Companies are approaching this with different strategies with some providing cash as an alternative benefit and others providing share options.
We are talking to a number of companies who want to provide those affected with financial education and some are also going further and arranging financial advice.
In this situation, financial education is essential as there are potentially employees who could incur a tax charge without knowing it. Financial education helps to raise awareness not only of the issue but also outline the company’s solutions and alternative long term savings strategies.
A couple of weeks ago we shared with you the first in a two part article on the pension taxation changes for higher earners. This article focuses more on what we’ve seen so far from employers, in terms of how they’re reacting to the changes and provides some ideas for how employers can help support their employees.