The Employer – Protection
Running and managing a company is hard-work. You want the best for your company and its employees, but you’re busy and you don’t have time to read through hundreds of different providers information on the variety of Corporate Protection policies they offer.
That’s where we can help you. We can provide the expertise and time-commitment to find the best solution for your company and its employees, so you can carry on focusing on the business. We can offer expert advice on a wide range of corporate Protection including:
Key individual protection
Essentially Life Insurance taken out by the company on the life of one of its employees. The primary goal of taking out such protection is to help the business in the event that a key individual is no longer available to work. Often, we would look at partners and directors for this cover, but particular experts or creatives that are crucial to the business could just as well be worth considering.
The company would pay for the cover implemented and upon the individual’s absence or death, the policy would pay out a lump-sum to the company in order to help them mitigate the effects of the loss.
Group Life Insurance
Another form of Life Insurance, but instead aimed at the wider employee base. Group Life Cover provides employees with life insurance on behalf of the company. It is often a sought-after benefit and provides your employees with peace of mind that they have some provision in place should the worst happen.
A Group Life policies is a single contract to provide Life Insurance to a whole group of people, in this case, your employees. The company pays a for one insurance contract which covers all employees.
Partnership or Shareholder Protection will provide a chosen lump-sum to remaining shareholders if one of its shareholders dies. It ensures, particularly for smaller partnerships, that should your business partner die, you will be able to purchase all their remaining shares rather than have to find a new partner. By taking on this protection, you ensure that you have the choice of what best to do at the time, rather than being forced into an action.
The Employer – Pensions
We understand that for a large number of smaller employers it can cause a real headache when trying to keep up with pension changes and requirements. Whether it’s a small, family-run business, or a larger company we can help sort your pension arrangements. We’ll look at schemes available to Owners, Directors and Partners, as well as help you as an Employer, with setting up Auto-Enrolment and providing for your employees. We’ll take the time to understand your business and it’s needs and provide you with what we feel is the best option to move forward with.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
More appropriate for Partners, Directors and Owners of small family businesses a Small Self-Administered Scheme or SSAS is a type of Pension, similar to a SIPP.
The differences are that in a SSAS each member is a Trustee of the SSAS and all the SSAS’s assets are held in the trust, meaning that the individual assets are not allocated to specific individuals. This can be useful for maximising tax-efficiency in retirement. Furthermore, as Trustees, the members have control of the investments and strategy of the pension so whilst you don’t technically own the assets (the trust does) you retain full discretion over what it invests in, just like a SIPP.
In addition, a unique benefit to the SSAS is the ability for the trustees to loan up to 50% of the fund value to the employer. This can be useful if your company needs to raise finances to purchase a new premises. The trustees would all need to agree on the investment, and the company would need to pay some form of rent into the pension going forward, but you would justifiably hope that the value of your businesses property would raise and then in the future when that property is sold, the pension would receive a significant boost to its funds. This arrangement is not simplistic and you would be best served received professional advice before proceeding with any such strategy.
You may wonder then why does anyone use a SIPP? Well essentially it boils down to the cost. Where a SIPP may cost you a few hundred pounds per year in charges, a SSAS could well cost a few thousand. Nevertheless, it’s important to remember that whilst a SIPP is often paid for by a single individual, the SSAS cost would be split between all the members. Your family members and other individuals can also join your company’s SSAS if it’s appropriate for them, so spreading the cost may not be too difficult. Again, there would be several considerations before making any decision, but that’s what we can help you understand and recommend what we think is the best course of action.
To remain tax-efficient, the trustees of a SSAS or multiple SIPP schemes are given total discretion over the investments of all the pension members. As a Trustee then, you’ll want to invest the pension monies you receive in assets with potential for growth, whilst remaining as tax-efficient as possible.
The same investment options are available to a Trustee of a pension scheme, as they would be to an individual SIPP holder. However, when responsible for a number of different individual’s pensions and often larger levels of assets to be dealing with, additional flexibility can often be required. A number of providers offer a Trustee Investment Plan, which essentially provides access to various investments within its own tax wrapper structure, which can in turn be owned by the overriding pension SIPP or SSAS.
Auto-Enrolment & Occupational Pensions
You may well already provide a pension for your employees and that’s great. But with new Pension freedoms and changing economic environment it may well be worth reviewing what you offer and whether a more cost-effective, flexible plan is available. We can review the arrangements you already have in place and analyse them in regards to what’s available cross the whole market. We’ll take the time to research all the options and provide you with the most suitable recommendation for your company and it’s employees.
If you don’t currently provide a pension for your employees, the introduction of Auto-Enrolment in October 2012, will mean that you will most likely need to by 2019. What’s more is you will have to set up the appropriate level of payments into your employee’s pension and continue to monitor that in line with their own salary and the minimum requirements dictated by the Government.
If you have received your staging date and aren’t sure where to go from there we can help you sort out an appropriate scheme from a number of cost-effective and efficient schemes that we deal with and can implement the scheme as you require. We’ll also continue to manage the scheme going forward and offer assistance and advice to you and your employees where required.
The Employer – Lending
The broader term of Commercial Lending covers loans for commercial property investment, mortgages for commercial premises and loans for operation cost and growth opportunities. Often Commercial Lending can be very complex with a huge variety of considerations to be made. Visit Brightside Mortgages for further information and a unique approach to financing.
Bridging Loans are provided by referral.