Regulations regarding pension schemes for employees is changing and soon all companies will have to offer a facility to it’s staff; this process has already started and will be rolled out in time according to the size of the organisation – however, it is best to plan now and get a scheme in place if you have not already done so.
Some examples of pension benefits are an occupational pension scheme which is a retirement savings plan provided by an employer for its employees. The most common plan is the Group Personal Pension (GPP), while other ‘contract-based’ ‘defined contribution’ schemes are the stakeholder and group Self-Invested Personal Pension (SIPP). Pensions run by a trustee board are the Money Purchase Defined Contribution Scheme and the once-popular defined benefit plan such as a Final Salary Pension.
At Clear Financial Advice Limited we would welcome the opportunity to discuss your company’s current pension arrangements and assist you in being prepared for the new legislation.