Spinningfields Lifetime Partners

Retirement Planning

We work closely with our clients to offer advice on all aspects of wealth management. We seek to provide guidance on retirement planning, investments, estate and succession planning.

With ever-changing rules and regulations surrounding our client’s finances it has never been more relevant.

With our experienced and qualified advisors, backed by a para planning service we will help you build a plan for your retirement. We will discuss when and how you may want to retire, and help you gauge how much you will need for the lifestyle you would want in retirement.

Retirement is a much more flexible event than in the past and we can help you move towards it with a plan in place that we will monitor with you to ensure that your plans remain on track. Also ensure you receive the best possible advice both initially and ongoing.

Especially with the recently introduced Pension Freedoms, the options open to you are wide as you reach retirement. We can help you to explore the options and help you to make the right decision for you, especially around helping you achieve the income you need, with a level of risk that suits your views.

Legal Disclaimer: The value of pensions and investments and the income they can produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate Auto Enrolment, as well as, estate and succession planning.

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Auto Enrolment Update

As you almost certainly know by now, all businesses must enrol their employees in a pension scheme between now and 2017. The actual date depends on the size of your organisation. Even if you only have one employee you must comply. Those who don’t comply will be fined.

It’s a longer journey than many realise. The scheme must serve you and your employees well while satisfying the regulator, so careful planning is essential. You need to manage your costs and many of your systems and processes will be affected. Preparation can’t be rushed and, once you have finalised your plans, implementing them could take another twelve months or more. It’s easy to underestimate the time and effort required and, for those who haven’t set out yet, there is literally no time to waste.

You may be wondering how to get going. Or you may have started planning already but feel that you need professional advice to make sure you are heading down the right road. Spinningfields Lifetime Partners can help.

With our clear and logical process, you can cost all your options and choose the one that works best for you and your employees. From beginning to end, our experienced consultants will work with you and everyone involved – from human resources, finance and payroll to systems and pensions providers – so that you arrive on schedule. And we will help you deliver a solution which is not only compliant but also benefits your business.

Contact us on 01704 504375. We look forward to talking to you.

Employer Responsibilities

Take advantage of our experience and our professional and reliable approach. Spinningfields Lifetime Partners Workplace Pension Consultants will help guide you through the maze of auto enrolment legislation.

What are the responsibilities of an employer?

Know when to start– employers need to confirm their staging date, which is when they first have to comply with all aspects of the new law.

You must identify who is eligible– your employees are defined as ‘workers’ and split into four categories: ‘eligible jobholders’, ‘non-eligible jobholders’, ‘entitled workers’ and others. Not all workers are eligible for an employer contribution. You have to identify who needs to be enrolled and who doesn’t.

You must make contributions– employers must pay at least the minimum contributions for eligible workers. These increase over time. Workers can also be asked to meet some of the total cost.

Pension scheme membership must be automatic– you must enrol all eligible employees into a qualifying pension scheme automatically, with no action required from the worker.

Employees must be able to opt out– some workers may not want to be in a pension scheme. Your process must enable them to opt out within a limited timescale.

Provide access for all– all workers must have access to a pension scheme, whether or not they qualify for an employer contribution.

Communicate– you must provide workers with information in an effective way,
ensuring that you comply with legislative requirements.

Keep accurate records– you must keep information about workers and the auto enrolment pension scheme available for auditing.

Start all over again– every three years you must re-enrol all those eligible job holders who chose to opt out.

What to do next:

There is a lot of work to be done but there is still enough time to plan and implement a scheme fit for everyone’s purpose if you start now.

Spinningfields Lifetime Partners offers professional and reliable consultation in the workplace pension arena.  Each consultation meeting will be tailored to suit your specific circumstances. It goes without saying that this includes a written report detailing your staging date and responsibilities.

You can depend on our professional experience to find the right solution for your business – confidently, quickly and without complication.

Stay up-to-date

This is where we keep you informed about all the latest developments at Spinningfields Lifetime Partners and changes in auto enrolment legislation.

The Pension Regulator Shows No Mercy As Firms Struggle With Auto Enrolment

”….there is a risk if we allowed employers to say ‘we left it too late and it was difficult’, it would set a precedent.  We cannot have that type of excuse.”

The Pensions Regulator Spokesman

New Model Adviser Magazine 21st September 2012

NEST warns small employers will not be ‘hand held’.

”Our research shows that…employers with as few as one hundred staff – are expecting help from NEST and other providers…the fact is we won’t be able to and neither will any other provider.”

Roy Porter, NEST Assistant Director, Distribution.

 

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.

Need an Adviser?

We will tailor our advice to suit your individual financial requirements and unique circumstances.
Our initial consultation is free so contact us today to discuss how we can help you.

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