Relationship with money

Pensions For Your Employees

Employer Pension Contributions

There are usually a lot of questions surrounding employer/ee Pension contributions, many of them will often stem from your team.

Relieve the burden of awkward or technical questions from employees by allowing Grape to provide educational and informative workplace Pension surgeries. We ensure that your team understand how their workplace Pension will benefit them personally, while helping them understand the options available with past arrangements.

We can offer ongoing support to securing the long-term financial future of both your business and your team, usually at no additional cost to you the employer.

For more information on how you can improve your businesses workplace Pension and reduce your costs

Pensions – To benefit your employees

How do I ensure the needs of my business and team are met?

As a business owner, you have a legal responsibility to ensure that your work team is automatically enrolled into a pension scheme. This involves setting up a qualifying workplace pension scheme to help them to save towards retirement.

But the needs of your team can often go beyond the obligatory workplace Pension – as we’re living longer – it’s becoming increasingly likely that we could outlive our savings.

This is a concern for everyone, some Business owners choose to build and encourage employee loyalty by using enhanced Pension-related benefits – helping their team to achieve a more secure and stable financial future.

Pension contributions can be costly for your business, so it’s important to ensure you have expert, independent and reliable support. The use of financial advice will help in the set-up of the most appropriate arrangements. Whatever the solution, it needs to work well for both your business and the individuals concerned.

How can I improve my business’ workplace pension?
  • Review your existing schemes – take stock of what pension-related benefits you currently offer your team.
  • The addition of Independent Financial Advice can make a massive difference both to the engagement and the final outcome – it’s important to make sure the benefits you offer are effective and appropriate for both the business and your team.
  • Ensure you have ongoing support in your arrangements – Pension schemes are long-term agreements, it’s important to ensure they’re keeping pace with your business and changes in the overall financial market.
Can I change my company pension plans?

It’s a myth that once you have a Pension scheme in place it cannot be changed or altered.

There can be a number of reasons to do this.

Any changes to Pensions – such as a change of providers or the closure of an old scheme can be completed.  It will be seen as an emotive topic, which will undoubtedly raise many questions. The need for consultation with your workforce needs to be handled confidently, but with equal sensitivity.

The true benefit of any changes can be lost in the background noise that surrounds Pensions. Through regular engagement with your workforce, there will be a better understanding of the value you offer and how this exceeds that of your competitors.

We can successfully guide you through the entire process, using the most efficient tax breaks to keep the cost to you as effective as possible.

If you’re unsure how to implement a change to your Pension scheme in line with legal requirements and best practice, 

What is salary exchange?

Salary Exchange (or Salary Sacrifice) is a tax-efficient way for savvy employers to help employees improve on their Pension contributions. With the correct support, this is one method you could use to enhance a good quality Pension scheme, employee engagement and your staff loyalty.

Employees can opt to exchange part of their salary to get a non-cash employee benefit such as childcare vouchers, private healthcare or a Pension contribution.

If your team decide to opt-in to salary exchange for a Pension, their overall annual pay is lower. This means they pay less tax and National Insurance as do you the employer.

Put simply, a salary exchange scheme can help increase the annual Pension contributions for your employees whilst helping the employer to recover some of the Pension costs.

What happens if pension legislation changes?

Having ongoing, reliable support in place regarding your pension agreements will ensure you’re informed and keeping pace with any changes to legislation.

How To Find Us

Number One
The Cloisters
10-12 George Road
Edgbaston, Birmingham
B15 1NP

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Grape IFA Ltd is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Limited is entered on the FCA register (www.fca.org.uk/register) under reference 149826.
Grape IFA Ltd is registered in England and Wales under reference 8141882.
Registered office address: Fulford House, Newbold Terrace, Leamington Spa, Warwickshire, CV32 4EA. Tel: 0121 366 9272. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.