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Understanding corporate pensions

National IFA MX Financial Solutions is publishing a guide to help employers understand the issues of corporate pensions.

The guide – Reviewing your Company Pension – deals with the major issues employers need to be aware of when providing a company pension scheme. It explains how company schemes operate and underlines the need for clear communication with staff.

The guide has been launched in response to the increasing number of final-salary scheme closures. MX points to the fact that the trade unions are now calling on the Government to legislate to protect employee pensions.

It says company directors need to make sure the company has a clear pension strategy and that the scheme benefits are clearly communicated to staff. MX believes employers must work harder to ensure employees understand the risks they are taking on themselves.

The guide takes employers through current corporate pension practice and provides a glossary of pension terms. It looks at the regulatory framework for company pension schemes, the advice process, choosing providers of schemes, and the responsibilities of trustees.

MX senior editor Robin Amlot says: “British companies face a more complex regulatory framework regarding pensions than ever before.

“Managers have a social responsibility to make sure employees know just what to expect from their company pension scheme.”

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