Employee Benefits and Corporate Pensions
In the constantly evolving world of employee benefits, employers, trustees and financial directors find themselves spending an increasing amount of time and money ensuring that their arrangements remain up to date, cost effective and attractive to both existing and potential future employees.
The areas of advice which Gresham Wealth Management LLP can provide are:
- National Employment Savings Trust (NEST)
- Existing Corporate Pension Arrangements
- Group Life Insurance
- Group Income Protection / Permanent Health Insurance
- Group Private Medical Insurance
Provided that your company produces enough profits to meet its costs and your own income needs, the disposal of the surplus can be largely a matter of tax planning.
In brief, it is possible to reduce your corporation tax, income tax and even national insurance liabilities by careful use of pensions. In addition, you can create a private fund that will provide security towards your retirement. For owners, directors and executives of companies the idea of pensions is attractive, however the inflexible nature of the contracts available mean that they are not practical. With recent changes to the Pensions Legislation there are a range of flexible pension plans now available which can, if required, lend money to the company (within HMRC guidelines), buy corporate property and even be used to smooth the transfer of the company from the one generation to the next.Pensions are a very attractive part of company and personal financial planning and provide significant taxation benefits. Gresham Wealth Management LLP have considerable experience of advising in this area and will provide the detailed advice required to ensure that you receive your desired outcome. Once established, we will continue to review your pension arrangements on a regular basis to ensure they remain up to date with any taxation changes, and that you are on track to achieve your overall retirement objectives.
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One of the great risks of a partnership or limited company is that one of your colleagues may die, with their share of the business passing to someone else. That person may have little interest in the business or be unable to meet the requirements of running the business. Equally a partner or shareholder who suffers a serious illness may not want to continue in the business after treatment and look to be compensated for their exit from the business.
Share or partnership protection provides an agreement between shareholding directors or partners in a business in the event of death of an individual. The agreement is backed by a life assurance policy which, together, aim to ensure that the control of the business is retained by the remaining partners or directors, but that the value of the deceased’s interest in the business is passed to their chosen beneficiaries and in the most tax efficient manner possible.