No matter how long one may be in a company’s service, retirement will surely come and you will have to depend on a pension. A Workplace Pension is a good way to start preparing for retirement as it will help you to enjoy a decent standard of living. Joining the Workplace Pension scheme offers many benefits, and – as an employer – knowing these benefits is important so that you can carefully deduce what is best for your employees. The UK government 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.
Workplace Pensions are a form of incentive which can help spur your employees to put their best in for the interest of the business. There are many different types of Workplace Pensions and seeking out the best scheme will actually gain employees more than they invested.
• Occupational Pensions are set up by an employer to grant them access to a pension scheme
• Final Salary Schemes are tied to an employee’s salary and paid at retirement
• Money Purchase Schemes aim at increasing the amount a retiree is entitled to
• Group Personal Pensions are for employees who are unable to sign up directly for a Workplace Pensions. The contribution is usually invested in order to generate extra funds
• Stakeholders’ Pensions do not require an employee’s contribution (depending on the terms of pension)
Finding the appropriate Workplace Pensions is usually difficult and a serious concern for those who are sincerely concerned with the comfort of their employees after retirement and how to manage the scheme. Well, you don’t have to worry, we have a team of experts who are available to cater for all your needs. At Nordens, we offer amazing Workplace Pensions service features:
• For employees, we can assist in handling the pension transfer if you leave your job
• We can help your company execute its Workplace Pensions monthly calculation
• We provide our clients with access to legal and general Workplace Pensions provisions
• We will help you calculate the pensions that are due to your employees
Nordens premium service is designed to support you in your workplace pension calculations and formulations.
Our highly qualified ACCA accounting team can handle even the most complex workplace pension situation.
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Here at Nordens, we understand that you want to know more about our Workplace Pension Services. To keep you well-informed, here’s a list of our most frequently asked questions:
Retirement plans are established by business owners in order to help employees live comfortably after retiring. However, not all employees qualify for retirement plans. Here are the requirements to qualify:
• Employed based on full-time service and works for at least 35 hours per week
• Not an independent contractor
• Works and get paid directly by the company (this means a written employment contract is established between the employer and the employee)
Thus, it excludes apprentices or human labour supplied to the company by other firms
You can opt out of your Workplace Pensions. However, it depends on whether you are automatically enrolled or not. Also, you will have to contact the pension scheme provider. If you have been automatically enrolled and are considering opting out after a month, you will 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 opting out.
Workplace Pensions have been mandated by the government for every business. However, some still find it too awkward to enrol for the scheme. Some of the benefits are highlighted below:
• The 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
• The ability to provide for your spouse and loved ones after your death
• It serves as another savings opportunity
• It enables you to enjoy contributions from the government in the form of tax relief
Apart from the benefits that you enjoy for signing up for Workplace Pensions, there is a defined contribution which you are expected to make whenever your payroll is being sorted. 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.
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