• Tel: 01485 541998 / 0207 7696750

Pension Planning for Business Owners, Auto-enrolment, Shareholder & Partnership Protection, Key Man Insurance and Employee Benefits

PENSION PLANNING FOR BUSINESS OWNERS

We will consider key areas such as:

  • Existing holdings
  • Auto-enrolment
  • Personal and Employer contributions
  • Annual and Lifetime allowance
  • Attitude to Risk
  • Inheritance Tax
  • Cash Flow Planning

AUTO ENROLMENT

The UK Government’s new Workplace Pension regime came into effect in October 2012. Each employer has a specific date on which they must automatically enrol certain members of their workforce into a ‘qualifying’ pension scheme. Employers will need to make contributions on behalf of members who opt to stay in the scheme or certain members who chose to join the scheme. This initially came into force for large employers and smaller employers will follow. The ‘staging date’ for each is dictated by the employee head count on 1st April 2012

Failure to meet your responsibilities below could result in significant daily fines!!!

Allen Tomas & Co Services and Benefits are:

  • Independent Knowledge and experience
  • Advise you on your obligations and explain the Auto-enrolment process
  • Plan and design your qualifying workplace pension scheme
  • Provide employee seminars explaining workplace pensions
  • Eligibility assessment, budgeting and staff communications
  • Payroll software, compatibility and data cleansing
  • Making payments and managing opt-outs
  • On-going scheme management processing new joiners/leavers and checking the quality of your scheme

If you would prefer we can also take on the whole process for you, taking care of you so you can take care of your business.

BUSINESS PROTECTION AND EMPLOYMENT BENEFITS

We will consider key areas such as:

Key Man Insurance – Do you have “Key people” within your business whose death would have a significant impact on profitability? Key-man cover can protect this potential liability by paying a lump sum to the business

Shareholder Protection – Have you checked your articles of association? What would happen to other shareholders if you were to die? Would they need to pay your family a lump sum for your shares? If so have you considered shareholder protection, this particular policy can be set up to cover this specific event

Relevant Life Cover – Relevant Life cover is essentially a life cover policy paid for by the business for an employee, this can have significant tax and national insurance benefits for the employee and is a great way to enhance remuneration packages

Group Life Cover (Death in Service) – More commonly associated as an add on to company pension schemes but group life is another way to provide attractive benefits to staff which is not a benefit in kind. It can also be useful for business owners with medical conditions trying to obtain life cover, this is because there is no medical underwriting (up to prescribed levels) and premiums are quoted on a “pooled risk” basis.

Group Income Protection – This works in exactly the same way as income protection but on a group basis, which can again improve the attractiveness of remuneration packages

Group Medical Insurance – This product helps your staff cover the cost of private healthcare. It can eliminate the need to be placed on lengthy waiting lists

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