Considering switching to a Defined Contribution (DC) scheme? Speak to the experts who will talk you through your options. Call us today.
Employers that have closed their final salary scheme to pension accrual (see Closure to Accrual) usually provide future pension benefits on a money purchase basis. This may be in a:
- A separate section of the same final salary scheme but providing money purchase benefits only
- A separate money purchase scheme. This scheme may be trust or contract based
We are able to assist the employer and its consultants and trustees in providing any legal advice on overall design benefit issues, e.g. compliance with auto-enrolment requirements or specific design issues such as age related pension contributions.
We also have considerable expertise in documenting trust based money purchase arrangements, either by drafting provisions to govern the section of an existing scheme or by drafting a whole set of deed and rules for a new scheme. See also DC Governance.
Do Pitmans’ Switching to Defined Contribution Scheme Lawyers Have Any Particular Areas of Expertise?
- Advise on benefit design
- Draft documentation to record the new DC benefits