Introducing and Understanding Pensions

Course Overview

Pensions have become a major employment issue and many HR practitioners are, for the first time, having to deal with the complex issues pensions raise. Individualemployees have become more aware of the value of their pensions and companies more aware of the rising cost. This introductory-level course is designed for those with limited or no experience in the subject.

Audience

HR, payroll and finance personnel in small to medium-sized organisations that have no pension department. It will also be relevant for companies considering changes to pension provision. The course assumes no prior knowledge of pensions or pension legislation.

Skills Gained

By the end of the course you will be able to:

• assess the array of pension options available
• design an integrated pension reward package
• evaluate the costs of different pension solutions
• identify legal obligations
• deal with pension professionals in an informed manner
• communicate pension issues to employees more effectively.

Course Outline

Understanding the basics

• occupational pensions
• individual pensions; state pensions

Legislation

• stakeholder; Financial Services Act
• Pensions Act; trustees' duties
• pension simplification

The professionals

• help - do you need it? where to get it?
• what will it cost? what will they do?

Designing a pension package

• your aims
• costing the options; making spending effective
• integration; flexible benefits

Payroll and taxation

• operation; record-keeping
• payroll problems

Changing/inheriting pension problems

• converting to defined contribution
• closing schemes
• mergers/acquisitions/sales
• pension development - Green Paper

Communicating pensions

• restrictions; getting it right
• making it effective; the cost of errors

Action Planning

Introducing and Understanding Pensions / REWIUP