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January 2015 - Even nicer ISAs
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£115.95 a week. That’s a little more than £500 a month and it is generally accepted that a state pension alone provides insufficient income during retirement which can potentially last 30 years or more.

In 2012, the Government brought about the biggest and most radical changes to pension reform in generations and employers of all sizes and across all industry sectors will need to implement the reforms and understand their wide-reaching effects.

Employers are now required to enrol all eligible employees (who are increasingly viewing a robust pension scheme as a valuable and sought-after benefit) into a qualifying pension plan and make contributions into it and the eligibility criteria are that -

  • They are aged between 22 and the State Pension retirement age
  • They earn over £10,000 per year
  • They are working, or ordinarily working in the UK

Employers will be required to contribute a set percentage of each employee’s eligible earnings into each pension (known as Automatic Enrolment) and the Government has set a minimum percentage that has to be contributed in total, i.e. the employer’s contribution, the employee’s contribution and the tax relief. The minimum contribution will gradually increase until 2018.

In addition to the pension reforms, the introduction of new legislation known as NEST – the National Employee Savings Trust – ensures that employers both provide access to a pension and regularly fund it.

A pension is a tax efficient method of enhancing an employee's income in retirement. Pension funds grow largely free of all UK taxes and at retirement the employee can take up to 25% of their accumulated fund as a tax-free lump sum with the remaining fund being used to secure an income.

Naturally, there are financial implications for employers but with sound advice from Goldberg Steele Associates experienced pensions experts, we can recommend and implement the most appropriate pension scheme as well as assisting with your strategy for communicating the changes to your employees.

For more information about Goldberg Steele Associates range of Group Pension Schemes, please call 020 8371 3111 or email


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