Who Needs a Pension?

Saving for retirement is unfortunately low down on most individual's lists of priorities. Other more important matters such as mortgages, loan repayments, holidays and maintaining a good day to day standard of living come first. Invariably making provision for retirement is often one of those things that you think about when you reach 50. Unfortunately by then it could be too late.

Its is a fact of life that bit by bit, the level and value of the State Pension which historically many people rely upon in retirement is being eroded. More and more the State Pension is being supported by a range of means tested benefits and by the time most of us retire the State Pension and other benefits may not be sufficient to provide a financially secure retirement.

It is therefore important that each one of us should, from the earliest opportunity, consider whether to set funds aside to provide additional income in retirement.

The JIB Pension Scheme provides the means for individuals to begin to save for retirement in partnership with their employers. The Scheme, set up jointly by the Electrical Contractor's Association (the ECA) and the trade union AMICUS, is supported by employers who match the member's basic contributions to the Scheme.

Being a member of an approved occupational pension scheme such as the JIB Scheme ensures that member contributions deducted from salary/wage and paid direct to the Scheme via a company payroll attract automatic relief from income tax.