If you run a business employing five or more people (including part-time and non-permanent workers), the 'Welfare Reform and Pensions Act 1999' requires you to offer your employees access to a stakeholder pension scheme or personal pension plan unless you provide an occupational pension scheme.

As result, group pension schemes are becoming increasingly popular with business owners and leaders and we can help you find low cost plans that suit your enterprise and the needs of your team. Some employees are exempt, for example any who have not worked for you for three months or more in a row, those who have continuously earned below the lower earnings limit for the last three months, or who are prevented by Inland Revenue restrictions from making contributions to a stakeholder pension scheme.

Choice and flexibility come as standard

You have a choice of work place pension schemes which you can implement, including Final Salary, Money Purchase and Group Personal Pensions (GPP). All of these allow you to make a contribution to the scheme and to deduct any contributions that are required from your employees. In addition, employees can make extra contributions to their pension schemes, subject to certain limits and allowances.

Both final salary and money purchase schemes offer pros and cons, so it's important you leverage our independent, experienced and expert guidance to achieve the right result for the future of your business and your people.

Auto-enrollment and NEST

At present, many workers fail to take up valuable pension benefits because they do not make an application to join their employer's scheme. In order to overcome this, from the first of October 2012 (subject to the employer's own introduction date), all eligible workers will have to be auto-enrolled into a qualifying pension scheme. Employers can choose the qualifying scheme they use, which could include NEST - the National Employment Savings Trust (click the link to learn more).

Each qualifying scheme must meet minimum standards in respect of the benefits it provides or the amount of contributions paid to it. The scheme must also provide auto-enrolment for all eligible workers, and for all new workers when they become eligible.

Pensions are long term investments and the eventual income enjoyed is dependent upon the amount of money paid into the scheme, the fund's size at retirement, how well the investment fund performs, interest rates and tax legislation in the future.

For a FREE, confidential and no-obligation discussion, please call us on 020 3603 5910, or e-mail info@coloma-wealth.com