'Employers increasingly seeking pension advice for senior staff'

Barnett Waddingham has reported that employers are increasingly coming to the firm seeking pension advice for senior members of staff. Bhargaw Buddhdev, actuary and expert on executive pensions issues at Barnett Waddingham, said the increased flexibility around pensions from next year would mean more companies seek ways of providing face to face guidance to their staff.He said there is already a demand for this type of service for their senior staff.{desktop}{/desktop}{mobile}{/mobile}In a growing number of cases employers are appointing consultants like him to provide individual sessions with detailed advice, he said."Face to face pension advice meetings can be expensive and therefore are not offered by employers to their entire workforce," he said."However, increasingly, employers are opting to help their senior staff so that they can concentrate on their day jobs and not worry about pension issues."Many employers already pay for private medical cover for their senior staff so they do not have to join queues at NHS hospitals for medical treatment."He said more employers are appointing consultants like him to provide face to face meetings for senior staff who are affected by the reduction in the Annual Allowance and the Lifetime Allowance.Mr Buddhdev said: "The consultant's role can be anything from educating the individual on how the changes will affect them, to providing detailed individual guidance on how to choose their retirement options to minimise the effect of tax changes on their personal circumstances.""Just like private medical benefits, such face to face meetings are taxable benefits for senior staff, and any fees paid by the employer to specialist pensions consultants, are a taxable benefit for senior members of staff."

'Employers increasingly seeking pension advice for senior staff'

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