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.
Nicholls Stevens have been advising Employers on administrating Group Pension Schemes for over 25 years, so as you can imagine we have a great deal of experience in this area. Many employers still need help on running their existing occupational pension scheme. Costs have risen over the years and a medium size firm of advisers such as Nicholls Stevens can often offer a high level of service at a lower charge than some of the large employee benefits scheme. We have been busy advising employers on the options they have to reduce the costs and liabilities under their defined benefit schemes and to put in place alternative arrangements for future accrual of benefits
An employer who is now looking to set up a scheme will most probably be advised to set up one of the new wave of company pension scheme known as The Group Personal Pension which can be classified as a qualifying scheme for the purposes of complying with the workplace pension legislation.
Employers like these schemes because they have no on going liability. Contributions can be geared to suit their budget and tiered to meet the needs of varying members of staff. The administration of these schemes is less onerous and costly