Global Connections provides access to high quality products to its members in the area of pensions and retirement planning. New UK Government legislation has resulted in huge changes to pension schemes and as a result all UK employers will need to implement and make contributions towards approved pension schemes for their UK staff. There are different implementation dates depending on size.
In consultation with the network, Global Connections has established two new separate schemes, one for UK staff and one for overseas workers. They are only available to member organisations. Administration and advice are provided by Succession Group Limited who are authorised and regulated by the Financial Conduct Authority (FCA).
The two schemes are:-
- For UK employed staff, an auto enrolment and NEST compliant multi-employer Group Personal Pension Plan operated by Scottish Widows.
- For overseas workers, an offshore Retirement Plan held in Trust by Zurich International Life
The UK pension plan is known as the Global Connections Retirement Savings Plan. It offers auto enrolment with each organisation having its own payment point. There is online access for organisations to administer the payments and for individuals to see their pension fund at any time. The scheme is only applicable for staff employed in the UK, but Succession Group Ltd are also able to offer advice for those agencies whose workers are self-employed. For further information on auto enrolment, the Scottish Widows scheme, next steps on how to join and the IFA fees (which are specially negotiated) please contact Andy Law. A full range of documents giving information about the Scottish Widows Retirement Savings Plan can be found at
https://www.scottishwidows.co.uk/save/globalconnections/. Click the pdf link in 'Your Key Documents Library".
Ethical Funds: Each individual member can instruct Scottish Widows to move a portion of their funds into what is termed an 'ethical or socially responsible fund'. We strongly recommend that any member considering such action should take professional independent financial advice before taking this step.
The scheme for overseas workers is called the Global Connections International Retirement Benefit Plan. It is available to any member organisation with people working overseas. It applies to all workers whatever their employment status. Again it provides for each organisation to have its own payment point. There is online access for organisations to administer the payments and for individuals to see their retirement benefit investment at any time. For more information please see the member pack which is available for download below.
For further information about either scheme, including current fund performance, contact the schemes' advisers Succession Group Limited. Telephone 01423 510000 or visit www.successiongroup.co.uk. You can also email them for more information.