You need the best, motivated people so that you can keep competing and growing. When you partner with Lockton, providing a brilliant pension and financial empowerment package becomes a great way to get these people on board – and keep them in your business.
Pensions and workplace savings for small business employees
A passion for empowering small and medium-sized businesses
You need the best, motivated people so that you can keep competing and growing. When you partner with Lockton, providing a brilliant pension and financial empowerment package becomes a great way to get these people on board – and keep them in your business. We become part of your team. We match you with solutions that help you achieve your ambitions – and we’re always on hand with fast and reactive support. Which means you get to empower your people to save for retirement and take control of their finances.
Supporting success in SMEs
You have big ambitions. Which means you need to care for your people in exactly the same way as your larger competitors. And you’re busy – which means you need an expert partner you can trust to take care of everything. So it’s good to know that our specialist team is here to help you. Our range of services keep you on the right side of regulation, support your people – and make sure your pension and workplace savings arrangements are a good fit for your business and your teams.
Great deals from top providers to rival big business packages.
Supporting you with your admin, with fast, reliable guidance
Managing compliance - so you don’t have to.
Empowering your people to take control of their financial future.
Pensions for companies of all sizes
When you partner with Lockton, you don’t need to be a huge corporation to get great choice and service. We’ll get you set up with a scheme that helps your business achieve its goals. Then, we’ll be by your side to guide you through the day-to-day admin.
Micro employers - up to five employees
Automatic enrolment
Access to top providers (not just NEST)
Additional benefits for pension members
Digital provider platforms for employers
Employee digital account with tools and education
SMEs to mid-market - more than five employees
Automatic enrolment
Access to wide range of providers
Dedicated account management from provider
Education and engagement webinars
Scheme insights and workplace savings research
Large-enterprise employers - we're here for you too.
Pensions and workplace savings for small businesses
Pension consultancy and governance
Our experts are here to give you dedicated pension support. We proactively keep you informed about updates and legislative changes – and we’re here whenever you need us.
Provider review
To maximise the value of your workplace pension and savings, you need to be working with the right providers. We carry out comprehensive reviews to make sure your pension aligns with your goals.
New pension set-ups
From assessing employee eligibility, through to setting up payroll integration and communicating with your teams – we’ve got you covered.
Auto-enrolment review
Our dedicated, expert team makes sure your contribution levels, record-keeping and handling of opt-outs are up to date, correct and compliant.
Salary sacrifice audits and implementation
If you have an existing salary sacrifice scheme, we make sure it’s structured correctly and complies with HMRC rules. If you don’t have one yet, we can assess potential savings and set one up for you.
Financial education and wellbeing
Financial security is a key component of happiness and wellbeing. So we provide tailored resources to help your people take control – and understand all the benefits their employer offers.
Webinars, one-to-ones and on-site days
Make sure your teams get critical financial guidance at the right times – from experts who speak their language.
Financial management platform
Check in on your pension scheme and workplace benefits at any time with our financial management platform for employers.
Corporate ISAs
Help your teams to save tax-efficiently with ISAs – and get our support with selecting and setting up the most appropriate solution for you.
Expert support for higher earners
We support senior leaders and partners to navigate the tapered allowance – and make the most of tax-efficient, long-term savings and investments.
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of UK employees see a workplace pension as an important benefit (Pensions and Lifetime Savings Association (PLSA))
0%
of workers would consider leaving their job to get a better pension (Aviva)
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of job seekers say a good pension is a top factor in deciding which offer to accept (Confederation of British Industry (CBI))
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Companies with high employee wellbeing outperform the market by this figure (Indeed/Oxford SaÏd Business School)
Trusted by small businesses across the UK – and beyond
Across the UK, Europe and the rest of the world, we’re proud to arrange workplace pensions and financial education for small and medium-sized businesses.
Support rooted in independence
As a family-owned business, we understand the journey of growing a company and have never forgotten our roots. That’s why we’re we’ll always be here to support small businesses as they grow and make a big impact in the world.
Our small and medium-sized business pensions and financial benefits team is here for you
Mark Hathaway
Pension & Workplace Savings Lead
mark.hathaway@lockton.com
+44 73 8511 6978
Stewart Waddy
Head of SME Consulting & Production
stewart.waddy@lockton.com
+44 790 108 2802
Jackie Carribine
SME Consulting Lead, VP
jackie.carribine@lockton.com
+44 73 9376 4383
Get in touch
Workplace pensions for small businesses FAQs
Workplace pensions for small businesses – why should employers invest in them?
Investing in decent pension arrangements for your team is a great way to show employees that they’re valued and that they work for an organisation that cares. Selected and managed thoughtfully, a workplace pension scheme for small businesses is also a strategic investment in your business. It can boost your employer brand, increase employee engagement and productivity – and help your employees to secure better outcomes when they reach retirement.
Do small businesses have to provide a pension?
Yes, they absolutely do. UK law says that every company, of any size, has to provide a workplace pension for all eligible employees. As an employer – even if you only have one employee – you have to contribute a minimum amount to their pension. This minimum amount is equivalent to 3% of their qualifying earnings. This is when it’s particularly useful to work with a small business pension specialist like Lockton.
When should you enrol your small business employees in a pension?
You have to enrol qualifying new employees in a pension within three months of their start date. To do this, you need to give your scheme provider the information they need to enrol your new colleague. If you don’t enrol qualifying new employees into a pension within a legal timeframe, you could be fined. When you partner with a small business pension provider like Lockton, you’ll be guided through the process.
How much do you have to contribute to a small business workplace pension?
Currently, the legal minimum contribution you have to make is 3% of your employee’s salary. You can, however, choose to contribute more than this. Your employee must also contribute.
What is salary sacrifice?
Salary sacrifice is a tax-efficient way for employees to make contributions to pensions and other workplace benefits. It allows employees to “sacrifice” part of their salary in exchange for an increased employer contribution, without changing the amount going into their pension. This reduces the total amount they earn – and therefore the amount of tax and National Insurance they have to pay. Salary sacrifice is also beneficial to employers, as they save on national insurance too. Our small business pension experts can calculate the cost savings an employer could make with a salary sacrifice arrangement – and then help them to put a scheme in place. They can also audit any existing arrangements to make sure they’re working optimally.
How can you support higher earners?
Lockton’s experienced consultants support a range of higher earners in businesses of all sizes – including senior leaders and partners. We support higher earners to navigate the tapered allowance and to make use of any unused allowance from previous tax years. We also work with businesses to explore the various solutions they could put in place to support higher earners in small and medium-sized businesses.
We're here to help
We give you access to high-level employee benefits, strategic advice and great deals. We can’t wait to hear about your business and your people strategy.
Talk to our team