Workplace pension

Work Place Pensions, Auto Enrolment, Nest.

The Pension House Co Ltd are Pension Specialist Advisers and can help employers perform their duties for Auto Enrolment. Auto Enrolment is regulated by The Pensions Regulator.

We provide advice to corporate organisations as well as private individuals.

There is a cost to providing pension benefits for staff and therefore, it is important that your staff appreciate and understand the value of the benefit you are providing.

Engaging the staff with their pension benefits ensures good member outcomes and ensures your workers see the value of their benefit package and can help with staff retention.

The Pensions Regulator

If you are an employer; even if you only employ one person, you need to provide a workplace pension for your staff. They have the employment right to a workplace pension within 6 weeks of joining service and you must invite them join within this time frame, so you need to be ready. For more information see The Pension Regulator website.

Assessment for Auto Enrolment

First you invite your worker to join the workplace pension scheme. You can postpone the assessment for up to 3 months. If they do not join at inception you must assess the worker for automatic enrolment at 3 months. If they are ‘eligible’ you must then put them into the scheme.

There are minimum contributions that need to be collected and paid across to the pension scheme There are deadlines for getting the contributions across to the Pension Scheme.

Setting up a Workplace Pension or Pension Scheme Review

Not all pensions are equal, some are better than others. Minimum contributions must be paid and there are 4 different contribution options: Default: Qualifying Earnings, Set 1, 2, & 3. It is important that your staff pension scheme works for your business, therefore it should be aligned with the needs of your workforce to ensure you get the best value out of the scheme for its members.

We can review your existing scheme and help you make any changes to better accommodate your needs or guide you to the most appropriate scheme to suit the needs of your workforce.

Staff Pension Clinic

No matter how good the pension scheme is, most staff don’t understand the benefits. It is important to engage the staff so that they fully understand the benefits and value the arrangement that you have put in place for them.

The Pension House will visit your organisation and deliver a presentation to the staff explaining the benefits of the pension. We also provide the staff with access to the advisers at The Pension House giving your staff the opportunity to ask for guidance.

Manage the Scheme– Ongoing Compliance

The Pension House offer ongoing services to corporate organisations to assist in the day to day running of the workplace pension scheme. This includes:

  1. Help with the 3rd year cyclical re-enrolment
  2. Declaration of compliance with The Pensions Regulator
  3. Training on payroll deduction and the uploading of pension contributions
  4. Correspondence to staff
  5. On hand to answer staff questions about the workplace pension
  6. Annual Audit to ensure all ‘eligible’ staff have been included and set up correctly and to ensure the correct deductions have been made and sent on to the pension company in a timely manner.

We also compare the performance of the ‘default’ fund against peers and flag any anomalies we find with the scheme.
We are constantly gauging the market and assess the merit of each product provider alerting firms if we believe they should be aware of any changes or if better products have been brought to the market place.

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Pension assessment

This is where we carry out an assessment of your existing pension plan/s and forecast your benefits to retirement. We will then be able to advise whether you have sufficient savings to meet your needs.

Let's retire

Are you ready to start taking your pension benefits? We can help you to understand and consider all the options available to you at retirement and steer you through the process and help you choose the most suitable option.

Workplace pension

Struggling to attract and retain the right staff? Finding it hard to ‘talk pensions’ to your employees?
We can provide a scheme review and audit as well as helping you to communicate the pension scheme.

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