It is now compulsory that all companies in the UK have a qualifying group pension scheme for its employees. Most employees are automatically enrolled, and the company and its employees have to contribute. The majority of schemes in the UK are Group Personal Pensions. These are individual pensions under a group banner. There are multiple options available when it comes to workplace pensions. If you are not certain if your current offering is the best, most tax efficient option the team at Bigmore Benefits can undertake a free review of your current pension scheme.
For a more in-depth look at the pros and cons of each type, as well as financial examples, read our article on Salary Sacrifice pension here.
Choosing a Group Pension Scheme is perhaps one of the most important decisions a company can make for its employees. It is likely to be the benefit that most employees will want to know about during the interview or onboarding process. With the help of Bigmore Benefits, you will be able to confidently say that your pension is the best one available to your people.
When we make our pension recommendations we consider things like:
Because Bigmore Benefits operates as a partner to our clients, we will also help ensure your team know the value and benefits of the pension you have chosen, as well as how to access it once they are ready to retire. You could have the best pension offering in your industry. Yet if your people don’t know enough about it or understand how it work, the true value of it can be lost.
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