Company Pension
Saving for retirement can be an important step to long term financial security, and a company pension scheme may be a good place to start.
As an employee, participating in a company pension scheme can have a number of advantages, such as employer pension contributions and other company benefits.
Other available pension schemes
There are several different types of pension schemes to choose from depending on your employer:
- Company pension scheme
- Stakeholder pension scheme
- Personal pension scheme
- NEST pension scheme
The type of pension scheme that best suits you will depend on a number of factors including your attitude to investment risk.
Opting in, opting out
Between 2012-17, company pension law is set to change. Your employer will soon be required to auto-enrol all eligible employees in some form of work-based pension scheme, which may or may not be a company pension scheme. You will have the option to opt out of any scheme onto which you are enrolled.
You employer will soon also be obligated to offer pension contributions at a minimum of 3% of your pensionable earnings.
Transferring out of a company pension scheme
If you are changing jobs, or re-evaluating your pension needs you may be considering transferring out of a company pension scheme. Transferring out of a pension scheme ca have a significant impact on your savings so we recommend you speak to an independent pension advisor before taking any action.
Are you looking for a pension scheme or for advice on your pension options? For impartial advice and a free initial consultation speak to a pension advisor to discuss you options.
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