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Adding Value to Workplace Pensions – Guest Blog by Dawn Elkington

The impact of the pandemic has lead to more employees looking for a better work-life balance and even early retirement, so pension considerations and outcomes are at the top of their agenda.

How can you support this process as an employer?

One of the biggest considerations is the group company pension scheme and its performance for your employees. But which schemes should an employer choose? Can an employer change schemes and how to understand the potential additional benefits offered to their employees?

How do schemes such as the government NEST (National Employment Savings Trust) scheme compare to other group company schemes available for both the employer and the employee?

NEST is one of the qualifying pension schemes that employers can use to meet their pension duties and was set up as part of the government’s workplace pension reforms. By April 2014 NEST Corporation announced that it had over 1 million members saving in the scheme.

Broadly speaking for example, the NEST pension is a low-risk pension scheme. It’s backed by the government, which offers a level of security for savers and employers, however, it might not be suitable for employees looking for a better return on their savings.

As an employer, you may want to compare and contrast potential additional benefits or at least to understand the limitations of your current scheme (be it a government-backed scheme or alternative)

Additional benefits to consider from alternative group pension schemes may include:

  • Additional life cover/Death in service

  • Drawdown options

  • Long term sickness or critical illness benefit

  • Risk and return options

All matters concerning pensions require expert and qualified advice, and any support should only come from those who are FCA (Financial Conduct Authority) regulated who will be able to offer you independent and impartial advice.

As your employees become more pension savvy and more future-focused, now may be the optimum time to seek independent financial advice on the flexibility and performance of your group pension scheme.

About Dawn

Dawn Elkington DipPFS, Financial Planner

Dawn’s financial services career began in 1984 with Scottish Amicable. In 1996 she became an Independent Financial Adviser and worked for two Harrogate companies before joining Ellis Bates in 2003.

She has experience of advising elderly clients and their families, particularly on long-term care and equity release. She advises on Group Pension Schemes and also specialises in pension advice in relation to divorce.

Dawn enjoys water skiing, swimming and cooking. She married her partner Michael in 2016 whom she met at high school.

Don’t go this alone, before you implement any pension plans or alternatives, talk all of the options through with an expert first. Dawn and the rest of the team at Ellis Bates can help.