Pensions

An attractive group pension arrangement is the cornerstone of an employee benefits package and is an important factor in recruiting and retaining the right personnel as staff are becoming increasingly aware that the state is unlikely to provide commensurate level of benefit in retirement.

 

There is a requirement for any business employing five or more people to set up a pension plan; at the minimum a stakeholder arrangement. However, the most popular arrangements for employers wanting to encourage staff to provide for their retirement are Group Personal Pension Plans into which both employers and employees can make contributions; these are typically calculated as a percentage of salary. These schemes avoid the onerous trustee duties that can be imposed on a company and give the employer total control over the ongoing cost of pension scheme.

 

A group pension scheme is a key benefit and by 2012 all companies will have to enroll all staff into some sort of pension arrangement, or use the incoming National Pension Saving Scheme (NPSS) also known as personal accounts.

 

We are able to provide a full advice process for scheme terms and structure through to implementation and efficient administration for the ongoing maintenance of the scheme.