Group Pensions
Would staff turnover go down if
all Employees realised the value
of their employment package and
were to engage with Sovereign in
determining their financial futures?
We believe it would.
Although many people are not aware, often the most valuable product to an employee within their benefits package will be the pension scheme, yet we find that it is frequently the least valued. We have found in the main when we ask a member of a pension scheme what financial goals they have set for their retirement, most do not have nor have even considered setting any retirement goals let alone having any idea where their current provision is heading. We believe that this is hardly surprising given the low level of advice and support most people receive when taking out an Employer instigated pension scheme.
Although many people are not aware, often the most valuable product to an employee within their benefits package will be the pension scheme, yet we find that it is frequently the least valued. We have found in the main when we ask a member of a pension scheme what financial goals they have set for their retirement, most do not have nor have even considered setting any retirement goals let alone having any idea where their current provision is heading. We believe that this is hardly surprising given the low level of advice and support most people receive when taking out an Employer instigated pension scheme.
This is a worrying scenario - the employer is
committing finite resources investing funds
into a scheme that the employee doesn't value
or appreciate and the employee is missing out
on the chance to maximize their chances of a
financially secure retirement.
Historically it could be true that the problem was with the actual pension products themselves but we don't believe that this is the case today. In recent years Pensions have become simplified with low charging structures and often offering a high level of choice and flexibility. In our opinion, the problem is that people are not aware that the problem exists!
We believe that having a pension is not the solution, the solutions come with what we do with a pension throughout its lifetime. At Sovereign we work to ensure that our clients have greater awareness and indeed take action to ensure that the members of schemes we implement set goals and have an interest in their retirement provisions.
Historically it could be true that the problem was with the actual pension products themselves but we don't believe that this is the case today. In recent years Pensions have become simplified with low charging structures and often offering a high level of choice and flexibility. In our opinion, the problem is that people are not aware that the problem exists!
We believe that having a pension is not the solution, the solutions come with what we do with a pension throughout its lifetime. At Sovereign we work to ensure that our clients have greater awareness and indeed take action to ensure that the members of schemes we implement set goals and have an interest in their retirement provisions.
We establish and agree financial goals and then
devise strategies to meet these goals. We keep
in touch with members for the duration of their
membership and increase communication when
certain goals are achieved or key milestones
approach.
We consider and offer specialist advice in such areas as Group Personal Pensions, Stakeholder Pensions, Self Invested Pension Schemes, Switching from Trust Based to Contract Based Pensions, Defined Benefit Schemes, Occupational Scheme closures, Scheme Transfers as well as conducting Pre & Post Retirement planning.
We consider and offer specialist advice in such areas as Group Personal Pensions, Stakeholder Pensions, Self Invested Pension Schemes, Switching from Trust Based to Contract Based Pensions, Defined Benefit Schemes, Occupational Scheme closures, Scheme Transfers as well as conducting Pre & Post Retirement planning.