Non-contributory company group personal pension plan
The Government have laid out clear criteria in their auto enrolment process for pensions and Muntons comply fully with this scheme. In their group pension plan Muntons contribute the equivalent of 5% of the employee’s salary into their individual stakeholder pension scheme once the auto enrolment process has been completed. The scheme is open to all full and part time employees, although this may not apply for some short term temporary positions. And of course employees do have the right to opt out of this scheme if they choose.
The performance of Muntons group pension plan is reviewed annually, where staff are able to meet with an independent financial adviser. Staff are encouraged to consider contributing into the scheme themselves, at levels they can afford, to help them to maximise their pension savings, to ensure that they are taking the most tax efficient approach for their later years.
There is a clear recognition at Muntons of the importance of a solid group pension plan, one which offers the most chance that, when their staff finally finish their working lives, they are well positioned to enjoy a rich and fulfilling retirement.