| It
is important that existing benefit schemes or pension
arrangements are reviewed at least every two years
as plans and charging structures change. As an example,
the recent introduction of Stakeholder pensions has
led to a change in the charging structure for many
existing contracts. Topics that should be included
in the review should include
-
What
benefits are provided now that could be improved?
-
What
is the current cost of these benefits, and can
this be reduced?
-
Are
the benefits currently provided sufficiently flexible,
and do they offer the best value for money for
employer and employees.
Kingsworld's
scheme review service always includes amongst its
aims
-
To
improve the existing benefit packages without
any increase in costs;
-
If
the existing benefit packages are satisfactory,
to see if costs can be reduced; and
-
To
identify improvements in the tax-efficiency of
the benefits package.
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