Significant savings in National Insurance, for both employer and employee, can be generated by converting existing pension schemes to salary sacrifice. (Or by setting up a new pension scheme on a salary sacrifice basis).
Employees also benefit from immediate tax relief at their highest marginal rate of tax – no need for higher rate taxpayers to claim through their tax returns, which many forget to do!
As part of the Benefit Select platform, Smart Pensions gives employers a simple, online solution to managing or converting to salary sacrifice pensions. The module also gives employees highly valued flexibility in varying their own contribution levels, within agreed limits.
Fair Care will happily work with your existing pension adviser to deliver this solution.
Fair Care’s online benefit platform, Benefit Select, provides the perfect choice for employers looking for a simple solution to the challenges presented by the forthcoming Pension Reforms.
The good news is that Fair Care will provide a solution that will enable employers to outsource the whole of the Auto Enrolment process, both at the outset and on-going. The service will include:
- Planning and Assessment
- Employee enrolment and re-enrolment
- Document delivery
- Opt-out processing
- Payroll reporting
- Contribution Administration
- Record Keeping
- Audit tracking & Compliance
Auto Enrolment becomes a reality for the largest companies in 2012, with other employers reaching their staging (start) dates in the following years, depending on payroll numbers.
The need to stay competitive in the labour market will force many employers to review their pension arrangements well ahead of when Auto enrolment becomes a statutory obligation. That really means that planning should start now. See our case study to see how the reforms will affect you.