Group Pensions Schemes
A Group Personal Pension (GPP) scheme is a collection of personal pension plans provided by you for your employees. Each member will get their own plan, which you can both contribute to. We invest the contributions in funds so they can buy an annuity (pension) when they retire.
We provide a range of products and services for employees and trustees. From workplace pension schemes and auto-enrolment support, to bulk purchase annuities and work-life benefits. Our independent financial advisers will review your group pension arrangements, ensuring they meet the needs of your employees as well as those of your business.
We can offer initial communications to employees through to annual reviews, as well as provide you with ongoing corporate governance and guidance on legislative updates.
The government introduced auto-enrolment from 1 October 2012. It will improve the living standards of millions of people when they retire. Make sure your business is one step ahead.
Under the rules, employers have to automatically enrol eligible workers into a company pension scheme, if they aren’t already in one, make contributions to their pension fund, and perform other duties, too.
You need to start performing these duties from what’s known as your ‘staging date’, although there is an option to postpone some duties by up to three months.
The Pensions Regulator can take severe enforcement action. To give you an idea, businesses with over 50 employees could face fines of around £75,000 a month (based on an escalating daily rate of £2,500). You can find out more on the Pensions Regulator’s website.
If you don’t already have a pension scheme, we can help you set one up. We can offer a range of tools and advice to help you deal with auto-enrolment, including planning support to help you get ready in time for your staging date.
If you already have a pension scheme, we can walk you through a step-by-step process to ensure you are ready for auto-enrolment. We’ll help you to make the decisions and take action – before and after your staging date.
Workplace Pension Audit
- Auto enrolment – initial assessment report
- Review the existing pension scheme(s) and provider(s)
- Typical benefit structures and contributions
- Enrolment procedures
- Employer meetings
- Design of scheme tender documents
- Collation of provider responses to tender document
- Recommended provider report
Implementation of pension scheme
- Project management and provider liaisonPayroll training
- Distribution of scheme documentation to members
Communication of pension scheme
- Face to face meetings with employees
- Group presentations
- Governance & stewardship meetings
- Provide regular management Information
- Advise on changes in pensions regulation
- Ongoing member advice
- Leaver packs and advice
- Retirement counselling and annuity broking
- We will quickly establish a holistic understanding of your current and future financial aims, your business and its culture.
- We will offer impartial advice on your pension and investment strategy, to outline our intentions and abilities and to allow you the time to take on board all considerations.
- We will work only with trusted providers and partners.
- We will communicate with regular feedback and information on performance