Workplace Pensions

A workplace pension is an effective and tax-efficient retirement savings method. While there are limits on contributions, typically, the employer will automatically deduct a portion of each employee’s earnings to fund their pension, with a minimum requirement of 8% of their basic pay, of which at least 3% must come from the employer. 

Setting up a workplace pension for your employees can feel daunting, but at Fintegrity, we believe in making this process as straightforward and supportive as possible. Our team is dedicated to guiding you through every step, ensuring you understand the options available and helping you create a tailored pension scheme that meets legal requirements and supports your employees’ financial well-being. We take pride in simplifying complex financial matters, allowing you to focus on what you do best while we handle the details. By partnering with us, you can rest assured that your employees’ future is in good hands, fostering loyalty and peace of mind.

Salary sacrifice offers employers a unique opportunity to enhance employee benefits while realising substantial cost savings. Businesses can boost employee morale and retention without a corresponding rise in payroll costs by allowing employees to exchange a portion of their salary for non-cash benefits, such as increased pension contributions or other perks. This arrangement fosters a more engaged workforce and can lead to reduced National Insurance contributions for the employer, creating a win-win situation that supports both financial health and employee satisfaction. In an increasingly competitive job market, embracing salary sacrifice can set your company apart as an attractive employer.

When employees change jobs, their workplace pension can take several paths, offering opportunities for continued financial growth or consolidation of their retirement savings. They may leave the pension with their previous employer, transfer it to their new employer’s pension plan, or even move it into a personal pension scheme. This allows for greater control and flexibility over their investments, ensuring their pension savings continue working towards a more secure financial future.

When an employee retires, their pension becomes a crucial element of their financial landscape, and understanding its implications is vital for a secure future; typically, the funds accumulated in a workplace pension can be accessed in various ways, such as withdrawing a lump sum, receiving regular income payments, or even reinvesting the money in another scheme. Yet, it’s essential that they consider factors like tax implications, their overall financial situation, and lifestyle expectations and that they make informed decisions that align with their retirement goals, ensuring they can enjoy this well-deserved phase of life with confidence and peace of mind.

An employer might offer a defined benefit pension, distinct from a defined contribution pension. A defined benefit pension determines your retirement income by considering the length of your participation in the scheme and your salary, calculated from your final years of employment or as an average throughout your career. While this pension type is commonly found in the public sector, it has become increasingly uncommon in the private sector.

Our dedicated team comprises highly skilled professionals with a wealth of experience in financial planning.

We emphasise innovative strategies designed to enhance your investment performance while effectively reducing the burden of taxes.

We ensure clear and straightforward communication, keeping you informed every step of the way.