Company Pension Schemes

If you employ at least one person in the UK, you must automatically enrol eligible workers into a qualifying workplace pension scheme and make contributions to it on their behalf. It can be a win-win for both employers and employees, playing a crucial role in securing the financial future of employees, providing financial security and peace of mind, encouraging disciplined saving habits as well as offering good corporation tax mitigation opportunities for the business.

The issue, for many smaller companies especially, is that workplace pension schemes come with specific duties and responsibilities, including assessing your workforce, communicating with your employees about the pension scheme, and managing the enrolment process. Failure to comply with these duties can result in penalties from The Pensions Regulator.

A workplace pension scheme offers many benefits such as:-

• Helping the company attract and retain top talent
• It’s a sign of a company’s commitment to the employee’s long-term well-being
• Employee loyalty reducing turnover rates
• Reduced financial stress for employees, meaning they can focus on their careers and personal development

Despite recognising these benefits, for many companies, applying the resources needed for this can be difficult and this is why many companies turn to a financial adviser for help and support with setting up and managing a workplace pension scheme for them.