Running a business:
Pension schemes
Do you or your company have a pension scheme?
There are various types of pension scheme. The ones that give you the most control over how the pension scheme assets are invested, and are therefore often the most attractive schemes to owner/ managers are:
- Small self administered schemes (SSAS), which are company pension schemes for 12 or fewer members; and
- Self invested personal pensions (SIPPs), which many self employed people find attractive.
For further details on pensions, see our You & Your Family section.
You also need to consider pension provision for your employees. If you have 5 or more employees you are already obliged to provide access to a stakeholder friendly pension for your employees (even if you make no contributions yourself). You also need to offer the facility to deduct contributions from your employees' salaries and pay them to a provider within a certain timescale.
There are a number of ways of setting up a staff scheme. Cassons can advise on the most suitable scheme for you.
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Where next?
Within Remuneration ...
- Salary or dividend?
- Employing your spouse or partner
- Employing your children
- Remunerating your employees
- Enabling employees to participate in profits
Within Running a business ...
- Accounting systems
- Financial information
- Your business premises
- Remuneration
- Business risks
- PAYE
- VAT
- Business taxes
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