Workplace Pensions

At WTK Financial Services Ltd we provide assistance to UK companies to help them comply with the obligations to their employees as set out in the Pensions Act 2008.

These obligations fall under the Auto Enrolment rules which state that all eligible employees should automatically join a qualifying workplace pension scheme where the employer contributes a minimum statutory payment for these employees. Employers are required to comply with these rules from their Staging Date.

Whilst the UK government have established a home for workplace pension schemes that is open to every employer under the banner of NEST (National Employment Savings Trust), we believe that in many instances this solution will be unsuitable.

An ideal corporate client for us to work with understands the benefits of making suitable provision for their workforce at retirement.

We offer a free initial consultation in order to learn about the company, its people and structure. At the meeting we can discuss the range of advisory services that we can provide for both the company and its employees. Once we understand which services the client wishes to take up we can provide an estimate of our fees.

At this stage we can also provide a detailed report that will give an overview of the costs involved in meeting the minimum statutory obligations under Auto Enrolment. The fee for this report is typically in the region of £500 and can be provided once we are supplied with a payroll download and a schedule of any existing pension scheme. The £500 fee covers the cost of generating a report and a follow up meeting to discuss its contents, together with suggestions on a strategy for your business.

We will then approach pension scheme providers and insurers from the market in order to find the most appropriate home for the pension scheme. We can then provide a formal recommendation and discuss how we communicate with the workforce to ensure that all staff are suitably informed.

At this point we will agree on a future review strategy for the scheme and the staff members and how WTK Financial Services will be remunerated for ongoing financial review and support work.

Please click on our ‘Employer Guide to Auto-Enrolment’ for more information and to understand how we can help your business comply, please contact us.