Brook Corporate and Personal Financial Consultants 

Brook      News

Countdown to 2012 - National Employment Savings Trust (NEST) is the new identity for Personal Pension Accounts

The NEST arrangement is still scheduled to commence from October 2012 affecting all employers, who assume responsibility for:-

Auto-enrolment of all eligible employees

Payroll changes to collect and pay over contributions

Self Certification if the Workplace Pension Arrangements meet the quality standard on pension contributions

Qualifying Workplace Pension Schemes (QWPS) will enable an employer to opt out of NEST. The Quality Qualifying Workplace Pension Scheme (QQWPS) will remove the significant onus on employers’ administrative requirements to opt out of NEST

It is important to follow government guidance and the regulations that will be made on the certification procedure. Workplace Pension Arrangements will need to be reviewed with respect to scheme design, communications to employees and payroll management for auto-enrolment and well before 2012.  

Let Brook assist you with a complete service on Workplace Pension Arrangements and associated employee benefits which you will find by clicking on the section “Services”

Salary Sacrifice (Reducing National Insurance Costs)

Employers can reduce costs by adopting the “Salary Sacrifice” principle as a strategic business plan. This also brings benefits to employees. A Salary Sacrifice scheme will help deliver value to staff and the company and through a reduction in National Insurance costs. 

Pension scheme costs will be a significant financial consideration to most employers. Typically, money purchase schemes like a Group Personal Pension scheme are suitable for Salary Sacrifice arrangements. To implement an arrangement it will be necessary to amend existing terms and conditions of employment as it relates to remuneration. 

Brook can help you adopt such a strategy and provide the many value services available to its clients.

Occupational Pension Scheme Windups

Company occupational schemes have come under increasing pressure each year to sustain earlier guarantees to members on retirement benefits. Employers switching to a Group Personal Pension Scheme (GPP) have acknowledged this may be the most viable alternative with the added benefit of avoiding the onerous imposition placed on scheme trustees since the Pensions Act 1995 was introduced.

GPP schemes are simple to administer with minimal involvement by the employer and fully supported by Brook in all aspects of employee communications, workshops, annual meetings with employees and comprehensive reporting to members of the GPP at annual pension reviews.

Brook Corporate & Personal Financial Consultants is authorised and regulated by The Financial Services Authority.

Send mail to webmaster@brookcorporate.co.uk with questions or comments about this web site.
Copyright © 2003 Brook Corporate and Personal Financial Consultants
Last modified: 10/26/10