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Posts Tagged ‘personal accounts’

Employee and Company Benefit Specialists

Tuesday, November 3rd, 2009

I was asked recently by a potential client “are you employee benefit specialists?” A reasonable question I feel. We have worked with many companies and offered group benefits for pension, life insurance / death in service, critical illness, income protection and private medical insurance. Our consultants and administration team have years of experience in dealing with these schemes from advice and planning  to the administration and smooth running of the schemes on a day to day basis.

Does this make us specialists? Technically I believe to be a specialist we would need to be devoted to this particular area of work. We do devote a portion of our team to this area, but as a company we are more diverse. I believe the diversity of our services gives us more of an edge when dealing with a company scheme. We are not only able to help your employees and directors with their employee benefit discussions but also their personal financial needs, such as mortgages, personal protection, tax planning, investments and savings. Our team doesn’t only have experience in company benefits but also personal financial planning.

So our specialists will be specialists to your scheme but in the context of our business offer much more than expertise in employee benefits alone.

Adam Cook
Head of Operations

 

Harpenden, Barnet, Mayfair, Hertfordshire and London.

Personal Accounts Vs Group Personal Pension Plans

Wednesday, August 5th, 2009

If you have seen our previous post http://www.lyndhurstfm.co.uk/blog/pensions/what-do-the-olympic-games-in-london-and-pensions-have-in-common/ It is known that from 2012 it is planned that all eligible workers, who are not already in a good quality workplace scheme, will be automatically enrolled into either their employers’ pension scheme or a new savings vehicle, which is currently known as a personal account scheme. We have identified below some advantages and disadvantages of an appropriate Group Personal Pension Plan Vs Personal Accounts. It is important to know whether your current company scheme is appropriate as an alternative to personal accounts, or if you don’t have a scheme to arrange one and maybe more importantly for small businesses budget for one.

Personal Accounts Vs Group Personal Pension Plans

 

 

Personal Accounts

Group Personal Pension

 

·         Limited Fund Choice – if no choice is made a default fund will be chosen

 

 

·         No transfers in or out for 5 years

 

 

 

·         Limited retirement choice – 25% tax free cash and purchase an annuity

 

 

·         No ongoing service

 

 

·         Low charges

 

·         Maximum contribution £5,000

 

 

·         Contributions 3% employer, 4% employee, 1% tax relief

 

 

 

·         Wider selection of funds allowing your plan to be actively managed and achieve higher performance

 

·         Can consolidate all pension plans under one arrangement and transfer out at any time

 

·         More flexible retirement options including phased tax free cash and income withdrawal

 

·         Ongoing service and analysis of funds and performance

 

·         Low charges

 

·         Maximum contribution 100% of salary

 

·         20% tax relief on all personal contributions  (40% for higher rate tax payers)

 

 

  http://www.lyndhurstfm.co.uk/enquiry.html or admin@lyndhurstfm.co.uk to arrange a chat about your employee benefits and pension arrangements.