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Presentation1.pptx active tunnelling

  1. 1. Pensions 2013 Lee Gardner
  2. 2. Today’s Agenda • Who are Gardner Independent • Reasons for today’s meeting • Recommendations • Next Steps • Questions
  3. 3. Who are Gardner Independent • Over 22 years industry experience • Over 1500 clients • Locally based company and advisers • Independent advice • Full range of services offered • Face to face advice
  4. 4. Range of services • Personal Pension planning Savings and investments Critical illness cover Life assurance Income protection Private medical insurance Will writing Mortgages Household insurance • Corporate Employee benefits implementation Flexible employee benefits Executive Pension schemes Group income protection Group Private Medical Insurance Group death-in-service and dependants benefit schemes Partnership and directors share protection Key person business protection Advice for your employees if required
  5. 5. Reasons for today’s meeting • To provide a background to changes in pension legislation • To advise and recommend necessary changes thatyoumay want to embrace
  6. 6. What changes need to be addressed • Current areas concerning pensions are: • NEST • Governance • The pension regulator • RDR
  7. 7. NEST • Employer contributions will be 3% • Employee contributions will be 5% including tax relief • Run by TATA • Auto-enrolment - 22 years+ • Phased in from October 2012 • Fines for non compliance
  8. 8. What does all this mean to you • RDR • End of commission • Fees for advice ( can be taken from product) • Certain providers will ‘honour’ pre RDR arrangements
  9. 9. In Summary • More regulation • More onus on employer • Move to auto enrolment • Removal of commission
  10. 10. Recommendation • Pension contributions for directors –consider salary exchange • Set up Group pension scheme ? • Pre-empt all the legislative changes • Independent financial advice available for company and staff on an ongoing basis
  11. 11. Salary Exchange £100 contribution and insurer adds 20% tax relief £25pm Traditional method salary exchange You can afford to £100 pm from take home pay and pay basic rate tax £100 deducted from your net pay Gross £144.93 Less automatic Tax relief £28.98 NIC saving £15.95 Net cost £100 You agree to exchange £144.93 from gross pay Total invested £125.00 pm Total Invested £163.48 pm Employer contribution plus employer NI saving £18.55 pm
  12. 12. Other areas to consider • Shareholder protection • Key man cover • Private Medical insurance scheme • Financial clinics for employers
  13. 13. Next steps • Agree pension contribution levels for directors • Medical insurance illustrations • Requote existing insurance plans • Set up member scheme ? • Personal financial reviews for directors
  14. 14. Any questions ?

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