Few people, including executives, will enjoy a comfortable retirement free of financial restrictions. Accord will analyse the needs of your executives whilst remaining mindful of your companies resources and advise on the most appropriate type, or types, of executive pension plan for your company, these include:-

Group Stakeholder Pension

An easily administered within company, low cost pension plan that accepts contributions from the employer, which is not compulsory and will accept contributions from the employee, which is again not compulsory.

What is compulsory, is that all businesses that do not offer an Occupational Pension Scheme or Group Personal Pension, and employ more than five people, are required to give employees access to a Stakeholder Pension.

Executive Pension Plan (EPP)

An Executive Pension is a form of an Occupational Pension Scheme and follows the same legislation and is approved by the Pensions Scheme Office. (PSO).

It is of particular benefit to those in their 40s or 50s that have made little or no retirement provision as there is no limit to the contributions that are made by the employer, although the employee is limited to a maximum contribution of 15% of salary, as long as the final pension is no more than 2/3rds final salary,

Contributions by the employer are mandatory, whereas contributions from the employee is voluntary.

Self Invested Personal Pension Plans (SIPPs)

A SIPP is a form of Personal Pension but with much greater freedom for investment choice. Investments amounts are still limited to the Inland Revenue Rules and also have the same tax benefits.

Investments that may be included are, Commercial Property, Unit and Investment Trusts and Overseas Equities.

These types of contracts are aimed at high earners and professional people with large transfer values.

Small Self Administered Schemes (SASSs)

A Small Self Administered Scheme is a form of Occupational Pension designed for Directors and Senior Executives of a company with a maximum of 11 members. The scheme is established under trust, with the Trustees being a Pensioneer Trustee and the scheme members. The Pensioneer Trustee must be approved by the Inland Revenue and deals with all procedures and reporting.

This type of contract is an excellent taxation tool for a company as all contributions may be treated as a business expense for the purpose of Corporation Tax. No Capital Gains Tax (CGT) or any Income Tax is liable within the trust.