Wesco Aircraft Europe
Employee Benefits Review
Personal Financial Advice
1. Executive Summary
3. Current Scheme Provider Review
4. Market Comparison
5. Scheme Design
8. Next Steps
Appendix I – About LIFT-Financial
Appendix III – Workplace Pension Reform
1. Executive Summary •
We have reviewed the existing pension scheme in place and would be able to make considerable reductions in running charges to provide a significantly enhanced proposition for members. LIFTFinancial will provide a high level communication and advisory service to both Wesco Aircraft Europe and your employees.
Pension Scheme •
Specifically, for the pension scheme, the current provider is Standard Life where the annual management charge for running the scheme is now 0.5%. No penalties currently apply on transferring the funds elsewhere and therefore you are free to negotiate better terms with another provider.
In addition to the above, there is a cost of 0.45% charge to the employees for those who require advice on an annual basis.
There is a cost to the Employer for running the pension scheme which is 1.8% of each contribution paid to the scheme ongoing. Provider
Annual Management Charge (AMC)
Annual Total charges Management levied for active Charge (AMC) for members leavers on 0.3% AMC for the 0.55% AMC for the 1.8% initial and fund and 0.45% fund and 0.45% 0.75% AMC AMC for the advice AMC for advice to continue 0.5% AMC 1.00% AMC with 0.5% AMC the option to retain the 0.5% AMC with the minimum level of contribution (currently £20 per month)
Moving to a new arrangement with one of the market leaders: AVIVA would allow all members of the scheme to have access to the same annual management charge of 0.5% that increases to 1% for scheme leavers.
This compares favourably with the pension arrangement from the Government in the National Employer Savings Trust (NEST) where the charges will be an initial charge of 1.8% of contributions and 0.3% AMC. It is important that Wesco Aircraft Europe has a scheme that remains competitive in the longer term and generally in line with NEST and the Pension Institute’s recommendations. These changes have lead to a downward pressure on pension charges that have been criticised in recent years. Each company is free to negotiate the best terms for their scheme in the market place.
AVIVA has made significant investment in technology to ensure that their platforms meet all the legislative requirements post auto enrolment.
The company have already established the scheme on a ‘Salary Exchange’ basis which is saving the company money, in addition to employee savings.
LIFT-Financial can assume all the regulatory responsibility for advising your employees and Wesco Aircraft Europe going forward to ensure both received the highest quality of advice both at outset and ongoing.
We can deliver the improvements reported upon with our fees and charges within the terms offered.
This will provide full advice and recommendations to all members from our highly qualified consultants using our award winning ‘Insight’ advisory system. We have one of the best qualified advice teams in the UK – nearly all of our advisers are Chartered Financial Planners and Fellows of the Personal Finance Society (a Masters Degree level qualification in financial planning).
We would attend your offices as requested and at set times to be agreed and would have HR reporting, scheme governance and update meetings at least yearly and on request. Specifically we would meet the demand to provide ‘one to one’ meetings with each pension member annually.
We would adhere to all our service standards as set out in the report and the team put in place would be on hand to deal with any matters as and when they arise.
2. Background This report follows the recent meeting between Bill Bennett, Andrew Day and Stella Collinge of LIFTFinancial and Jan Dobrucki and Julia Langton of Wesco Aircraft Europe. We understand that Wesco Aircraft Europe employs approximately 170 employees operating out of Huddersfield. The pension scheme is currently administered by G&E Wealth Management Ltd are your current brokers. It has been a few years since the company pension scheme was put into place and following a number of discussions a decision has been made to engage LIFT- Financial to undertake a review of the pension scheme to ensure it is competitive, up-to-date and that the advice and communication in the workplace to employees is of the highest quality at reasonable cost. Wesco Aircraft Europe has an ethos of providing access to a good benefits package and of equal importance is that the advice and communication in support of the package ensures a good level of employee understanding and appreciation. It was confirmed that the current pension scheme would be reviewed against leading providers in the market place. Our adviser services are an integral part of our proposals to enhance the benefit package to provide employees with greater support in the key decisions to be made and private client services for those who wish to access these ongoing. Our ethos is to build long term relationships with our clients.
Review Basis In terms of the pension review, we will focus on the main areas when evaluating the pension scheme that is based on fundamental research of the factors that dictates what provides a good retirement income for employees:
Contributions – This is the biggest factor in delivering a good level of pension provision. A financial education programme and support tools are central to assisting employees in understanding this key factor. Our advisory and communication services are key here.
Investment – The long term returns are a vital factor in delivering a fund sufficient to meet employee’s income needs in retirement. Again a good financial education programme and support tools can provide support to employees in this key area. It is also vitally important that the provider of the pension has a wide selection of funds available and that the adviser provides a robust process to assist members in providing advice. Meeting members on a regular basis will allow a more in depth investment strategy to develop utilising LIFT Financial model portfolio proposition for members.
Charges – Whilst this factor is less significant than the other two in delivering a good retirement income, it is important that value for money is delivered as the compounding of charges over the longer term will have a large effect on the eventual fund values. This is the most important factor for Wesco Aircraft Europe, however, as this is the area where you can have the most influence in delivering ‘value for money’ for employees.
Consequently taking these factors into account, the areas to be reviewed are as follows: 1. Scheme Provider – Investment capabilities, range of funds available, administration, charges, financial strength and commitment to the UK pension market and additional benefits that are available. Auto enrolment software. . 2. Scheme Design – Contribution basis and facilities, joining periods, online access and tools support. 3. Adviser Services – Set up recommendations and advice to members and ongoing review services including employer legislation updates, annual member reviews and retirement options advice. The first section will concentrate on your existing scheme to identify where improvements can be made.
3. Current Scheme Provider Review Your existing scheme is a Group Personal Pension Plan with Standard Life. There are currently 143 active members of the scheme and the total fund accumulated for these members is currently c. £4.4m with on average of a further 24 years to go to retirement. The average level of contribution is £262 per month. I have reviewed the scheme under the headings below:
What are the Charges? My comments in relation to the charges are as follows: •
On the 1st January 2013 new rules are bring brought into place for financial advisers and pension providers under the Retail Distribution Review. The main distinction is that the providers and advisers costs are separately identified. Your scheme already operates on this basis, however, for comparison purposes it is important to compare total cost with total cost.
The affect of RDR on the pricing of new schemes will either load cost onto the employer or more likely increase the initial costs for members. It will be interesting to see how the market develops in the coming years as competition between providers is likely to be a by-product of the new rules which was probably not the intended consequence.
The Government has introduced the National Employer Savings Trust (NEST) from 2012 and the structure of this arrangement is likely to have a further downward pressure on charges. Further details of these requirements are detailed in Appendix III. It is important that Wesco Aircraft Europe has a long term structure in place to be viable pre and post ‘auto enrolment / NEST’ and that Wesco Aircraft Europe comply with the legislation in May 2014.
Having reviewed your existing scheme, our main recommendation is for Wesco Aircraft Europe is to significantly reduce the charges relating to the running of your scheme and make the arrangement more competitive in line with the current marketplace. AVIVA have underwritten the terms on the scheme and have a commitment to honour these for the longer term ensuring that LIFT Financial is remunerated for the re-launch and the yearly ongoing servicing.
What are the Investment Options? Standard Life offers over 200 different investment fund options. The majority of members are invested in unit linked options meaning that no penalty would apply on switching funds within the plan. Employees are predominantly invested in the MyFolio range of funds with Standard Life and these are charged at 0.8% with a discount of 0.5% leaving a 0.3% AMC. This is very competitive, however, once you add in the adviser costs at 1.8% initial and 0.45% ongoing, the total costs are very high.
Administration All major modern group pension scheme platforms operate on the basis that the person in control of the payroll is able to remit contributions to the provider to reflect the payroll deductions. This facility is via a secure site on the provider’s website allowing full audit facilities for the sponsoring employer. The Standard Life system is generally comparable with their competitors in the market. A major difference going forward is the software package to assist with auto enrolment. With both Standard Life and AVIVA for any company operating a pension scheme, this software will be provided for free. AVIVA’s AME system has had £3,000,000 invested in its development and they have quoted other businesses that want to have access to this system (without having an AVIVA scheme) a £40,000 fee
Financial Strength and commitment to the UK pensions market Standard Life has considerable financial strength as one of the largest insurance companies in the UK. Standard Life is currently one of the top pension providers in the UK with Scottish Widows and AVIVA. We 
would however comment that their proposition has fallen behind leading competitors in recent years in the corporate market as they have concentrated on the self investment market.
Summary The combination of the factors above lead me to the conclusion that Wesco Aircraft Europe can act to improve on the current plan and move existing funds and new contributions to an updated pension provider that will offer an improved charging structure and access to a platform with an improved communications portal. No penalties currently apply to the Standard Life plans and therefore you are free to negotiate with other providers to harness the economies of scale on behalf of your employees. We would need to check that you do not have any binding client agreements with G&E Wealth Management Limited which I would not expect to be the case. The key to any significant upgrade is to bring your employees along with you and ensure that the positive changes that we envisage are communicated effectively. The next section details the results of our market comparison on the selection of a new provider.
4. Market Comparison The main areas to compare are the level of the charges, the investment options available, the financial strength of the provider and the service, technology, additional platform features and support provided Having undertaken an initial marketing exercise the terms available for the Scheme, these are summarised below. We have presented these options on the basis that the scheme and advisers costs are incorporated together to ensure that no additional cost is charged to the business: 1) The Company’s cost is limited only to the contributions payable. 2) The resulting charges for members are good value and significantly improve on the current terms. Provider
Terms (on a single charging basis) with commission payable. 0.5% AMC for scheme members (1.00% for scheme leavers if contributions cease below a stated level) 0.5% AMC for scheme members (1% for scheme leavers if contributions cease below a stated level)
Investment Choice Financial Strength and Options
Over 120 fund choices of internal and external funds with option to upgrade to the Retirement Account. Over 200 fund choices of internal and external funds.
Part of the Lloyds TSB Banking Group. £136 billion of client funds under management
0.5% AMC for scheme members (1% for scheme leavers if contributions cease below a stated level)
Over 250 fund choices of internal and external funds.
AEGON UK has assets under administration of £51 billion as at 31 December 2011.
Aviva serves 53 million customers worldwide with funds under management worth £379 billion (for the year ended December 2009).
Please note that if a member chooses a fund with a 3rd party fund manager then an additional AMC would be applied, although the discount for the scheme would still apply. This is comparable with the existing scheme with Standard Life. Due to the impending changes with the Retail Distribution Review we now have only terms from Aviva available for consideration due to the requirement of documentation to the Provider within necessary timescales. As the start of our advisory process and recommendations dates back to June 2012, we have clearly demonstrated that moving to a ‘mono’ charge basis was our recommendation. The rules allow implementation to take place in 2013.
5. Scheme Design So far the report has concentrated on the scheme provider and how this can be updated. In addition to the scheme provider, it is very important to consider the role of LIFT Financial as the adviser both initially and ongoing. I have detailed our proposition for Wesco Aircraft Europe.
Joining Periods It is important to have regular joining periods and we would facilitate this going forward where members will have access to an adviser to go through the advisory process.
Investment Profiles and Advice At LIFT-Financial, we are able to provide a range of investment solutions for members ranging from the providers own range of default options to more bespoke designed solutions meeting the risk profiles of typical members and utilising the expertise of leading fund managers. We can also provide bespoke individually tailored solutions to meet the requirements of particular member’s requirements.
Adviser Services - LIFT-Financial Proposition Hopefully you have already seen that we are not just another corporate adviser. LIFT Financial have proudly won the coveted award of ‘Chartered Financial Planners of the Year’ for 2012 and our service is based around a high quality transparent fee proposition with what we consider to be some of the highest qualified advisers in the UK. We won both the Corporate Adviser and FT Financial Adviser Group Pension Adviser of the Year accolades in 2010 and also recently picked up the overall IFA of the year with Bankhall. Some highlights of the things that make us stand out are: • • • • • •
All members get individual financial advice relating to their retirement choices, including investment advice. Our planning tool helps members understand exactly what benefits they are likely to receive from the Scheme (rather than just relying on a set of meaningless projections from product providers). We would have a regular presence on site in line with company requirements, giving members the opportunity to review their decisions to make sure they stay on track for a secure retirement. We provide regular updates, member communications and support to guide the Company and members of the scheme through the ever changing pension’s landscape. Our team is amongst the best qualified in the UK – all of our advisers are at or very close to Chartered status in their own right. We have five Fellows of the Personal Finance Society (PFS) which is the highest qualification under the Chartered Insurance Institute qualification programme. If you wish to expand the benefit package, we can provide access to a market leading benefit communication and administration tools.
Although there is clearly a need for a default investment option, the majority of members in schemes on which we advise do take our investment advice and select an option which is likely to be more suitable for them. Additionally, our services can also include: • • • • •
Regular advice clinics for staff to update their pension scheme preferences. Generic financial planning advice. Regular seminars on topical financial planning issues – tax year end and estate planning are good examples of the type of content delivered. Retirement counselling. A mortgage review service 
A Tax return service. A Will writing service.
Service Standards We offer guaranteed Service Level Agreements (SLAs) to our clients and the typical standards to which we work are as follows: Phone messages
Always returned within 24 hours if they are left within the working day.
Responded to within 2 working days if received on a normal working day.
Normally be responded to within 3 working days. Holding letters will give information about when a full response will be available.
Initial meeting held with the employee within 1 month of being advised of their eligibility to join the scheme. Subject to initial agreement on joining periods.
Dispatched to member within 3 days of receipt from provider.
Contribution queries Dealt with within 48 hours.
Advised to provider and removed from Scheme within 2 days of notification.
We agree to provide a review service to all members of the pension scheme on an annual basis. This includes provision of a one to one meeting with all members.
Consultant Team for Wesco Aircraft Europe
Andrew J Day LLB (Hons) FPFS Principal Financial Planner
Andrew is the Principal Financial Planner at LIFT-Financial having joined in May 2010 following 11 years service at HSBC Actuaries and Consultants Limited as the Senior Consultant. Andrew has over 15 years experience in financial services and has worked for an investment management company, a stockbroker and an actuarial firm providing broad knowledge and experience of investment and pension strategies. Andrew was the first of six Consultants at LIFT-Financial to gain the Fellowship status of the Personal Finance Society that is the highest level of qualification achievement in financial services and was one of the first advisers in the UK to become a Chartered Financial Planner. The majority of Andrewâ€™s clients are corporate clients running benefit programmes where advice to employees is an important aspect. Much of the activity is via the workplace where corporate relationships stretch back over a decade.
Stella M Collinge APFS Chartered Financial Planner
Stella joined Lift Financial 12 months ago following 7 years service as Senior Consultant with BDO Investment Management Ltd. Stella is a Chartered Financial Planner with the Chartered Insurance Institute and has also achieved Certified Financial Planning (CFP) status through the CFP Board which is a regulatory organisation providing set levels for standards of competency, practice and ethics for advisers within the financial services industry. With over 20 years industry experience Stella has been providing holistic financial planning solutions to personal clients with advice on investments, pensions and inheritance tax planning. Stella also provides advice to corporate clients in areas such as corporate pensions, advice to Trustees on winding up trust based pension schemes and establishing an alternative proposition for corporate cash.
Bill Bennett Head of Group Risk
Bill has specialised in the Employee Benefits Arena for in excess of 25 years having set up in excess of 3000 schemes in that time. Bill had a number of senior positions over a 12 year period with AIG, a major Employee Benefits Insurer, This experience has given valuable insight to how Insurers operate, which helps enormously in negotiating terms with insurers. Bill specialises in reducing the costs for companies operating Death in Service, Group Income Protection and Group Private Medical schemes. Billâ€™s aim is simple, to secure the highest possible benefits at the lowest possible cost for our clients. We research the market every year and negotiate terms with insurers, to ensure you, the client are getting the best possible deal. Unlike many Insurance Brokers, we do not charge an additional fee for this service; I see that as a vital part of the job, which sadly is missed by many of our competitors.
The main team that will be dedicated to the ongoing management of the benefits at Wesco Aircraft Europe are detailed below in addition to administration support capacity in our head office and further Consultants throughout the UK.
6. Recommendations At this stage, we specifically recommend: 1. LIFT-Financial is appointed as your brokers to replace G&E Wealth Management Ltd for the pension. 2. That we undertake a communication exercise to replace the existing pension provider, Standard Life with a leading provider from our shortlist of providers: AVIVA. This will provide employees with a significantly lower annual management charge that reflects the size of the scheme and the current level of contributions made. Whilst, changing provider can seem like a daunting prospect, this is actually very straight forward in terms of the administration and the key is therefore to ensure that the employees understand the benefits of this step and that Wesco Aircraft Europe are taking the step for the right reasons and the benefit of the staff in the long term. LIFT-Financial aims to provide you with a total solution to the management of your reward to employees. In the short term this involves the update and management of your pension scheme and risk benefits package and this report focuses on these areas. Over time, we envisage that via utilising leading specialist technology providers, Wesco Aircraft Europe could expand their package and communication functions. The matrix below illustrates the total reward package that we can deliver and if appointed we would work with you to include any additional benefits and communication functions that were deemed appropriate in the future:
We are happy to recommend AVIVA who we believe have a proposition for Wesco Aircraft Europe that provides the following: -
They are committed to ensuring that their clients meet all the requirements of NEST / autoenrolment when the legislative requirements are due. They offer a dedicated team for administration purposes to access their payment systems with training, technical support and ongoing servicing. AVIVA have a system called Designer Pension.
It would be best for me to demonstrate the capabilities of Aviva at our next meeting.
A leading provider of life and pension products in Europe (including the UK) with substantial positions in other markets around the world, making it the world’s sixth largest insurance group based on gross worldwide premiums at 31 December 2009. Their main activities are long-term savings, fund management and general insurance1. They have worldwide sales of £45.1 2 billion and £3802 billion of funds under management. They have 46,000 employees serving over 53 million customers in 28 countries around the world. They have 53 million customers worldwide. Typically includes motor, household, creditor, health, commercial motor, commercial property and commercial liability insurance. As of 30th June 2010. The technology of the ‘rewards tracker’ for employees is one of the most visually striking internet based account facilties available in the market. The ‘Auto-enrolment Manager for Employers (AME) is a ‘state of the art’ facility that will prove essential for the running of the new responsibilities.
I would confirm that a Group Personal Pension Plan is at least as a suitable as a Stakeholder Pension for the following reasons: • •
Greater fund choice available to members. The charging basis is more competitive than the normal Stakeholder charging basis.
7. Fees It was confirmed at outset that the review was to improve the operating of the employee benefits package and to include the costs for this within the operation of the schemes. I am pleased to confirm that the terms of the schemes recommended with AVIVA will suffice to meet all our adviser set up costs and the long term ongoing management of the scheme including the ongoing adviser services. Commission would therefore be paid from AVIVA to LIFT-Financial Group to cover the costs of implementation and ongoing servicing. Full details will be provided in the illustrations to be provided as part of the set up process. In addition to our service agreement, we would also deliver accounts each year confirming the work carried out that would show all the administration and consultant time and cost of advice and the remuneration received from the AVIVA. This open and transparent approach ensures that you receive value for money from our services and that the commission route is as open and transparent as the other alternatives.
8. Next Steps We clearly need to meet and review the options and recommendations made in this report. In summary, we have recommended that both the existing pension provider and all round support package available to the employer and employees is updated and significantly improved upon. Our next meeting should focus on the following issues: -
Choice of new pension provider and terms available Range of adviser support services. Scheme Design issues to be discussed and decided upon.
Once these issues are resolved, the new pension scheme package will need to be marketed to employees and usually a 3 to 4 week period would suffice. There is no legal requirement to go through a formal pension consultation as the contributions to the scheme remain unchanged, however, once the new basis is agreed, communications should be sent to employees to explain the forthcoming changes and an appropriate timeline. We look forward to discussing the details raised in this report and hopefully working with you and the employees at Wesco Aircraft Europe on a long term basis.
Appendix I - About LIFT-Financial LIFT-Financial is an award winning firm of Chartered Financial Planners based in Cheshire and with offices in the heart of the UK’s financial services industry in London and Edinburgh. We have a team of employee benefit and financial planning experts who are amongst the best in the business. Our recent awards include:
Chartered Financial Planning Firm of the Year 2012 Corporate Adviser - Pension Adviser of the Year, 2010 Corporate Adviser - Best use of Technology by a Corporate Adviser, 2010 FT Financial Adviser - Group Pension Adviser of the Year, 2010 FT Financial Adviser - Overall IFA of the Year, 2010 Bankhall – Overall IFA of the Year, 2011 We aspire to be the UK’s foremost firm of Chartered Financial Planners and our corporate values include: • • •
Professionalism Treating Customers Fairly (TCF) Providing clients with access to the best possible advice and service
We have a team approach to client care – our expert Technical Analysts and our Client Support team make sure that we deliver the best possible services to our clients in an open and transparent manner. We have clients from across a range of industries across the UK. In London and Edinburgh we particularly specialise in working with corporate clients in the financial services industry – including fund managers, Lloyds brokers and insurance companies. In our Altrincham office, we are appointed to a broad range of clients, including a large number of specialist engineering companies linked to the North West aerospace industry and a number of quasi public sector bodies. Our clients are all unique and so the service we provide is tailored to their specific circumstances and requirements.
Chartered status for financial planners and financial planning firms was introduced in 2007. Chartered firms are required to subscribe to a Code of Ethics and maintain much higher professional standards than traditional advisers. LIFT-Financial were amongst the first firms in the UK to secure Chartered status and today we are still one of less than 300 firms of Chartered Financial Planners in the UK*. 
* Source – PFS website 09/2011 The majority of financial advisers retain only basic levels of technical qualifications. The financial world in which we all live is increasingly complicated and our advice team are highly qualified professionals who understand the world we live in (so you can concentrate on the strategy and leave the details to us). We have one of the best qualified advice teams in the UK – nearly all of our advisers are Chartered Financial Planners and Fellows of the Personal Finance Society (a Masters Degree level qualification in financial planning). Those who haven’t reached Chartered status are aspiring to and have the wealth of experience in the business which they draw on for their clients. Most professionals would prefer to use a Chartered Accountant, or a Chartered Surveyor before an adviser who isn’t able to demonstrate their technical competence. The same should apply to your financial planning relationships and we believe that Chartered standard is the hallmark of a professional adviser.
Appendix II â€“ Workplace Pension Reform What are the governmentâ€™s plans for workplace pension reform? In 2012, the government implemented workplace pension reforms that impose new duties on employers to make mandatory pension provision for their employees (known as workers). At the core of these reforms is a new requirement for employers to include certain employees (known as eligible jobholders) in a pension scheme automatically (known as auto-enrolment) within a strict timescale. The employer's chosen pension scheme(s) must pass a quality test, based on a minimum level of contributions or defined benefits, to be a qualifying pension scheme for this purpose.
Why is the government making pension reforms? The government's package of reforms for both workplace and State pensions are a response to the widely reported â€˜pension crisis'. They are intended to address the impact of changing demographics and provide a sustainable long-term pension framework in the UK. The key driver behind these reforms is a concern that, particularly as average life expectancy increases, many individuals are not saving enough to provide adequately for themselves in old age. Without these reforms, there is a danger that the burden on the State could become unsustainable over time.
When will workplace pension reform happen? The new employer duties under the government's workplace pension reforms will be introduced over a four year period from 1 October 2012. This staggered introduction of these duties is known as staging. Broadly speaking, the new duties will apply to the largest employers first with some of the smallest employers not being affected until 2016. Each employer's staging date for the new duties will be based on PAYE records as set out in the table below. Where employers have more than one PAYE scheme, their staging date will be set by the largest scheme. Regardless of size, employers who start trading after October 2012 but before April 2016 will be in one of the last staging groups. The Pensions Regulator will write to each employer approximately 12 months and 3 months in advance of their staging date to tell them about their duties.
Large and Medium Employers (more than 50 employees) Employer (number of PAYE employees)
120,000 or more (Start date)
1 October 2012
150 to 239 (Expected date for Wesco Aircraft 1 May 2014 Europe)
What are the charges and required level of contribution? Nest charge an initial 1.8% on new contributions and 0.3% AMC on the value of funds. For a money purchase pension scheme to be a qualifying pension scheme under the government's workplace pension reforms it must receive a minimum level of contribution.
Once fully implemented in October 2017, a total minimum contribution of 8% of qualifying earnings (including an employer contribution of at least 3%) will normally be needed in each relevant pay reference period. The minimum required contribution is being stepped-up to the 8% level in three phases over a period of up to five years as follows: Contribution phasing period
employer Minimum total contribution (gross)
Staging date - Sept 2016
Oct 2016 – Sept 2017
Oct 2017 onwards
However, an employer can certify that their scheme is a qualifying scheme if it meets one of the following alternative minimum contribution levels depending on the definition of pensionable pay used by the scheme: • • •
Where only basic pay is pensionable - 9% (including an employer contribution of at least 4%); or Where at least 85% of total pay is pensionable - 8% (including an employer contribution of at least 3%); or Where total pay is pensionable - 7% (including an employer contribution of at least 3%).
Andrew J Day Principal Financial Planner , LIFT-Financial Ltd Mob: 07736-427873 e-Mail: firstname.lastname@example.org
Head Office Lindley Court, Scott Drive, Altrincham Cheshire. WA15 8AB Tel: 0161-9292626 Fax: 0161-9292616
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