When companies make changes to their pension scheme, such as closing a final salary scheme and offering money purchase, we offer individual and group sessions to employees to explain the changes and what they mean for them personally.
We will liaise with the employer and other professional advisers, for example legal, making sure that the message to employees is consistent with other documents issued, such as FAQs. We would normally do this by running group presentations and then individual sessions which would be personalised to each member of staff to make sure they understand what the changes mean for them. The sessions can be face to face, online (e.g. Teams) or a combination of the two.
If a restructure is being planned, we recommend that Seagreen is involved at the beginning. This is so that we can advise the employer on other exercises we have been involved in and cover all of the considerations before making any announcements to employees. This approach also makes sure that all parties are delivering the same message.
Where an employer with a final salary scheme is contemplating running a PIE, Seagreen can conduct the individual sessions with retirees to assess which option is better for them. We will liaise with the employer and any other advisers to make sure the exercise runs smoothly.
These are sometimes referred to as ‘salary sacrifice’ arrangements. The core idea is that employees reduce their pay by the amount of the pension contributions, which gives savings in National Insurance Contributions to the employer and the employees.
Salary exchange is not suitable for everyone so it is important to have individual sessions to establish which employees could benefit and thoroughly explain how they would be affected.
These exercises can be suitable for both final salary and money purchase schemes.
We work with employers that hold annual wellbeing exercises. These cover such things as mental health, debt counselling and financial awareness. Seagreen can run the financial sessions which would normally be done on a group basis since the information provided is generic.
Topics covered include: how pension schemes work, budgeting now and in retirement, investing for children, death benefits, wills, family protection and avoiding scams. The sessions will be tailored to suit each employer and how it prefers to deliver information to employees.
Almost all employers need to have a WPS available to employees. This requirement has been in force for many years and can be quite complex, so many employers prefer to have someone to oversee the WPS to make sure that all of the requirements are met. The rules change periodically so it is very important to have someone to advise the employer of any actions that need to be taken.
Seagreen can provide an ongoing WPS service which can include presentations to employees to remind them of the benefits provided by their employer.
When employees come to retire, many employers like to offer individual sessions with a pensions expert to go through the various options and provide advice on the best route to take. This includes discussing the best mix of pension and lump sum as well as what benefits would be paid on death. This can naturally extend to things such as the best use of the lump sum.
Seagreen can provide individual sessions for employees as they come up to retirement to ensure that they are given top quality advice at a very important stage of their lives.
This can be extended to employees leaving service who may have to make important decisions about their company pension.
We’re always happy to answer your questions, please fill out the contact form below and we will get back to you. Alternatively you can call us on 07764 193420
Seagreen Pension Consulting Ltd
124 Church Lane
Marple, Cheshire
SK6 7AY
Telephone: 07764 193420
Email: philgammond@seagreenpensions.com
