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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.
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.
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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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