New aspect introduced to the Britannia Building Society Pension scheme

www.moneynews.co.uk > Pensions > New aspect introduced to the Britannia Building Society Pension scheme

New aspect introduced to the Britannia Building Society Pension scheme

Thu 6th Jul 2006

A phased approach to retirement is being offered to employees through the new "Your future – Take Control" pension scheme from the Britannia Building Society, it has been announced.

The building society's stated aim is to provide greater choice and flexibility and the new approach is said to have been designed to reflect this approach.

New legislation has made it possible for the building society to offer the option of continuing to contribute and increase a pension even after a worker has been employed for forty years.

John Rogers, Britannia's pensions manager, said: "Having initially sought the views of our people, it was clear there was very little interest in pension provision, and many found the information too complicated."

"In addition it was important to make it as transparent as possible, giving our employees control of their own future," he added.

The Britannia Building Society currently employs around 3,500 and has £20 billion of group assets.

Related News : Pensions
	Over-55s don't believe in paying for care, reveals Aviva
	East Midlands comes top in pension contributions
	Corporate pensions provider issues advice for businesses
	One third of workers have no pension, claims Prudential
	More than a third of Brits fail to reassess pension risk, claim experts
	Women protest at No 10 over proposed pension reforms
	Retirement age 'to be brought forward by ten years'
	Interest rates held at 0.5 per cent by Bank of England
	Pension contributions fall in recession, ONS reveals
	Equity release for retirement 'might not suite every household'