Pensions are a significant portion of your expenditure. So it’s crucial you have a workplace savings arrangement that not only provides effective pathways for employees to save, but also motivates them to invest in their future.

PEOPLE SOLUTIONS

Pensions and Workplace Savings

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Investing in your people’s future financial security

    Pensions are a significant portion of your expenditure. So it’s crucial you have a workplace savings arrangement that not only provides effective pathways for employees to save, but also motivates them to invest in their future.

    That’s why we adopt a personalised approach that caters to the unique needs of your business. We assign you a dedicated pension consultant who oversees your arrangement, ensuring a smooth process and solutions customised to your organisation and people.

    As your trusted partner, your specialist will support you with pension-related queries, keep you informed of legislative changes, help ensure compliance with regulations, and optimise the management of your workplace saving arrangement.

    Your pension plan works best when your people fully understand their pension and the commitment you are making to them. With Lockton by your side, you’ll have expert support that empowers your people to make the most of their pension, no matter where they are on their savings journey.

    Our solutions:

    • Pension consultancy and support

    • Pension governance

    • Provider selection

    • Auto enrolment consultancy

    • Salary exchange

    • Employee education and engagement

    • Pension - member communication

    • Mergers and acquisitions (M&A)

    • New company set-up

    • Financial Wellbeing

    Discover how our Pensions and Workplace Savings team can help you support your people’s futures

    Pensions and Workplace Flyer
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    Our Pensions and Workplace Savings Team

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    Tom Klinkenberg

    Head of People Solutions UK
    thomas.klinkenberg@lockton.com
    +44 788 045 6398

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    Debbie New

    Senior Pension Consultant, VP
    debbie.new@lockton.com
    +44 7810 591916

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    Rosalind Smillie

    Senior Pension Consultant, AVP
    rosalind.smillie@lockton.com
    +44 7917 524654

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    Mark Hathaway

    Pension & Workplace Savings Lead
    mark.hathaway@lockton.com
    +44 73 8511 6978

    Pensions and Workplace Savings FAQs

    What is a workplace pension plan?

    Workplace pensions provide a way for employees to save money for retirement through contributions deducted directly from wages. They are arranged by employers and are sometimes referred to as Occupational or Company pensions. There are duties an employer must adhere to, which include contributing, communicating, and reporting. For example, if you are eligible for automatic enrolment, your employer has to make contributions into the scheme.

    Pension Salary Exchange offers several benefits to employers and employees:

    Employers save on National Insurance Contributions as these are based on the employee's lower salary after the pension contribution.

    It can make the overall benefits package more attractive to employees, aiding in employee retention and recruitment.

    It provides a salary exchange option that demonstrates an employer’s commitment to their employees' financial wellbeing, while enhancing employee engagement.

    Employees will save on National Insurance and tax because their income is reduced by the amount they exchange for an employer pension contribution. Higher-rate taxpayers no longer have to reclaim the higher-rate relief through self-assessment.

    Salary exchange may not be suitable for everyone. Our consultants take into consideration various factors – such as the national minimum wage – and assess the suitability of salary exchange based on the specific demographic.

    Our experienced consultants work with organisations to offer bespoke/alternative contribution basis to meet the needs of your employees and the business, whilst you maintain your pension employer duties.

    Under automatic enrolment, all UK employers are legally required to set up a workplace pension, enrol certain employees into it and contribute towards their pension savings. It is designed to ensure more workers have access to a workplace pension scheme enabling them to save towards their retirement.

    We work with you to ensure all eligible employees are automatically enrolled and appropriate contribution level requirements are chosen based upon legislation.

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