Staff Pension Plans

Employees place high value on good pension benefits, and as can be seen by pensions reform in 2012 and the the introduction of National Employment Savings Trust (NEST), employers are increasingly being encouraged by the Government to facilitate pension savings amongst employees.

Legislation requires all employers with 5 or more employees to provide either a STAKEHOLDER PENSIONSTAKEHOLDER PENSION
A low cost pension scheme introduced by the government in 2001 to encourage people to make provision for their financial future. Stakeholder pensions are aimed at those who may not have been able to afford a personal pension and were not eligible for an occupational or group scheme. Scheme, or to offer an alternative pension arrangement, such as a GPP (GROUP PERSONAL PENSION)GPP (GROUP PERSONAL PENSION)
An arrangement made by an employer for employees of that company to participate in a personal pension scheme on a group basis., or a SSAS (SMALL SELF ADMINISTERED SCHEME)SSAS (SMALL SELF ADMINISTERED SCHEME)
An occupational pension scheme in which the members are trustees and are directly responsible for administering the fund and paying out the benefits. Some funds are invested in assets other than insurance premiums..

Group Personal Plans give you the chance to offer a valuable benefit to your staff – but there are benefits for you too:

• You can claim CORPORATION TAXCORPORATION TAX
  A tax applying to limited liability companies only. It is charged on the company’s profits. relief as a business expense on contributions you make to your staff’s pension plans.
• Contributions paid by partnerships and sole traders reduce assessable profits.
• You can decrease or increase your employer’s contributions without penalty.
• Administration is simple and you can set different employer contribution levels for different categories of staff. Staff leaving your employment can convert the scheme to a private personal pension and responsibility for its administration leaves with them.
• Good benefits packages encourage staff loyalty and help with staff retention.

You may find the following guide from The Pensions Regulator helpful: Talking to your employees about pensions, however please do not hesitate to contact us to discuss which type of scheme is the most appropriate for your business.