You only have to mention the words “Pension Scheme” and most Finance Directors turn pale. In recent years, Finance Directors have been faced with increasing liabilities within their final salary schemes and payment of increasing levies to the Pension Protection Fund. In the past, employers provided pension benefits for their employees by means of an approved occupational scheme, either:
- Defined Benefits – also called Final Salary.
- Defined Contributions – also called Money Purchase.
The costs of administration, the Pension Protection Scheme Levy and deficit funding has forced many employers to close their defined benefits scheme to new entrants or future accrual and now to look to buy out the benefits from an Insurance Company. The Nicholls Stevens pensions administration team has experience in helping Finance Directors continue to administer their defined benefit schemes and also prepare the scheme for buy out. Let us know if we can help you in this way.
Currently employers are required by legislation to operate a compliant workplace pension scheme for their employees. Nicholls Stevens advise and administer over 100 of such schemes, and can offer a comprehensive service at reasonable cost. The service incorporates regular presentations and surgeries with employees, helping them to understand and appreciate the pension benefits they are accruing. Please let us know if you want further information of the costings and service.