From April 2017 an employer can pay for £500 worth of pensions advice for an Employee, and there will be no benefit in kind on the employee.
The precise details are:
- Exemption on the first £500 of Employer arranged or financed pension advice each tax year
- Advice must either be available to all employees (or all of a class of employees, eg on one site) or to a specific employee due to age or health
This will be of interest to both
- Employers seeking to provide tax efficient remuneration options to and / or to ensure staff have access to independent pensions advice
- Family companies where the only staff are the family, in so far as the “all employees” qualifier can then be easily met