Latest News: Manx Tails April 2012 > Read more > All news
Employer Pension
Initially when considering pensions the first question has to be what does your employer provide for you. It can be a very good pension such as that provided by the |Isle of Man Government even though most of them have been changed to the Unified Scheme it is still the best available. Private sector employers now generally do not offer final salary schemes but instead put all of the risk onto the employee and the large majority of shemes on the Island are now Group Personal Pension Plans usually through Aviva.
For those of you where the employer is taking the risk you need not worry where or how the funds are being invested unless you have worries about the solvency of the company. Where the funds are contributed on a money purchase basis, that is building up a fund to buy an anannuity at retirement control of and managemnet of the investment is of paramount importance. The problem is that in the case of the personal pension plans the fund choice is made at the beginning and then seldom looked at. We recommend that you should consider this at least once a year and if necessary make the necessary switches.
If you need assistance with this please contact Gerald Chase.