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Protection and insurance

If you think about your core team, the skills and more importantly knowledge of your business and its inner workings that your key individuals have, what would you do if you unexpectedly lost them to illness or sudden death? Are they replaceable and at what cost to your business

Corporate pensions

As a business owner, how are you supporting your employees to plan for their retirement? There are a range of potential solutions that will provide both you, and your employees, with tax efficient retirement benefits.

It has long been recognised that most people are not saving enough for retirement and, as a result, may not be able to live comfortably on their state pension alone.

Employee benefits

Employee incentives can be the key to attracting and retaining the key people that will help you to drive your business forward.

Typically, these incentives include employee insurance and health care, workplace pension schemes and related HR benefit administration. The package you provide is completely dependent on what is appropriate for you and your business objectives.

No matter how successful your business is, its future may depend on how well you've prepared for the unexpected.

It can be hard to make time to focus on planning for the financial future of your organisation, whether this means corporate tax planning, managing your commercial property, workplace pension advice or employee incentives.

Our team of experienced corporate financial advisers can help you:

  • Protect your business against the unexpected loss of shareholders and key people
  • Manage group pensions in a tax efficient way
  • Enhance your recruitment proposition through attractive employee benefit packages
  • Create attractive staff incentives to help you retain your best people
  • Keep up to date with policy changes and your legal obligations

Corporate financial planning - your key questions, answered

What is Business protection?

If you think about your core team, the skills and more importantly knowledge of your business and its inner workings that your key individuals have, what would you do if you unexpectedly lost them to illness or sudden death? Are they replaceable and at what cost to your business?

Your Fairstone adviser can help you to understand the importance of setting up corporate insurance.

What is shareholder protection?

The death of a major shareholder could have a serious impact on your business.

You have two situations to consider:

  1. If the shareholder’s beneficiaries decide to cash in their inherited shares
  2. If the existing shareholders wish to purchase the shares, but lack the adequate funds to do so.

Shareholder protection can help with this by setting out how shares are to be managed if a shareholder passes away. The policy can also include critical illness and is taken out on the lives of each shareholder by either fellow shareholders, or the business. Should a shareholder die or become critically ill, pay-outs can be used to purchase the shares of the holder.

What is key person insurance?

Key person insurance is a policy that helps to safeguard a business against the financial impact of death, terminal illness or critical illness of a key person during the policy term. It will usually cover you for recruitment and training costs and well as the value of lost business.

The policy is written on the life of the key person but owned and paid for by the business.

What is a Small Self-Administered Scheme (SSAS)?

A Small Self-Administered Scheme (SSAS) is a type of occupational pension scheme established for the directors and senior employees of a business. It is set up under trust by the sponsoring employer for the benefit of the scheme members.

Each member will have a ‘share,’ or interest, in the SSAS fund. This will depend on the contributions and transfers paid in by, or on behalf of, a member, their share of any investment growth (or loss) and any relevant payments made from the SSAS for them. The amount of benefits that a member can receive will depend on the value of their share of the SSAS fund at the time they decide to take the benefits.

A SSAS can also be used to make a loan to the sponsoring employer or to acquire commercial property. Not only does this inject valuable cash flow into the business, but it also provides a regular income which is free from income tax. There are a number of other advantages to holding property within a SSAS, including tax relief on any contributions used to purchase the property.

A SSAS will not be suitable for all investors. You should speak to one of our independent financial advisers if you have any questions, as they will be able to search the whole of the market to find the best possible option for you and your business.

How does a Group SIPP work?

A Group SIPP (Self-Invested Personal Pension) pools together the pension assets of its members for investment purposes.

Each member has their own account within the group SIPP that will be individually registered with HMRC, but all assets are combined into a single fund. A member’s initial share in the fund, their investment returns and associated costs will be based on what they pay in.

Individuals can make further contributions or transfer payments and take funds out as a tax-free lump sum or a pension when they draw benefits. Each individual’s share in the fund will be re-calculated each time this happens. A group SIPP only operates as a pooled fund, so individual investment is not possible.

If the advantages of pooling together assets are not needed, then other pension arrangements may be more suitable. You should speak to one of our specialist corporate financial advisers if you have any questions, who will be able to search the whole of the market to find the best possible option for you and your business.

Starting your corporate financial planning journey with Fairstone

We aim to work with you as an extension of your team, offering an innovative service that meets your specific needs with practical and cost-effective solutions. Your Fairstone financial adviser can help you create a bespoke package that meets your budget and your end goals, whilst at the same time keeping you compliant with your auto enrolment obligations.

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With over 40 locations nationwide we strive to provide local, face to face advice to over 70,000 clients.

Chartered and Defaqto status

Fairstone is proud to incorporate one of the UK's largest Chartered financial planning firms as well as our managed investment portfolio's being Defaqto 5-star rated for six consecutive years.

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Matching you with the right local adviser for your needs

We have over 650 local advisers specialising in investment advice all the way through to retirement planning.

Provide some basic details through our quick and easy to use online tool, and we’ll provide you with the perfect match.

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