Pensions are best thought of as deferred salary that enables you to enjoy a comfortable retirement free from the stress of money worries. As such a big employer should be offering a Company Pension, which is also known as an Occupational Pension.
reward employees, so they are a happier, more positive and productive workforce
encourage staff retention
attract quality staff, as it develops a reputation as a good employer
Company Pensions can be either Money Purchase Schemes (also known as Defined Contribution Schemes) or a Final Salary Scheme (also known as a Defined Benefit Scheme). There are few Final Salary Schemes open to new employees in the private sector. They will also be either Contributory (part of your salary is deducted and paid into the fund as well as the Employer’s contribution) or Non-Contributory (The employer pays all the contributions).
Usually Company Pensions Schemes pay out a generous death benefit if you die before retirement. A multiple of 4 times your salary is the standard starting point. Typically the employer will pay all the running costs, so you need specific advice if you are considering turning down the right to join a Company Pension Scheme.
Wexdon advises employers on setting up and running Company Pension Schemes, and re-tendering to ensure that the Scheme runs as efficiently and cost effectively as possible. So we are ideally placed to advise individuals whether to join a Company Pension Scheme, what your investment input should be, forecasting what you should get at retirement and whether you should make AVCs or adopt another strategy to deal with any shortfall and what you should do if you want to move jobs.
Our initial appointment is free of charge – no matter how long it takes. We are happy to meet at your home or office in London or Hertfordshire. We may visit your home or office in another part of the UK. If you are further away, or you prefer, we offer meetings by SKYPE video-conferencing. Taking a little bit of time now can improve your standard of living in retirement quite substantially. Call us now to book an appointment to start the process. It is your first step to a better retirement.