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Money Purchase Pension Schemes
Review
Save Money if you have a
DC / Defined Contribution / Group Money Purchase Pension Scheme
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Most Group Money Purchase schemes should be
wound up now that A Day has come and gone
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All the reasons to have
a Group Money Purchase have gone
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Group Money Purchase arrangements cost more to run
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They have much greater legislative liability, including Trustee
Liabilities
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They no longer offer the potential for greater tax free cash or death
benefits
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The Group Money Purchase
is dead: it's just that not everyone has noticed yet!
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GPPs and Stakeholders are their natural successors
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And, new pensions schemes work well as part of a Flexible Benefits
Package
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If you have a Group
Money Purchase, now is the time to consider the options
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Stakeholders are simple,
but limited, and tend to be suited to smaller companies
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GPPs (Group Personal
Pensions) offer much wider investment choice
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Group SIPPs are hugely
flexible for Directors and Senior Staff
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So, how much hassle is there in
winding up a Group Money Purchase and replacing it with a modern group
arrangement?
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And is it costly?
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Make the changeover in conjunction with
offering Salary Sacrifice and your staff will appreciate the enhanced
pension benefit
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Make the changeover and offer a Group SIPP
to senior staff and give them 21st Century Pension
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Offer a Flexible
Benefits Package and seriously increase staff satisfaction
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But whatever you do, consider making the
changeover soon, so you can save money and offer your staff a modern
flexible pension
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The next step is to look at what you've
got, what would be appropriate and how the changeover might happen
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