When it comes to attracting and retaining the best talent, offering a competitive salary is no longer enough. Today's employees are looking for more than just a paycheck — they want comprehensive benefits packages, and occupational pension plans have quickly risen to the top of their wish list.
For employers, investing in an occupational pension plan can also be beneficial as this helps to attract and retain talented employees and boost employee retention, amongst other benefits. Yet, before delving into why business owners should consider investing in this scheme, let’s cover the basics. What exactly is an occupational pension plan? Is it truly a sound investment? Fret not, in this article, we'll explore exactly what an occupational pension plan is, the upside of investing in this scheme, your options with APS and how to get started. So, let’s dive right in.
What is an Occupational Pension Plan?
An occupational pension plan is a type of retirement plan that is sponsored by an employer and is designed to provide financial security for employees after retirement. It is an excellent option for employers who want to provide their employees with additional retirement benefit. In fact, by offering this scheme, employers would be able to help build up their workforce’s pension provision, demonstrating their appreciation for their employees. This would help to ensure that, upon reaching retirement age, employees are financially better equipped to enjoy their golden years, besides affording them the peace of mind of having a reliable source of income to support them.
An occupational pension scheme is not only beneficial for employees. To be sure, investing in an occupational pension scheme can be a smart move for employers who want to attract and retain top talent, whilst also improving the financial security and productivity of their workforce. Here are our top reasons why investing in the APS Occupational Pension Scheme is a good idea for employers and employees:
- Increases employee retention: Offering an occupational pension plan shows that you care about your employees' financial future, which can improve their job satisfaction and loyalty to your company.
- Attracts new talent: Having an occupational pension plan can make your company more attractive to job seekers, particularly those who are looking for long-term career prospects.
- Increases productivity: Employees who have a sense of financial security are likely to be more focused and motivated at work, leading to increased productivity and efficiency.
- Tax credit benefits: Employers can also benefit from tax credits for contributing to their employees' pension plans, which can help to offset the cost of the contributions.
- Flexible pension scheme rules: Occupational pension schemes can be tailored to meet the needs of your company and your employees, with options such as contribution matching, vesting periods, and more.
- Manage premiums without penalty: With the APS Occupational Pension Scheme, you can stop, start, increase, or decrease your premiums without any penalty, giving you the flexibility to manage your retirement savings according to your needs.
- Profit from a low charging structure: The APS Occupational Pension Plan has a low charging structure, ensuring that your retirement savings work harder for you.
- A transparent and easy-to-understand product: The scheme is straightforward and easy to comprehend, ensuring that you are always aware of your retirement savings and the associated costs.
- 24/7 online portal: Employees will be able to use an online portal that provides 24/7 access to individual data and analysis tools, allowing them to monitor your retirement savings and make informed decisions.
- Easy to set up: We offer a range of options for occupational pension schemes, including personal pension plans and personal retirement schemes, making it easy to set up and manage a pension plan for your employees.
At APS Bank we believe in valuing employees by safeguarding their present and future welfare, which is why we make setting up an occupational pension scheme virtually effortless.
We have the vision and expertise to transform financial stress into dynamic savings. As a community Bank, boasting over 100 years of experience, we pride ourselves on nurturing the personal connection between an employer and their employees.
Additionally, our scheme provides employers with the flexibility to choose the level of contribution they want to make, and the investment strategy they want to pursue. With our occupational pension plan, employers can offer their employees the peace of mind of knowing that they are saving for their future, without taking on the administrative burden of managing the plan themselves.
Occupational Pension Plan Facts – Main Takeaway
- An occupational pension scheme is a retirement plan sponsored by an employer.
- For employers, investing in an occupational pension plan helps to attract and retain the best talent in today's competitive job market.
- The APS Occupational Pension Scheme offers a vast amount of benefits, from flexibility to tax credits.
- Book an appointment to set up this scheme and our bankers will help you with the rest.
Get Started with APS Bank
With APS Bank, setting up an occupational pension scheme couldn’t be any simpler. For more information, browse our offerings online or fill in the form below to contact us today. Our team will help you provide a comprehensive benefits package for your employees.
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Approved and issued by APS Bank plc, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. Terms and conditions apply and are available on request.