement plans. A qualifying employee means any employee who is:

• Employed based on full-time service and works for at least 35 hours per week

• Who is not an independent contractor

• Who works and get paid directly by the company. By directly, what is meant is that a written employment contract is established between the employer and the employee. Thus, it excludes learners/apprentice or human labour supplied to the company by other firms

Can employees opt out?

You can opt out of your workplace pension but it depends on whether you are automatically enrolled or not. Also, you have to contact the pension scheme provider. If you have been automatically enrolled and you are considering opting out after a month, you get a refund of any amount you have invested into the scheme. If it exceeds a month, you may not get any refund until you retire. On the other hand, if you have not been enrolled automatically before joining the workplace scheme, you need to ask your employer about how to opt out.

What is in it for the employee?

Workplace pension has been mandated by the government for every business. However, some still find it too awkward to enrol for a workplace pension scheme. Some of the benefits are highlighted below:

• Opportunity to pay additional amounts in order to increase your pension

• Flexible retirement options that allow you to retire early in case of health issues

• Ability to provide for your spouse and loved ones after your death

• It serves as another savings opportunity

• Enables you to enjoy contribution from the government in the form of tax relief

What does it cost the employee?

Apart from the benefits that you enjoy for signing up for workplace pensions, there is a defined contribution which you are expected to make from your wages and salaries whenever your payroll is being sorted out. Every pay period, whether you have been enrolled automatically or it’s a voluntary membership, what you pay depends on the workplace scheme your employer enrolled for. That is why we always advise that you seek information about it before signing up. For automatic enrolment, what it costs depends on your total earnings. For a defined benefit pension scheme, for example, you are expected to put in £40 every payday.

Beyond Accountancy

At Nordens we're more than just accountants, we're business experts who can help you achieve the biggest goals.

Nordens Strategic

Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.

Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.

Voted as EXCELLENT - 9.9 out of 10 based on 164 reviews

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

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Simon Rose

Director - Rose Opticians

I have been using Norden Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

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Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

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James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

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Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

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Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

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Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

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James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

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  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.