Workplace Pensions

A well-structured workplace pension helps your employees save for the future while offering valuable financial benefits to your business. Providing a strong pension scheme shows that you care about your workforce’s long-term wellbeing, which can improve employee retention and satisfaction.

Our workplace pension consultants Norfolk and Suffolk help businesses across the UK to:

✔ Select the right pension scheme and choose a provider that aligns with your company’s goals and budget.
✔ Make sure it is cost-effective by reviewing existing pension arrangements to improve efficiency and reduce costs.
✔ Improve employee engagement and help your staff understand their pension benefits through clear and accessible communication.
✔ Reduce your administrative burden through managing the complexities of pension compliance and administration.

Whether you are setting up a new pension scheme or reviewing an existing one, our team provides expert guidance tailored to your business needs.

Auto-Enrolment & Compliance

Since the introduction of auto-enrolment, all eligible employees must be automatically enrolled into a workplace pension scheme. As an employer, you are legally responsible for ensuring compliance with the Pensions Regulator’s rules.

At SG Wealth Management, we help medium-sized businesses navigate auto-enrolment, ensuring you meet your obligations while keeping the process smooth and hassle-free.

What Does Auto-Enrolment Involve?

✔ Assessing employee eligibility and determining who needs to be enrolled.
✔ Choosing the right pension scheme to ensure compliance and cost-effectiveness.
✔ Managing contributions so they are accurately deducted and paid correctly.
✔ Clearly explain the pension scheme and its benefits to your employees. 
✔ Keeping up with regulatory changes and avoiding penalties.

If your business already has an auto-enrolment pension in place, we can review your scheme to ensure it remains cost-effective, compliant, and beneficial for both you and your employees.

Salary Exchange (Salary Sacrifice)

Salary exchange, also known as salary sacrifice, is an efficient way for both employers and employees to contribute to workplace pensions while reducing National Insurance contributions.

How Salary Exchange Works

Instead of making pension contributions from their take-home pay, employees agree to a reduction in their gross salary, with the equivalent amount being contributed directly into their pension by the employer. This reduces taxable income, resulting in lower National Insurance contributions for both employer and employee while increasing pension savings.

Benefits of Salary Exchange for Employers & Employees

✔ Employers save on National Insurance contributions, reducing overall payroll costs.
✔ Employees benefit from higher pension contributions at no extra cost.
✔ Tax-efficient contributions mean employees take home more in real terms.
✔ Straightforward implementation, with full guidance from our experts.

We assess whether salary exchange is right for your business, handle implementation, and provide ongoing support to ensure a smooth transition.

Is it time your business updated the Workplace Pension? 

Contact our expert corporate services experts in Norwich & Ipswich to discuss bespoke options that reflect your business and employee needs. 

We work with employers throughout the UK, helping them spend less time on administration and compliance so they can focus on other aspects of the business.

Contact Our Workplace Pension Advisors