Corporate & Group Pensions
A Corporate Pension is a formal arrangement between a company and its employees that provides funding for the employees' retirement.
This pool of funds can be financed in several ways and will eventually be used to make periodic payments to retired employees. In most cases, both employer and employees make regular contributions to the plan.
In a Group Personal Pension, the scheme is run by a pension provider that your employer chooses, but your pension is an individual contract between you and the provider.
The provider claims tax relief at the basic rate on your contributions and adds it to your fund. If you’re a higher or additional-rate taxpayer, you’ll need to claim the additional rebate through your tax return.
Your pension pot builds up using your contributions, any contributions your employer makes, investment returns and tax relief.
Automatic enrolment is a Government initiative to help more people save for later life through a pension scheme at work. It makes it compulsory for employers to automatically enrol their eligible workers into a pension scheme. The employer must also pay money into the scheme.
Automatic enrolment is being phased in, starting with the largest UK employers. If you’re eligible and haven’t yet been enrolled into your workplace scheme, you should be by 1 February 2018, at the latest.
For more information please contact us on 02392 488600 or complete the enquiry form.