B&CE has announced the removal of the annual management charge (AMC) on its workplace pension during an employer’s first year of compliance of auto-enrolment.†
The provider of financial benefits to the construction industry envisages that the AMC will be no more than 0.5% at the end of the 12 month period.
The offer is part of the updated EasyBuild pension that aims to fulfil the administrative obligations employers face with the coming 2012 pension reforms when all employers are required to automatically enrol all eligible employees into a workplace pension.
B&CE is also introducing a new micro-site, dedicated to explaining the pension reforms and how they directly affect people working in construction and its allied trades.
EasyBuild, which celebrates its tenth birthday this month, was developed exclusively for the construction industry and has over 500,000 members and £670 million of funds under management.
Brian Griffiths, chief executive officer of B&CE, said: “As a not-for-profit organisation with no accountability to shareholders, we always have our customers at the forefront of our activities.†
“We are already operating a successful stakeholder scheme that we have recently enhanced to ensure our customers will help meet their obligations come auto-enrolment from a compliance point of view. We strongly believe it is vital people save towards their retirement and are offering no charge on an employee’s pension fund for the first year, when auto-enrolment is introduced to encourage employee participation.†
“We also envisage that our charge will not exceed 0.5% thereafter. We have no initial service charges and do not charge employers any add-on fees for the services we provide. We believe this makes our charging structure one of the most transparent and competitive of all pension providers in this arena.
“This reflects our commitment to providing a cost-effective and flexible pension solution, through our workplace pension EasyBuild.”
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