A new pension scheme
Established in 2011 and now having 10 employees, a local technology company approached FOCUS as it was felt that the time had come to look at establishing a pension scheme for its staff.
Having previously been involved with a company that FOCUS provided pension scheme advice for , the finance director approached me to put forward a recommendation for a new scheme.
We discussed the parameters in terms of contribution levels, what the scheme should offer in terms of technology-based features, timescale for installation, and, more importantly, what was wanted in terms of advice for both the company and its employees and administration/service support.
I provided the company with a bespoke report, detailing not only my recommendations in terms of pension scheme provider, but also the Advice and Service Solutions FOCUS offers. These solutions allow companies to decide how they engage with FOCUS and the levels of support provided – both for the installation of the scheme and an on-going working relationship.
By choosing the Complete Solution, the company decided to provide its employees with one to one advice relating to the pension scheme membership, thus ensuring a full understanding of the value of the benefits being provided.
For the employer, full administration and on-going service support is provided by the dedicated team at FOCUS, with annual review meetings being available to the employees.
The company now has a group personal pension scheme in place, established on platform technology, thus providing a sophisticated, robust technology solution for both the employer and employees allied to a competitive charging structure.
Following the establishment of the pension scheme, Death in Service and Private Medical schemes are now being put in place.
As the company grows, FOCUS will continue to review the arrangements in place and be on-hand to advise on improvements and changes that can be made to the Employee Benefit Schemes in place.