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 take priority. Invariably making provision for retirement is often one of those things that you tend not to think about until it's too late.

It's is a fact of life that progressively, the level and value of the State Pension which historically many people have relied upon in retirement is being eroded. More and more the State Pension is being supported by a range of means and needs 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.

Individuals are living longer and with improvements in health care this trend is likely to continue. It is therefore important that each one of us should, from the earliest opportunity, plan to set funds aside in order to provide additional income in retirement.

The JIB Pension Scheme, a multi employer defined contribution pension scheme, provides the means for individuals to save for retirement in partnership with their employers in a tax efficient manner. The Scheme, set up jointly by the Electrical Contractor's Association (the ECA) and the trade union UNITE (Amicus section), is supported by employers who match the member's entry level contributions to the Scheme.

Being a member of a registered workplace 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 at the highest rate for which the individual is liable.