A Case Study on Company Pension Management and Pension Reforms
The Client’s Story
ABC Ltd is a small company with fewer than twenty employees. A number of years ago their bank set up a small company pension scheme for their employees.
The bank’s local branch had recently stopped offering financial advice. The administration of the scheme had subsequently declined, and the directors no longer had a single point of contact to help guide them.
The directors of ABC Ltd had also been reading about the introduction of Auto Enrolment and wanted to know how this would impact on their business.
Our Financial Advice
We explained the Government proposals to the directors of ABC Ltd, the time frame for introduction, their responsibilities, and the likely cost to the business.
After review of the existing pension scheme it was agreed that the best course of action was to set up a new scheme with a pension provider that is committed to the group pension market. By following AFS’s advice, the company now have greater control over the administration of the scheme.