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Independent Financial Advice for your Company’s Pension Scheme Pensions are important to employees and many employers now provide a benefit scheme structured to – ✔ Meet all statutory pension requirements, but also ✔ Offer a competitive package to reward and retain employees.
Your Statutory Duty Employers are required to offer employees the chance to join a pension scheme. This might be an occupational scheme, stakeholder or group personal pension. Soon, companies will also have to automatically enrol workers into a pension scheme.
Employees have many decisions they need to make about their pension, such as: a) which investment options to use, b) if benefits will be adequate at retirement and whether to make voluntary contributions, c) how to respond to government changes in limits and tax relief Employers are limited to providing factual information about the scheme to employees, therefore many engage an independent financial adviser to help employees when –
Joining the Scheme
A Successful Pension Scheme Most progressive employers offer a competitive pension as part of their benefits programme and the main responsibility is to ensure contributions are received into members’ accounts. The pension provider carries out most of the administration. They pass on these costs through plan charges which are deducted from the employee’s account. Costs vary considerably so it is important to consider how fees affect employees’ benefits.
Discussing investment options
Making additional contributions
Understanding changes in tax relief and benefit limits
Leaving, Retiring, or Benefit Planning
Barnes & Sherwood Professional Advisers Ltd
Barnes & Sherwood Professional Advisers Ltd is registered in England & Wales Company Number. 7446577 and is regulated by the Financial Service Authority, FRN 547997.
Why Appoint a Financial Adviser to your Scheme?
It can be cost effective for an employer to use a reputable, experienced firm of independent financial advisers
There are difficulties if you simply direct employees to seek their own advice. 1. M ost financial advisers are remunerated by commission and won’t be able to provide individual help to members. 2. If members can find a fee-based adviser, the cost of individual advice is likely to be expensive or unaffordable for most of your staff. 3. The effort involved to find the right adviser deters most employees from seeking advice. 4. Employees with similar concerns or issues could receive conflicting advice. Retaining a financial adviser can be cost effective and ensures a consistent level of service with accountability for the advice delivered. This takes away any risk or liability on you, as the employer.
Decision Tree No
Do you want members to have access to financial advice on their pension
Yes
Barnes & Sherwood can offer independent advice and service for a fixed fee
Employer would consider appointing a qualified advisory firm
to deliver advice and service to members.
No further action required
Members are responsible for contacting their own adviser
No further action required
Appointing Barnes & Sherwood as Independent Financial Advisers to the Scheme • All your regulatory requirements are met. • Confidential and commercially sensitive material is kept private. • Joiners receive the advice needed to make informed decisions about their pensions. • Liability rests with Barnes & Sherwood, protecting the employer. • Members have a dedicated pension resource they can draw on without disruption to workplace activities. • Scheme members receive a high level of service and advice on fund choice, contributions, tax relief, pension consolidations and retirement options. • The service complements and enhances company pension policy. • The pension provider and scheme benefits are regularly reviewed.
Barnes & Sherwood Professional Advisers Ltd
Barnes & Sherwood Professional Advisers Ltd is registered in England & Wales Company Number. 7446577 and is regulated by the Financial Service Authority, FRN 547997.
Advice and Service Levels
Level 1 – Basic Advice
Helps you meet your statutory requirements and avoid problems. Barnes & Sherwood: • work with the provider to make sure your scheme runs smoothly, saving time for the Human Resources team. • meet with new employees as part of the staff induction process to explain their benefits, make the right choices and arrange personal contributions. • promote the benefits of the scheme to your employees, answer their questions and keep them informed through regular member communications.
Level 2 – Extended Advice
Helps you offer a competitive package to reward and retain employees. We extend your support with: • regular benefit review meetings in the workplace using a clinic-style approach. This gives each employee individual advice on their valuable pension benefits. • one-to-one meetings with executives and members of the senior management team to offer personal financial and retirement counselling, • lunchtime information and education events covering topical pension issues that affect your members, • assistance to members and their families arising from claims.
Fees Fees can be invoiced to the employer or collected incrementally from members’ accounts. If paid by the employer the fee is a business expense and not classed as a benefit-in-kind.
General Conditions The FSA has signalled its intention to eliminate commissions on corporate pensions after 2012. Our fees can help you save costs by removing this expense from member’s accounts.
Services Excluded Advice on pension aspects of corporate transactions or establishing new arrangements may incur additional fees. We are happy to provide a fixed fee quotation.
Barnes & Sherwood Professional Advisers Ltd
Barnes & Sherwood Professional Advisers Ltd is registered in England & Wales Company Number. 7446577 and is regulated by the Financial Service Authority, FRN 547997.
What Our Clients Say About Us*
“It is great to work with advisers who provide the highest quality advice and service.” Human Resources Director of a leading international risk management firm
“I am profoundly grateful for all you have done in this regard.” Head of Human Resources of a global underwriting agency “Our business and employees value the professional service you provide to us in return for a budgeted fixed fee. We consider that we receive excellent value, which is why we want to work with Barnes & Sherwood in the longer term.” Finance Director of an international supplier of security products and solutions “We are very satisfied with the high quality of service and first class level of support we receive from you.” Chairman of the Pension Trustees of a major international reinsurer “Your comprehensive service and ability to tackle and solve a wide variety of pensions and benefits challenges is something we have been grateful for over a large number of years now.” Financial Controller and pension fund trustee of an international engineering firm “Your work and guidance for the Committee and Trustees are greatly appreciated.” Chairman of the Investment Committee of a major UK final salary pension scheme *Further information available upon request
Barnes & Sherwood Professional Advisers Ltd
Barnes & Sherwood Professional Advisers Ltd is registered in England & Wales Company Number. 7446577 and is regulated by the Financial Service Authority, FRN 547997.