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Auto Enrolment Pension Schemes,Terry Opting Full Home Reversion Plan
Question
As an independent financial adviser (IFA), you have been approached by one of your clients who is the managing director of a business which employs 200 people. He has asked you to provide him with a report regarding how he should proceed with providing an auto-enrolment pension scheme for his company’s employees. The managing director has admitted that he had intended to deal with this issue for a number of months, but has not taken any action as yet. The company’s staging date will be in January 2017. The managing director admits that the company has not been very interested in employee benefits in the past, and would now like to consider the firm’s options in other areas. That is, not just limiting any action now to providing an auto-enrolment pension scheme, but also considering other forms of employee benefits. The firm has no other employee benefits in place, except for a stakeholder pension scheme. Approximately 5% of employees contribute to this, but there is no employer contribution at present.
The managing director would like a full report on all of the above that includes comprehensive details regarding taxation, as well as the costs and legislative position for auto-enrolment pension schemes.
Terry, aged 78, is single and has no close relatives. He is reviewing his long term care planning options and is considering the various forms of equity release that are available.
List the advantages of Terry taking out a full home reversion plan rather than an interest-only lifetime mortgage.
Summary
This question belongs to finance and discusses about a report regarding how to proceed with providing an auto-enrolment pension scheme for a company’s employees.
Word count: 1264
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