UK - NAPF CONFERENCE: Pension schemes are becoming more aligned to flexible benefit programmes because of the migration to defined contribution, a leading consultant argued.
Jardine Lloyd Thompson head consulting practice Neil Brennan told delegates DC schemes can be intergrated into a flexible benefits plan with greater flexibility as individual contribution levels are not fixed.
Brennan said getting the IT and systems structure right is imperative to making sure DC scheme works smoothly with flexible benefits packages.
He added that having the pension scheme run through a flexible benefits programme can also help manage the government’s proposed £1.4m lifetime pensions cap.
Those people who are not able to put any more money into a pension scheme can use a flexible benefits plan that allows them to get some kind of compensation through their employer such as a share scheme or deferred compensation, Brennan added.
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