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