Pensions

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Pensions

If you decide to become an employer, you will have a responsibility to provide your employees with the means to plan for their retirement. If you do not provide a company (occupational) pension scheme you may be required by law to ensure that your employees have access to a stakeholder pension scheme.

You can set up your own company (occupational) pension scheme to which both you and the employee make a financial contribution. The amount of pension and tax-free lump sum available to the employee upon retirement will depend on how long they were in the scheme and how the scheme was set up and operated.

Typically, if you do not provide a company scheme or offer access to a personal pension scheme and you have five or more full-time employees you have to offer your employees access to a stakeholder pension scheme.

Stakeholder pensions are available from building societies, banks and investment companies. They are low-charge, flexible schemes aimed at people with moderate incomes who do not have access to a personal pension or occupational pension scheme. As an employer you do not have to make any contributions to the employees' pension funds yourself but all contributions do attract tax relief.

Please complete a Quick Enquiry Form and we will arrange for one of our advisers to contact you.

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