Pension for Employers Services

There are different types of pensions under the current system: State pensions, defined contribution pensions, and defined benefits pensions. The first one is public, while the other two are private.

State pensions are those that you can claim once you reach a certain age. This age is called the State Pension age. For a long time, this age has been a standardized age of 65 years. However, there are current plans to push forward the age to those born after April 6, 1970, to 67 and 68, depending on what age bracket you were born in. This is very important, as this will also help determine the amounts that must be contributed to your employees.

The defined contribution pension, also sometimes called a ‘money purchase’ pension, can be conceived as a pension pot. One example of a very well-known workplace pension is Nest, which must be arranged by the employer. The money is invested by the pension provider, and the size of the pot is defined by the performance of these investments.

Then, there is a type named the benefit pension. This type of pension relies on your employees’ earnings, mostly based on their longevity at the workplace, and their pension scheme terms.

At Vision Consulting we carefully assist you concerning which pension type to choose, safeguarding your interests and all those of the parties involved.