Helping your employee provide an income for their future
Since Auto Enrolment legislation, every employer is legally required to establish a group pension scheme, enrol employees and make contributions on their behalf.
INDIVIDUAL
A group pension scheme is a collection of individual pensions belonging to your workforce. Members can build up a personal pension, which can then be converted into an income at retirement.
GOVERNANCE & COMPLIANCE
You have regulatory obligations as an employer. Great governance can help you overcome the challenges and deliver successful member outcomes.
CONTRIBUTIONS
You have a choice for your pension scheme to be arranged on a net pay or a gross pay (salary sacrifice) basis. Find out which would be more suitable for your company.
Client Testimonials
Don’t take our word for it – here’s what our clients say:
We have worked with Cobens for over 14 years now. In that time Imogen, Tim and the team have always provided clear, relevant and reliable support to our company on a timely basis. As a result, our business has been better able to support all of its employees, particularly with regards to the ever changing pensions environment. We would have no hesitation in recommending both their team and their services to other businesses in Kent.
Richard Burns
Sleepeezee
Pension contributions
Which method of paying the contributions is right for your scheme?
1
CONTRIBUTIONS BY NET PAY
Contributions for employees made by net deduction attract tax relief, so for every £100 an employee wishes to contribute, they only pay £80.
Employees who are higher rate tax payers will be able to reclaim their additional tax relief via a change to their tax code. Cobens can help arrange this and help reclaim where this hasn’t been adjusted previously. Employers’ contributions attract Corporation Tax relief.2
CONTRIBUTIONS USING SALARY SACRIFICE
Salary sacrifice, also know as salary exchange is paid directly to the pension company by you, the employer. Your employees agree to sacrifice a proportion of their salary in exchange for a pension contribution.
As an employer you benefit from a reduction in National Insurance contributions, these savings can be substantial. As an employee, savings can be made on Tax and National Insurance, with a boost to their overall take home pay.Salary sacrifice isn’t for everyone though and we recommend discussing this option to make sure its right for your scheme.
To find out more 0207 11 88 777
The Financial Conduct Authority does not regulate taxation and some aspects of setting up workplace pension schemes.
The value of investments in a Pension can go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future performance.