Choose the right pension scheme

The laws and regulations governing pension schemes are less complex than they were following tax simplification, but deciding which type of scheme would suit your business can be tricky. There are many organisations that can provide you with further help and advice with workplace pensions.

Pension advisory organisations

MoneyHelper provides free information and advice on pensions. You can also call them on Tel 0800 011 3797.

You can find a local qualified adviser that can help you decide what you want from a pension scheme, inform you of the costs, tax breaks, and good and bad points of each type, and give you some pointers on coping with the tax regime. You may find it helpful to find an adviser with experience in advising businesses operating in your sector. Industry contacts might be able to recommend one.

Employees may also need information on saving for retirement, so you may wish to consider offering access to pensions advice as an employee benefit. This can be done without incurring a tax charge providing the advice or information made available is offered to all employees and costs you less than £500 per employee per year. It will allow advice not only on pensions but also on the general financial and tax issues relating to pensions.

Citizens Advice also offers guidance on workplace pensions and personal pensions.

The Pensions Regulator has advice regarding automatic enrolment for employers. You can also contact the Workplace Pension Information Line on Tel 0845 600 1268.