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Pensions 2013Lee Gardner
Today’s Agenda
• Who are Gardner Independent• Reasons for today’s meeting• Recommendations• Next Steps • Questions
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
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
Reasons for today’s meeting
• To provide a background to changes in pension legislation
• To advise and recommend necessary changes that you may want to embrace
What changes need to be addressed
• Current areas concerning pensions are:• NEST• Governance • The pension regulator • RDR
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
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
COMMISSION
In Summary
• More regulation
• More onus on employer
• Move to auto enrolment
• Removal of commission
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
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 £144.93Less automaticTax relief £28.98NIC 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
Other areas to consider
• Shareholder protection
• Key man cover
• Private Medical insurance scheme
• Financial clinics for employers
Next steps
• Agree pension contribution levels for directors• Medical insurance illustrations• Requote existing insurance plans• Set up member scheme ?• Personal financial reviews for directors
Any questions ?
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