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Page 6 of 7
Stakeholder Pensions
5. Keeping the Costs Down
Setting up a stakeholder pension will inevitably involve you in time and effort. However, there may be scope for limiting the overall costs.
5.1 Review your existing pension arrangements.
- It may make sense to extend the eligibility criteria that apply to your existing arrangements, in order to gain exemption.
- It may make sense to offer stakeholder pensions prior to membership of your existing scheme, especially to employees who are unlikely to stay for long.
5.2 Find out whether a stakeholder pension scheme is being offered by any of the affinity groups to which your company or its employees belong.
- For example, your trade association or the trade union to which your staff belong may have set up an arrangement for members.
5.3 Compare providers' terms and arrangements.
- Some may save you time and trouble by offering more help with administration or better marketing materials.
- Check investment performance too. Professional financial advisers can guide you on relative investment performance.
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