‘John Glavey has been our personal IFA for over 30 years. In addition, he acted for 40+ employees of companies of which Mr B was a Director. His advice and actions has made our retirement financially comfortable. Throughout those years his attitude has been relaxed but positive and we always had the feeling that he was maintaining his knowledge of trends and changing investments where appropriate. His up to the minute qualifications corroborate that.’
Following the introduction of auto enrolment, all companies now have to provide an appropriate company pension scheme. The whole point of pension provision is to provide the member with a sensible amount of money to live on in retirement, this often gets lost in amongst the regulatory issues and heinous jargon.
We can provide one-off services or projects. Alternatively we can structure a retainer for agreed ongoing services. The fee for either will be agreed upfront and entirely transparent. It will, simply, be a function of the agreed amount of time spent providing the required services and our hourly rate.
Scheme Design and Implementation
Over recent years businesses have had to meet their auto-enrolment obligations. This dash for compliance has, in many cases, taken away the focus from the pension product itself.
There has been notable downward pressure on charges and real innovation in terms of functionality over this same timeframe. Alongside this changing environment, people’s options at retirement and how they need to interact prior to them have become increasingly complex.
From an employer’s perspective, it is vital they have a scheme that meets the needs of the business and its staff. This selection needs to account for member borne charges, default investment strategies, product functionality, ease of member interaction, administration and financial security amongst many other other things.
We can work with you from an independent perspective to help you see through the detail and to design and build a scheme that meets the needs of all involved.
Ongoing Governance and Long Term Relationships
We seek to be a long term partner with our clients and our governance processes form the backbone of our ongoing work together.
Employers have specific duties they are obliged to meet surrounding auto-enrolment processes, payment timings, salary exchange implementation, communications, contracts etc.
Businesses should also be doing what they can to ensure the pension product itself remains fit for purpose, the members are interacting sensibly with it and that ultimately people are making good decisions. If this is the case the scheme will be both valued by and provide value for its members and the employer that provides it.
Our governance processes will assess, monitor, coach and develop performance against these desired outcomes. In addition to this it will monitor the implementation of the employer’s duties. Simply, it will will help employers to protect themselves by ensuring compliance and, crucially, to help their staff help themselves.
You will have direct access to a dedicated Independent Financial Adviser and Client Manager via both phone and email. They will promptly assist with those technical and administrative queries that can otherwise become burdensome.
We strive to be your outsourced pensions department.
Why is Corporate Planning Important?
Corporate planning involves providing stability to businesses. Whether that’s reducing confusion around certain products such as pensions or providing advice surrounding particular insurance products such as key person insurance.
Significant legislative changes have affected many workplace features such as pensions in recent years. With the introduction of auto-enrolment to pensions, costs have been driven down, it has led to new product innovation and created planning opportunities. However, it has also added to real confusion and complexity for both employees and employers.
As a business owner or employer, it is your responsibility to choose your workplace pension. The whole point of pension provision is to provide the member with a sensible amount of money to live on in retirement. It is therefore imperative that as an employer, you play your part and do what you can within their budgets to ensure your employees get value from their pensions. Understanding this can be difficult amongst compliance issues and technical jargon.
With corporate planning, a financial adviser can compare different pension arrangements through specific metrics. This includes measuring charges, default investments and the functionality of the pension.
What Can KLO Corporate Services Help Me With?
By remaining compliant and ensuring you adhere to auto-enrolment processes with your business’s pensions, your business remains protected and stable.
You may also consider other business protection such as group risk consultancy, which includes group life, critical illness and income protection products. We will provide the scheme design, its implementation, manage the annual renewal process and any claims that may arise. It is on-going work which will be complemented with periodic market reviews.
When it comes to your business, there are many decisions you will have to make that can affect the future of not just you and your company, but the employees within your business too. With this in mind, KLO Corporate Services can offer advice and support in a number of areas which include:
- Pension consultancy
- Auto-enrolment compliance
- Group risk consultancy
- Advise to members about getting the most out of their pension
Read more on Workplace Pensions via our blog Workplace Pensions: A Good Start, but is it Enough?
We are independent. We have no ties to any organisation and are remunerated solely by our clients for the services received. This will be clear and transparent at all times. We work with our clients to truly understand their needs and all advice provided will be with our clients’ interests at heart.
We are led by an experienced Chartered Financial Planner and a board of Directors. When it comes to pensions and benefits, we know what we are talking about and ensure it stays that way by having a real commitment to on-going learning and real personal development.
Through working in partnership with our clients, we can share their values and goals. If we can establish this type of trust over time, we will be able to deliver truly tailored, high quality service that is value for money. Crucially for us, if we provide real value we will retain our clients.
Auto-enrolment is a government initiative that means companies must now enrol all eligible jobholders into a qualifying workplace pension and make contributions towards their employee’s pension.
Any employees that are at least 22 years old, earning a salary of at least £10,000 p.a and working in the UK under a contract of employment are eligible for auto-enrolment into a pension scheme. Your employees can opt out if they so wish, but you are obliged to enrol them into the pension scheme your business has set up.
There are many metrics that can be used to compare the various pension arrangements including:
- Charges – Historically, charges levied on pensions have often been excessive. However, since the introduction of the Charge Cap, it is imperative that funds charge fairly.
- Default investments – Assessing the funds risk profile, investment strategy and life styling approach is imperative to finding the right fit for your workforce. It is vital that as an employer, you understand the fund into which you are automatically enrolling your people.
- Functionality – Many pension arrangements that existed prior to pension freedoms are not able to directly facilitate any of the new reforms. It’s therefore imperative that you make sense of both the notable and subtle differences in functionality.
After the ‘Charge Cap’ was introduced in 2015, those enrolled in a workplace pension should be investing into funds that charge fairly. Although there has been a limit to these charges, there is still a wide variety with some funds charging up to 0.75% and others offering terms as low as 0.21%.
You must provide relevant information about your pension both automatically and when certain events happen. For example, when an employee meets all the requirements, you must put them into your pension scheme and write to them within 6 weeks of meeting the criteria. As an employer, you must provide your employees with information about what they have signed up to without them having to ask for it. We can help explain pensions to your employees through workplace financial education and interactive seminars to suit your business.
We are always eager and available to meet with you to discuss your financial objectives and assess your current strategies. No question is too big or too small. The first consultation is always free and comes with no obligation. If you’d like to speak to one of our expert financial advisers, get in touch today.