Workplace Pension and Auto Enrolment
Our in-house Auto Enrolment and Employee Benefits team have a wealth of experience in advising companies and professional services firms. A great endorsement that we have the ability to combine both leading edge benefits consultancy with an individually focussed employee advisory service.
More Choice… Your Choice…
If the words ’employee benefit’ are taken literally, you’d be forgiven for thinking that all the benefit sits with the employee. But with 66% of staff saying they would be more likely to stay with an employer that offered good benefits, it’s clear that employers also stand to gain. It seems that fewer people are inclined to do any more than the bare minimum needed to do their day-to-day duties.
But is this something companies really need to worry about?
After all, aren’t there plenty of people out there desperate for a job if you lose a disgruntled employee?
Well, putting aside the fact (and it’s a very big fact) that it can cost £30,614 to replace an employee earning £25,000, unhappy and disengaged employees are less effective at their job, less motivated and more likely to go off sick from work.
For employees, a benefit package can help plan for old age and unexpected events (like becoming ill or injured), and can save them a bit of money on day-to-day expenses too.
For employers, a strong, relevant and well-communicated benefits package not only helps employers make sure they get the pick of employees at recruitment, but can also help them retain happy, committed workers.
We can assist you in how you can best put together an appropriate, flexible employee benefits solution that will help to improve your business, and create an employee engagement strategy to help communicate your benefits solution.
You can find out how Chiltern Select Essentials can work for you in Our Services section, at www.chilternselect.com or simply contact us on 01494 451441 or email firstname.lastname@example.org
Income Drawdown plans are complex. It's a good idea to get professional advice because what you decide now will affect your pension income for the rest of your life.
Income Drawdown is a more flexible alternative to the traditional annuity route, offering greater choice and control for many people.
You can put off buying an annuity, and instead withdraw a regular income or take adhoc withdrawals from the pension fund while the remainder of the fund stays invested. While the fund remains invested, you could benefit from growth in the market - and from ongoing advice.
Anyone from the age of 55 (expected to rise to 57 from 2028 and then remain 10 years below state pension age) can set up a Drawdown contract. It could be suitable if you:
- want to vary your income over time, to reflect changes in your circumstances
- want your pension fund to continue benefitting from potential investment growth, and you’re prepared to accept the risk that the value of the fund may fall
- have other sources of income
- want to maximise the benefits your family receives upon your death, and also give more choice about how they receive these benefits
- are in ill health, and would like to pass on remaining assets to your estate
- want to control the time at which you buy an annuity
- want to maintain an active interest in managing your pension fund
Typically, Income Drawdown suits people who are not averse to investment risk, and who have larger pension funds.
However, there are no guarantees that income will be greater than if the fund was used to purchase an annuity at retirement. There is also no guarantee that the initial income level selected will be maintained. The costs of Income Drawdown are normally higher than for an annuity.
A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.