Choose the right pension scheme

Organisations that advise on pensions schemes

The laws and regulations governing pension schemes are complex, and deciding which type of scheme would be suitable for your business can be tricky. There are many organisations that can provide you with further help and advice. Industry associations and some sites on the Internet may also be able to point you in the right direction.

You may also want to find information on pensions or locate an independent pension adviser through the Society of Pension Consultants website.

Alternatively, you can get guidance on pensions and find a directory of financial advisers at the Association of Independent Financial Advisers website.

A professional adviser can help you decide what you want from a pension scheme, inform you of the costs, tax breaks, and good and bad points of each type, and give you some pointers on coping with the new tax regime. You may find it helpful to locate an adviser with experience of advising businesses operating in your sector. Industry contacts might be able to recommend one.

Employees may also need information on saving for retirement, so you may wish to consider offering access to pensions advice as an employee benefit. From 6 April 2005 this can be done without incurring a tax charge. This is provided that the advice or information made available is offered to all employees and costs the employer less than £150 per employee per year.

Read advice on pensions at the Association of British Insurers website. You can also access guides explaining different types of pension at the Pension Service website.

Your local Business Link and Chamber of Commerce can be invaluable sources of advice and information.

Subjects covered in this guide

• Introduction
• Benefits of having a workplace-based pension scheme
• Choosing an occupational pension scheme
• Choosing a group personal pension
• Choosing a stakeholder pension scheme
• Approved pension schemes for directors and owners
• Unapproved pension schemes for directors and owners
• Comparison of pension schemes
• Organisations that advise on pensions schemes
• Considerations when choosing a pension scheme
• Here's how I selected the best company pension scheme for my business

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