Corporate Pensions & Planning

Pension provision is an increasingly important aspect of business planning.

Prosser Knowles can provide advice on group pension plans and employee benefit plans for your colleagues and employees.

Auto Enrolment

Prosser Knowles is able to advise businesses about the government plans for Auto Enrolment; employers will almost certainly have questions about their responsibilities. We can answer your questions, help guide you through the process and put the most cost-effective schemes in place via our managed auto-enrolment solution powered by Johnson Fleming, in advance of the deadline. Employers are subject to the new regulations on a phased basis from 1st October 2012. Our provision aims to help you take care of your responsibilities and remove the challenges that auto enrolment can impose on your business.

What is Auto Enrolment?

With the aim of encouraging more people to save for their retirement, from 1st October 2012, the government has been requiring employers to automatically enrol their staff into pension schemes on a phased basis.

What does this mean for employers?

Employers will need to enrol staff members into qualifying schemes and also make minimum contributions.

What schemes will be available?

Employers will be able to choose the type of scheme to enrol their staff into, provided it meets certain criteria. The choice will be between either a Defined Benefit (DB) scheme, a Defined Contribution (DC) scheme, including NEST (the National Employment Savings Trust), or a hybrid scheme (a combination of both).

What will the cost be to employers?

The minimum contribution to schemes will eventually be 8% of the employee’s qualifying earnings, of which the employer must pay a minimum of 3%.

Where can employers get further advice?

Employers will almost certainly have questions about their responsibilities, and these can be answered by reputable professional financial advisers, who can guide them through the process and help to put the most cost-effective schemes in place, in advance of the deadline. Employers have been subject to the new regulations on a phased basis from 1st October 2012.

To discuss our managed auto enrolment solution, please click here to request a call back from one of our advisers.

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