Planning for the future is an essential part of running a successful business in Thirsk, not just for yourself, but for your employees too. At Every Penny Accounts, we offer tailored services to ensure you remain compliant with UK regulations and help your staff prepare for a financially secure retirement. Whether you’re navigating auto enrolment for the first time or reviewing an existing scheme, we can guide you through every step.
Our team helps with selecting the right pension provider, setting up systems to process workplace pension contributions, and ensuring accurate reporting through payroll. With the right support, managing a compliant and efficient pension scheme can be straightforward and stress-free.
Yes, absolutely. Accountants play a vital role in setting up and managing pensions, especially for small businesses. At Every Penny Accounts, we act as the link between you, your pension provider, and your payroll systems, making sure everything runs smoothly and in line with current tax rules.
Here’s how we support your pension setup:
With our help, you can rest assured that your pension savings and employee contributions are managed correctly and that your business remains on the right side of the law.
Understanding the different types of pensions is key to managing your finances in the present and planning effectively for the future. In the UK, pensions fall into several broad categories, each serving a specific purpose depending on your employment status and retirement goals.
Whether you’re an employee, employer, sole trader, or director of a limited company, knowing your options helps you make the best decisions for your financial future – and for those you employ. Below are the most common pension types explained.
The state pension is a regular payment from the government available to individuals who have made enough National Insurance contributions. Eligibility is based on your state pension age, which varies depending on when you were born. For most, it’s between 66 and 68.
While the state pension provides a basic level of income in retirement, it’s rarely enough to live on comfortably. That’s why the government encourages individuals to build additional retirement funds through other pension types such as workplace or private pensions.
A workplace pension is arranged by your employer and includes contributions from both you and your employer. Since the introduction of auto enrolment, all UK employers are legally required to enrol eligible staff into a pension scheme and make minimum contributions based on earnings.
We help businesses manage their workplace pension scheme by ensuring the right contribution levels are applied, employee data is accurate, and all required information is submitted to the pension provider promptly. Keeping your workplace scheme up to date protects your team and your business reputation.
A personal pension (or private pension) is arranged by an individual rather than through their employer. It offers more flexibility and control over your investment options and is ideal for those who are self-employed or want to supplement their existing pension arrangements.
Personal pensions involve regular or one-off contributions into selected investment funds, which grow over time to form your pension pot. With guidance from a financial adviser, you can build a retirement fund tailored to your goals, risk tolerance, and income level.
Whether you’re setting up a pension for the first time or reviewing an existing arrangement, our team provides expert, hands-on support at every stage. We help employers stay compliant, streamline the administration process, and offer clarity on rules, contributions, and deadlines.
Our pension setup services include:
With Every Penny Accounts by your side, you’ll have a clear strategy for managing employee pensions and your own retirement savings – all with minimal stress and maximum compliance.
One of the major benefits of contributing to a pension is the tax relief you receive. For most people, pension contributions receive 20% tax relief automatically. If you’re a higher-rate taxpayer, you may be able to claim back additional tax through your self-assessment tax return.
Tax relief helps boost your pension savings and makes contributing more financially rewarding. Your pension provider usually claims the basic rate relief on your behalf, adding it to your pension pot as part of your regular payments. This structure ensures your contributions grow faster over time.
Yes, you can contribute to multiple pensions at the same time. Many people have a combination of workplace pension and private pension accounts, especially if they’ve changed jobs or want to top up their retirement savings. Managing other pensions alongside a current scheme allows for diversification and more control over your future income.
We help clients consolidate pensions, locate lost pension pots, and ensure contributions are correctly tracked across schemes. Your online account with each provider gives you visibility over your savings, but our team can help you interpret the figures, manage your choices, and make informed decisions about your retirement.
If you’re unsure about setting up a pension scheme in Thirsk or simply want to make sure you’re on the right track, contact Every Penny Accounts today. We provide clear, honest advice and practical support for businesses and individuals looking to improve their pension strategy.
We’ll guide you through every step of the pension process – from choosing the right scheme to calculating contributions and ensuring ongoing compliance. Reach out today to speak to one of our pension setup specialists and get your business and personal finances working for your future.
