A pot-follows-member group personal pension (GPP) scheme has been launched for the film industry to comply with auto-enrolment legislation.
The Film Industry Pension Scheme, which will be operated in partnership between Helm Godfrey and Scottish Widows, is designed to address a series of industry-specific issues when it comes to pension administration, including a high number of employees on fixed-term contracts.
The portability of the scheme enables individuals employed in film and video production to save for their retirement throughout their working lives without needing to join a separate pension scheme at each workplace.
Employers that offer the scheme will also be able to offer staff access to Helm Godfrey’s workplace-based financial education and advice services.
John Deacon, head of employee benefits at Helm Godfrey, said: “People working in film and video production need to save into a pension like everyone else. Unfortunately, the nature of their employment has traditionally made this difficult.
“However, the Film Industry Pension Scheme has been developed with their needs in mind. Employers will be able to pay contributions for the duration of a freelancer’s contract, at the end of which the scheme can continue on to a new employer. The scheme is simple to set up and administer, with minimal fuss for employers and employees.”
Lynn Graves, head of business development, corporate pensions at Scottish Widows, added: “Auto-enrolment has brought the issue of pension saving into focus and this scheme delivers a solution that not only addresses the challenge of pension reform, but does so in a way that reflects the unique challenges of this sector.”