Best Practise Group Pension Schemes
It is a legal requirement for most businesses with employees to offer a group pension scheme for them to join. The government introduced auto enrolment to ensure that people are saving for their retirement and will not be reliant on the state.
A Group Pension plan would satisfy this requirement and is a ‘defined contribution’ scheme which is set up as a collection of individual plans, owned by your employees, and administered by an insurance company.
The pension fund belongs to the employee and can be taken with them if they leave your company.
Employees can be auto-enrolled to the group personal pension if they meet the pre-set criteria for age, salary and length of service.
How We Can Help
At McCrea Financial Services we offer independent pension advice and can help you in fulfilling your legal obligations and will fully discuss your options before helping you to source, implement and maintain a group pension plan for your employees, allowing you to focus your attention elsewhere in the business.
Finding the right group pension scheme, which can offer a valuable benefit to your employees, is important and adds to your overall attractiveness as a caring employer.
Making sure that it is easy to administer and doesn’t take up your valuable time is just as important and this is where we can offer our advice and expertise.
Even if you already have a group personal pension scheme in place, this is often worth reviewing and making sure that both you and your employees are receiving great service and great value for money.