Menu
  • Home
  • Our Team
  • Services
  • How We Work
  • Treating Customers Fairly
  • Research
  • Contact Us
Home    Pensions    Occupational Pensions / Auto Enrolment

Occupational Pensions / Auto Enrolment

Occupational Pensions

How occupational pension schemes work

Every payday, a percentage of the employee’s pay is deducted automatically from their salary or wages and invested in the scheme. The employer also contributes to the scheme on the employee’s behalf as does the government in the form of tax relief.

Two types of scheme

In a ‘defined contribution scheme’, the employee’s retirement income is based on the contributions made, whereas in a defined benefit scheme, the employee’s pension income is based on his or her salary and length of service with the employer. Most occupational pension schemes are defined contribution schemes.

What happens if the employer goes out of business?

Most defined contribution schemes are managed by insurance companies not the employer, so employees’ pension pots should not be affected. If the scheme is a trust-based scheme, employees will still get their pensions, although not as much because the scheme’s running costs will be paid out of members’ pension pots rather than by the employer.

Auto Enrolment

Under ‘Automatic enrolment’ rules, any employer (with at least one member of staff) must automatically enrol every employee between the age of 22 and State Pension age and earning in excess of £10,000 a year (2020/21) into a 'Workplace pension scheme'.

Contribution costs

The minimum contribution for employers is 3% of the employee’s earnings, whilst employees are obliged to contribute at least 4% or 5% of their earnings before tax, depending on the scheme criteria.

THE PENSIONS REGULATOR IS THE STATUTORY REGULATOR FOR WORKPLACE PENSIONS.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE AUTO ENROLMENT AND OCCUPATIONAL PENSIONS.

A DEFINED CONTRIBUTION PENSION IS A LONG TERM INVESTMENT, THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.

PENSION ENQUIRY FORM

Your Address

Planning and Retirement

Employment

Existing Pension

Yes
No
Yes
No

Marketing Information

Sensitive Personal Data

We may need to collect sensitive personal data including information about your health, ethnic origin, or criminal prosecutions from third parties such as employers and credit reference agencies, fraud prevention agencies and other similar organisations in order to provide you with the services, for example where you require advice on annuity or protection products.

If you consent to us obtaining your sensitive personal data from third parties referred to above for the purpose of providing you with the services, and sharing it with third party providers and TenetConnect to obtain quotes on your behalf, for example where we are providing you with annuity or protection advice as part of our services, please tick this box.

Submit your Information

From time to time, we would like to contact you with details about our services, products, business updates and events. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you:

Email
Telephone
Post
Yes please, I'd like to hear about offers and services.
No thanks, I don't want to hear about offers and services.
Please tick this box to confirm you have read and understood our privacy policy.

Call us now0131 225 8282
Send UsAn Enquiry

Related Topics

Our Areas of Expertise

Life Assurance
/content/life-assurance
introduction-to-life-assurance
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you.
Health Insurance
/content/health-insurance-0
introduction-to-health-insurance
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious financial implications for you and your family.
Pensions
/content/pensions
introduction-to-pensions
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
Investments
/content/investments
introduction-to-savings-and-investments
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Taxation
/content/taxation
introduction-to-taxation
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die.
Wealth Management
/content/wealth-management
introduction-to-wealth-management
Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation & investment risks.

Request a Call Back

Currencies

Value Move %
GBP/EUR
1.0882 +0.0001 +0.01%
GBP/NOK
10.9028 -0.0012 -0.01%
GBP/SEK
11.6499 -0.0035 -0.03%
GBP/USD
1.2092 0 0%

Stocks

Value Move %
FTSE 100
6329.1299 -6.5903 -0.1%
FTSE 250
17605.4609 -149.7891 -0.84%
FTSE 350
3540.5400 -8.1099 -0.23%
FTSE All Shares
3499.6899 -8.0201 -0.23%
Dow Jones
23775.2695 +147.0293 +0.62%
Nasdaq
7158.0000 -250 -3.37%

THE GUIDANCE PROVIDED WITHIN THIS WEBSITE IS SUBJECT TO THE UK REGULATORY REGIME AND IS THEREFORE PRIMARILY TARGETED AT CONSUMERS BASED IN THE UK.

CRANDLES & CO LLP IS AN APPOINTED REPRESENTATIVE OF TENETCONNECT LTD WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. TENETCONNECT LTD IS ENTERED ON THE FINANCIAL SERVICES REGISTER (www.fca.org.uk/register) UNDER REFERENCE 149826.

REGISTERED OFFICE: 13 GLENBERVIE ROAD, KIRKCALDY, KY2 6HR

REGISTERED IN EDINBURGH UNDER REFERENCE: SO303331

CRANDLES AND CO LLP IS A LIMITED LIABILITY PARTNERSHIP

Client Testimonials

  • Crandles & Co fully implemented our Company Pension Scheme at Scottish Cycling in 2012. Our staff found the appointments and communication extremely professional. The pension scheme requires constant management and the administration service provided is also superb. From implementation to the end result I would have no hesitation in recommending Paul and Caroline to other companies and sports associations looking to implement pension schemes to satisfy the new Workplace Pensions regulations ahead.

    Craig Burn, CEO, Scottish Cycling

  • I’ve been providing Mortgage advice to my clients for several years now and over time, it became apparent that many of them would benefit from independent financial advice too. I was recommended Caroline Cochrane. I trust Caroline to look after my clients’ best interests and I am confident she’s really listening to what they want. I also find Crandles & Co are efficient in their work practices and they always keep me informed about what they’re doing. This has created a good business relationship between us, to the extent that I’m happy to refer my family members to them.

    Linda Grier, Moneycheck Linlithgow

  • It is over 25 years since Caroline first advised me on financial matters. Her professionalism has been of the highest calibre, as she has always endeavoured to provide sound and appropriate advice relevant to my circumstances at the time. I have no hesitation in discussing all financial decisions with Caroline and am happy to be guided by her, trusting not only in her expert knowledge, but also in her dedication to providing the best possible service for me, as her client.

    Sandy Johnstone

  • Paul Crandles has been my Financial Adviser for over 4 years. In that time I have come to trust Crandles & Co implicitly. Any questions I have regarding my investments are answered and explained in depth and Paul never fails to make time in which to do this. I cannot imagine going elsewhere and am more than satisfied with the investments made on my behalf by Crandles & Co. The company is truly professional, always accessible and has very high standards of conduct. I have no qualms whatsoever in highly recommending them for any investment or financial advice. I am an Extremely Satisfied Client.

    Stephanie M. Grossmann

  • Paul and Caroline are consummate professionals who I count on to give my clients financial and investment advice tailored to their individual circumstances and needs. They are approachable, honest and ensure that my clients are kept in the picture every step of the way. I have no hesitations recommending Paul and Caroline to clients, colleagues and even, recently, family. A friendly, caring Company that put clients first and deliver on their promises.

    Antonia Shand, Solicitor

Contact Us

Crandles & Co LLP
Old Coates House
32 Manor Place
Edinburgh
EH3 7EB
T: 0131 225 8282
Email : Email Us

Quick Links

© Copyright 2020 - Adviser Pro - All Rights Reserved
Designed & Created by Adviser Pro