If you thinking a long term out of your business that you should be well take care of when you retire then you need to think about plans for the future after retirement – that are classified as Employee pension schemes.
Depending on the size of your organisation, you as a business owner will be obliged to provide access to an employee pension scheme, which for smaller business employing less than 5 employees is generally manages through a third party.
From 2012, under NEST pensions (national employment savings trust) you will able to better pension’s schemes to your employees, however you will need right advice as how much should you as an employer should also be contributing to the pension scheme. This motivates your employees to contribute and save for their secure future and this can lead to the long term relationship between two of you. An Airborne IFA with many years of experience working with businesses can guide you devise best pension arrangements for you and your employees.
An Airborne IFA can help you choose a pension provider you feel comfortable with, and one that has a scheme to suit the needs of your business and your staff. They can help you handle the various factors involved in choosing and setting up a pension scheme right through choosing a provider, understanding how money is invested under a particular scheme to helping your employees understand when and how they can access their retirement funds.
The rules are numerous and complicated, and we believe that most employers will not be able to shoulder the burden of its administration. To make matters worse, failure to comply with these rules is a criminal offence and could even result in imprisonment.
If you already have a pension scheme in place, then an Airborne IFA can perform a review to ascertain if it meets your needs, is compliant with NEST and is competitively priced. An IFA’s expertise can help you make many thousands of pounds difference to your employees and to you in pension and retirement benefits.