Virgin Employer Pensions - We set up, run and promote the scheme for you free of charge

Tell me more about the Virgin Pension Scheme

If you are looking for someone to set up and run your business’ pension scheme, then the Virgin Pension Scheme could be just what you are looking for, and we can help inform your employees about it.

• With a Virgin Pension it is easy
• It is a cost-effective way to attract and retain staff

Tell me more about the Virgin Pension Scheme

With a Virgin Pension Scheme it is easy

Stakeholder pension schemes cut out the unnecessary expense and complexities of other occupational schemes.

All you have to do is collect the money from payroll and send it to us each month.

There is a 1% annual management charge, which is taken from your employees' individual pensions.

We’ll take care of the rest, keeping your desk free of paperwork and without charging you a penny.

Please note the contributions are tied up in your employees' pensions until they are entitled to claim their benefit.

Tell me more about the Virgin Pension Scheme

It is a cost-effective way to attract and retain staff

Offering a company pension is a cost-effective way to attract and retain staff, while offering a clear and useful benefit for your employees.

Although your company doesn't have to contribute to your employee's pensions, it can make good business sense to do so.

Unlike a salary, you don't pay employer National Insurance on contributions into an employee's pension. You can also offset the payments against Corporation Tax. Both your company and your employees benefit, as shown in the table below.

Benefit of paying £1,000 into an employee's pension compared to giving them a pay rise:

Assumptions:

• Employee pays income tax at the basic rate of 20% and National Insurance contributions at 12%.
• Employer pays National Insurance contributions at 13.8%.

Tax law and practice may change in the future and affect your plan. The benefit of any tax relief on payments you and your employees make depends on individual circumstances.

Your employee can not access the funds invested until they retire at which time they will have to purchase an annuity.