A pension is a very important thing especially as people get older, it is the security of having regular income and peace of mind to maintain your independence after you have worked hard for an extended number of years. To some people, a pension scheme is quite a daunting thing to tackle but we want to help put things into perspective and help you either as a person or an employer looking to get more clued up on what we think is a very important subject.
Law across the nation for all employers regarding workplace pensions has changed. Whether you’re a hairdresser, an architect or you simply employ a care assistant for you or a loved one. You are classed as an employer and need to adhere to certain duties under the pensions law scheme.
‘Automatic enrollment’ means that you as well as every other employer across the UK have an obligation to put the appropriate staff not only into a pension scheme but also to pay into it as an employer – this is why this is crucial information. Knowing it is a start, but knowing how and when to implement these duties is just as important.
The Pensions Regulator work to enforce the law on workplace pensions but also offer concise and accurate information and guidance how you can carry out you required duties. Keep in mind that your duties may differ depending on your circumstances – to find the correct advice, they have a handy ‘Duties checker’ which will show you what you need to do and how it should be done at ‘http://www.thepensionsregulator.gov.uk/en/employers/duties-checker.aspx’
Personal Pension Advice
Here at Newstead Clark, we have experts in all of the fundamental areas of retirement & pensions and we offer a unique service of home visits at ‘out of hours’ times so we can be flexible around you and your needs. Some of our specialist areas include but are not limited to retirement and financial planning, pension advice, pension planning and annuities & the cost of long term care.
We also understand annuities are quite a big decision as they are very much set in stone and is an ultimate decision that cannot be reverted. For those who aren’t fully aware, an annuity is the act of swapping your pension savings for a guaranteed regular income that is guaranteed to last for the rest of your life, the amount you receive is dependent on the rate the annuity provider is offering. As part of our service, we will gladly look over a quote you have received and tell you if it is competitive free of change with no strings attached.
Corporate Pensions Schemes
Despite attempts by the Government to bring in ‘simplification’ legislation surrounding corporate pension schemes back in April 2006, planning for retirement has become a very complex aspect of financial planning and is still a very grey area for employers spread all across the country.
We understand that there are tens of thousands of businesses all working in different sectors at different levels of experience and we believe that every business is unique. A good pension scheme should look after every single employee under your care regardless of age, making sure not to it’s simple to understand and not heavy enough to become a hindrance. Here at Newstead Clark we take great pleasure in walking through your options both as an employee or an employer. We are ready and waiting for to hear from you!