Global Connections provides access to high quality products to its members in the area of pensions and retirement planning. New UK Government legislation has resulted in huge changes to pension schemes and as a result all UK employers will need to implement and make contributions towards approved pension schemes for their UK staff. There are different implementation dates depending on size.
In consultation with the network, Global Connections has established two new separate schemes, one for UK staff and one for overseas workers. They are only available to member organisations. Administration and advice are provided by Prosperitas Financial Solutions Ltd who are authorised and regulated by the Financial Conduct Authority (FCA).
The two schemes are:-
- For UK employed staff, an auto enrolment and NEST compliant multi-employer Group Personal Pension Plan operated by Zurich Assurance Ltd
- For overseas workers, an offshore Retirement Plan held in Trust by Zurich International Life
The UK pension plan is known as the Global Connections Group Personal Pension Plan. It offers auto enrolment with each organisation having its own payment point. There is online access for organisations to administer the payments and for individuals to see their pension fund at any time. The scheme is only applicable for staff employed in the UK, but Prosperitas Financial Solutions Ltd are also able to offer advice for those agencies whose workers are self-employed. For further information on auto enrolment, the Zurich scheme, next steps on how to join and the IFA fees (which are specially negotiated) please download the paper below or contact Evan Winter. There is also a separate paper which only includes details of the Zurich scheme.
Ethical Funds: this fund portfolio is termed as 'cautious' and does not include an 'ethical' option though each individual member can instruct Zurich to move a portion of their funds into what Zurich terms an 'ethical or socially responsible fund'. We strongly recommend that any member considering such action should take professional independent financial advice before taking this step.
The scheme for overseas workers is called the Global Connections International Retirement Benefit Plan. It is available to any member organisation with people working overseas. It applies to all workers whatever their employment status. Again it provides for each organisation to have its own payment point. There is online access for organisations to administer the payments and for individuals to see their retirement benefit investment at any time. For more information please see the member pack which is available for download below.
For further information about either scheme, contact the schemes' advisers Prosperitas Financial Solutions Ltd. Telephone 01423 510000 or visit www.prosperitas.co.uk. You can also e-mail them for more information.