Case Study – Company Pension Scheme

Background

An employer running an occupational defined contribution pension scheme came to Taylor Patterson for advice. The pension scheme membership consisted of 45 active members and 51 deferred members. The company was paying a high level of administration fees to cover the work carried out by another pension scheme adviser in relation to investment advice, documentation and administration services and compliance with The Pensions Regulator.

Client Requirements

To reduce fees and costs where possible whilst maintaining the same contribution levels.
To make advice and guidance freely available to scheme members.
Improve investment choice and flexibility.
Wind up the Occupational Defined Contribution Scheme.

How did Taylor Patterson Financial Planning Limited help?

Advised the company of a suitable provider to administer a Group Personal Pension Plan.
Dealt with the transferring of funds to a Group Personal Pension Plan and Trustee Buyout Plan.
Project managed the winding up of the Occupational Scheme.
Introduced Salary Exchange thereby reducing the National Insurance contributions for employers and employees.
Introduced on site pension clinics to provide employees with advice on retirement planning, investment strategy and pension consolidation.

Outcomes

The company reduced their fees considerably.
The requirement for trustees, audited accounts and other time-consuming pension regulations was removed.
Employees now have access to professional face-to-face advice and guidance.
Members have a modern competitively priced flexible pension plan with the same level of company and member contribution.
The company and employees have made savings in National Insurance Contributions.