The pension benefits offered by the Fenner Retirement Plan are an important and valuable part of the attractive benefits package provided by the Company.
The Fenner Retirement Plan provides you with a tax efficient way to save for your retirement in conjunction with a significant contribution from your employer whilst at the same time giving some financial protection to your family should you die before them.
If you join the Fenner Retirement Plan you and the Company will pay contributions into your pension account each month. You have a choice of which funds the money in your account is invested in to help it grow. Alternatively, you have the choice of various different ‘lifestyle’ investment strategies (these strategies are ‘low involvement’ on your part) to choose from (see the Standard Life website for more information). If you do not make a choice, your account will be invested in the default fund. When you retire, the fund you will have built up will be used to provide an income in retirement, to suit your needs.
| Employee | 5% | 6% | 7% | 8% |
| Employer | 5% | 6% | 7% | 8% |
| Total contribution | 10% | 12% | 14% | 16% |
You may pay more than 8% contributions, but the Company will only pay up to 8%.
As a result of salary exchange, you do not pay the employee contribution and the Company pay this on your behalf (and your salary is reduced by the same amount). For more information on this, read the salary exchange guide. In this guide, you can also find out more information about how the Scheme works, including information on how you can take part.
