An occupational pension scheme 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 final salary).
Partnership research: 3% to use pension pot.
Forces can impose compulsory retirement.
Aegon UK research: 41% expect it to become less generous.
Royal London research: 32% place in alternative savings vehicle.
Retirement Advantage research: 6% of over-50s do not plan to do so.
From a deficit of £0.7 million.
Close Brothers research: 29% do not know who staff turn to for guidance.
Employee Benefits/The Lawyer research: Two-thirds have a strategy in place to support wellbeing.
The new EU General Data Protection Regulation, expected to come into force in 2017 or 2018, will have significant implications for how employers handle data, and pension schemes in particular.
Pensions auto-re-enrolment gives employers the chance to review their benefits offering.
Buy-in is crucial to ensure staff are aware of pensions strategy.
Staff receive group life insurance if they are part of the GPP scheme.
What opportunities does this bring employers?
Huge variation between providers.
Is more education needed?
Employers’ input is vital for those who prefer not to engage with pension savings.