integrated workplace savings.

A combined benefits saving package is available providing a way of supercharging your existing employee benefits; share schemes and pensions. WEALTH at work set-up this fully integrated service in response to a call from the Employer Task Force on Pensions. It ensures that your employees are able to get the most out of their workplace benefits.

the benefits of integrated workplace savings.

• Employees can maximise the value of benefits offered by combining shares with a pension
• Employees will understand the tax implication of their actions and how tax can be mitigated
• As most employers already offer share schemes and pensions this combined approach offers added value to employees but with no or little additional cost to the employer

why integrate?

lower charges.

Integrating your SAYE Scheme can help mitigate Capital Gains Tax (CGT) liabilities. Any profit that employees realise from their maturing Save As You Earn (SAYE) schemes is subject to CGT. However, if employers offer a Workplace ISA, employees can transfer any profits directly into this (subject to ISA subscription limits) and mitigate some or all of their tax liability.

double tax relief.

Integrate your Share Incentive Plan and benefit from double tax relief. It is possible for employees to receive tax relief twice on their initial outlay in the company SIP by using a combined approach:

• First, on the purchase of shares in the SIP
• Second, if the shares are used as a pension contribution

As well as the obvious benefits of receiving double tax relief, by integrating your SIP with the Workplace SIPP your employees gain flexibility by delaying their pension contribution because they have:

• Access to their investment at any stage whereas access to their pension fund is not until the age of at least 55
• The opportunity to gain further higher rate tax relief on their pension contribution, if employees progress to a salary that is in the higher rate tax band later in their career