Pensions support for small businesses

You have your scheme set up, but are you maximising what it can do for your employees?

Find out how we can help below.

Our pensions support services

Your pension scheme isn’t simply a one-time benefit that your employees choose. It’s a long-term commitment, both for them and you as their employer. Therefore, you want to make sure that it stays fit for purpose. But don’t worry, identifying and adding benefits to your scheme doesn’t have to be time-consuming and confusing. That’s where we come in.

Meet your obligations and look after your members with our governance services

With auto-enrolment imposing legal duties and employer contribution costs representing a key employee benefit for your staff, Pension Freedoms revolutionising retirement options, and reduced allowances affecting high earners, employers are required to take a lot of responsibility for their pension scheme. The Pensions Regulator requires employers to make sure that workplace pensions are monitored regularly and deliver value for money for their members.

Employers also have specific legal responsibilities to ensure that employees are invested in funds that are deemed suitable and  fit for purpose.

As an employer, you should regularly review your workplace pension and keep abreast of the options available to you, your employees and what the up to date legislative requirements are. Our pensions governance service is designed to help you define your needs and outcomes, manage the key areas and measure the results over time.

Key areas can include:

  • Value for money
  • Regulatory risk and auto-enrolment compliance
  • Default fund objectives, charges and performance
  • The suitability of your contribution structure
  • Security and timeliness of processing
  • Projected values and replacement ratios
  • Online tools, options and functionality
  • Member communications and employee understanding
  • Legal and regulatory developments
  • At retirement guidance and advice

How much will it cost?

We’ve designed our prices to be as simple and straightforward as possible. We charge a set monthly fee for our governance services, depending on the level of support you need and the size of your scheme.

Employer support

Have ongoing support available for all aspects of your pension scheme, including all legislative updates you need to be aware of, through our updates and e-mail and telephone helplines.

£110 per month

(regardless of scheme size)

Employer and employee support

Have ongoing support available for all aspects of your pension scheme, including all legislative updates you need to be aware of, through our updates and e-mail and telephone helplines. Your employees will also have access to our helpline and will receive annual pension scheme newsletters.

£150 per month

(max 15 employees)

Employer and employee support plus annual employer review

Have ongoing support available for all aspects of your pension scheme, including all legislative updates you need to be aware of, through our updates and e-mail and telephone helplines. Your employees will also have access to our helpline and will receive annual pension scheme newsletters. In addition We will conduct an annual review of your scheme and provider to make sure it still suits the needs of your business and employees.

£200 per month

(16 – 30 employees)

£333 per month

(61 – 199 employees)

£250 per month

(31 – 60 employees)

200 or more employees

Bespoke pricing

Additional pension services

Our governance service is designed to keep your pension scheme on track and meet all your legal requirements. However, there are additional options you may want to consider to ensure you and your members are getting the best value for money, as well as helping members maximise their savings for the future.

Each service is priced on an individual project basis to ensure you don’t pay more than you have to! Click on the tabs below to find out more.

Is your pension provider offering value for money?

Over recent years, the pensions market has seen a downturn in management costs – has your scheme kept pace and is your support structure offering good value to you and your employees?

Additionally, with the introduction of Pension Freedoms, there are many different ways in which your members may want to take their pension when they retire. Does your scheme offer all of these options?

Changing pensions provider is no longer the onerous exercise it used to be. We can help you carry out an assessment of the providers in the market and help you choose the right option to suit your scheme and its members.

Keep your members engaged with their pension

Can it be demonstrated that your scheme delivers good outcomes to its members? How engaged are your staff with their retirement savings and do they appreciate the pension benefit that you offer? Legislation has significantly widened the range of options open to members at retirement in recent years. Does your scheme offer all options, and do your employees know where to start in understanding how they can exercise them?

We can use a range of communication strategies and tools to help employers engage their employees with their pension to ensure they understand what a good benefit this is, make the most of their retirement and improve their overall financial wellbeing.

After all, if your employees believe you are offering a pension that is competitive, well run and provides the options they need, they are more likely to feel valued as an employee and engaged with your company and their role.

Saving in the most efficient way

As you may know from your auto-enrolment obligations, both you and your employees will be paying into their pension pot. However, not all employers are doing this in the most tax-efficient way. Salary exchange is tax-efficient for you as an employer as you don’t have to pay National Insurance (NI) on the contributions you make. Your employees also benefit as they also don’t have to pay NI but also don’t have to pay any tax on these contributions. Here’s how it works…

Salary exchange is when an employee gives up the right to receive part of their salary in return for a non-cash benefit – in this case a pension contribution. In simple terms, the employee exchanges a percentage of their salary which is paid directly into their pension pot, by you, as their employer on their behalf. Crucially employees will not be taxed or be required to pay NI on the amount they have exchanged into their pension, but by utilising salary exchange, you won’t have to either and this employer NI saving can be used to reduce your costs, or provide a budget to improve pension or other benefits for your staff.

Because salary exchange involves a contractual change, and reduces gross pay, it isn’t suitable for all staff, and needs to be implemented correctly. We can help you understand if salary exchange would be beneficial for you and your staff.

Help your employees plan for the future

No matter what stage employees are at on their financial journey, trying to build security and stability, accumulate savings or optimise wealth is absolutely critical to your employees’ long-term wellbeing and happiness. The financial landscape can be a daunting one to navigate alone, especially in a constantly changing environment of rules, tax legislation and product options.

At Broadstone, as well as advising employers about their pension scheme, we also offer a financial advice service to individual employees. Our professional advisers take the time to understand each individual’s circumstances and priorities to provide them with the right expert support – whether this is on a one-off or continuous basis.

★★★★★

We have worked with Broadstone on our pension benefits for a number of years and have found their help and availability to answer questions as well as managing our scheme and obtaining the best value for our employees invaluable.

Brian Mercer, Blyth & Blyth Consulting Engineers

The right support, depending on what you need

Pensions can seem complex, so our approach is to take away the complexity, helping employers and employees make informed decisions. We provide a full suite of pension services that ensure your pension scheme delivers for your employees whilst providing value for money to you.

Why is governance so important for your scheme?

Our pensions governance guide explains in more detail why we think it’s so important and how it can help improve the value of your employees’ pension pots.

Looking for some guidance around pension support services? We can help.

Click the button below to get in touch with one of our experts.