Pensions Advice Lawyer Glasgow: Family Law Glasgow
Pensions are an incredibly important asset. Contact our friendly family law team today to for pension advice. You can call us on 0141 413 0527 or contact us online.
Pensions are arguably the most important asset, other than immoveable property, that any of us will ever have. These long-term investments are designed to sustain us when we decide to retire from working life. The pensions rules in the UK are very sophisticated, and have become increasingly difficult to understand in recent years following significant reform.
At Family Law Glasgow, our team of experienced lawyers can advise on the law governing pensions and how it affects you.
Pension Advice for Individuals
We are conscious of the fact that many people are very anxious to understand how pensions work. There are many issues relating to pensions that over concern individuals, including:
- The state pension: how much it is and when will you be able to access it;
- Pensions contributions or savings and the consequences that follow in the event of a couple deciding to divorce;
- Auto-enrolment: which employers need to contribute to employee pensions; how much do they contribute; and the options for you to oblige your employer to increase their contribution to your pension.
What Should Individuals Be Concerned With?
Generally, individuals should focus their attention on a number of key matters that will impact their ability to enjoy their pension:
- Depending on whether an individual is concerned with a state pension or a private (employer) based pension, this will have a consequence on when they will be able to access it;
- There are different options in terms of how an individual can withdraw their pension, but this will have taxation implications. If not handled correctly, a withdrawal could amount to an individual having to pay a significant sum of money for income tax obligations;
- Pension options have become more varied in recent years, with more options available on how to invest money wisely in order to sustain people in later life.
Pensions Advice for Businesses
The obligations placed on employers by pensions rules in the UK are significant, and can be difficult to discharge if not well understood. At Family Law Glasgow, we often advise employers on:
- Employer contribution pensions: how does auto-enrolment affect the business and what does it mean at a practical level;
- Logistical problems: what are the legal requirements of pensions schemes offered by employers, and how can these obligations be monitored and discharged effectively;
- Taxation issues: how does provision of a pension scheme for employees benefit the business in terms of its tax obligations.
The fact of the matter is that pensions affect both employees and employers, and both parties must have the benefit of expert legal advice in order to understand them effectively.
What Should Employers Be Concerned With?
The provision of pensions to employees is a complicated logistical process that demands constant attention by employers. Common concerns of employers include:
- The provision of a pension scheme is a significant undertaking for employers. They must appreciate what obligations they owe, not only to their employees but also to regulators in providing a pension;
- Pension provision involves the calculation of contributions that the business is required to make. It is vital that this is understood and done well in order to ensure that the business complies with its responsibilities; and
- Employees may take steps to increase their employer’s contribution to a pension scheme. Employers must understand the options available to employees, and how it will be able to deliver increased contributions.
Glasgow Pension Advice Lawyer
Family Law Glasgow work in partnership with individuals and employers to help them understand their rights and responsibilities under UK pension rules. If you would like to know more about how we can help you, contact our team today.
Call us on 0141 413 0527 or contact us online.