Working With Companies and Principals

Workplace Financial Education

Previously Chris Holmes had managed a Division for a national financial planning firm, which specialised in the provision of workplace financial education.  Financial education can boost employee engagement and employers’ return on investment (ROI) and can deliver relatively low-cost returns to a greater extent than many other, valued employee benefits.

Education can be delivered through a range of media, including online podcasts or webinars but usually via seminars or individual counselling.

Positive examples have been how employees, close to retirement, can boost their disposable, retirement income or how senior staff can manage pension funding in the face of ever-changing legislation.  

We offer a full range of financial education and communication services. These services include ‘lunch and learn’ sessions on DIY financial planning, ‘taking control’ or retirement seminars, redundancy counselling together with one to one advice on retirement, bereavement, redundancy and change of employment.  

We have some interesting ideas on how all companies can benefit from making better use of financial education with their workforce.  The menu of available topics is very broad and we would be delighted to discuss your needs and how they might be met.

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Company Pensions and Employee Benefits 

Almus Wealth has already built a strong reputation in the delivery of employee benefits to small and medium-sized businesses.  Working within budgets or reviewing existing costs, we believe that we are able to provide bespoke solutions for all businesses to include employee benefits, such as:

  • group lump sum and income protection,

  • healthcare and financial wellbeing,

  • financial education,

  • group pension (see below for workplace pensions).

Principals and Senior Staff

Greater planning opportunities exist for business owners, directors and senior staff, whether in relation to protecting the survival of the business, succession or family members against changing circumstances.  And, of course, we will strive to ensure that arrangements are set up in the most tax-efficient way.

Pension self-investment and your business:

Business owners occupy a unique position in that the business is deeply involved in their private affairs – and vice-versa.  Where appropriate, we feel strongly that the pension scheme is so much more than a vehicle for managing third-party investment. A Small Self-Administered Scheme (SSAS) can be an invaluable resource for the main business, sharing in your success or aiding cashflow, when needed.

*The value of your investment can fall as well as rise and you may not get back all you invested

 

Auto-enrolment

Auto enrolment has come about due to a change of the law regarding workplace pensions.  It is a process whereby employers automatically enrol eligible employees into a qualifying pension scheme. This happens without any action on the part of the employee, hence it is ‘automatic’.

However for the employer it is not that simple. The employer must take the necessary steps to make sure their eligible staff are enrolled into a pension scheme and that ‘entitled’ workers are made aware of their options, thereby meeting their automatic enrolment duties.

This change in workplace pensions is expected to dramatically increase pension take-up, which means that employer costs are consequently set to rise significantly too.

What is the cost for employers?

Minimum contribution rates for employers started at 1% of an employee’s qualifying earnings; the rate rose to 2% from April 2018 then on to 3% after April 2019. Employees also started minimum contributions at 1% of qualifying earnings, rising to 3% from April 2018, then 5% after April 2019.  In some sectors, where there may be higher, variable earnings, so the employer contribution rates may need to be higher than those stated above.  Employers should be fully informed of their requirements before embarking on this stage.

How can we help?

At Almus Wealth we provide two levels of service:

  • A low-cost, off-the-peg solution which is fully compliant with TPR* regulations.

  • A bespoke service, built around specific needs.

*The Pensions Regulator