This scheme has been around for several decades and was originally set up to help those in the industry find some form of income to supplement the wages that they would receive if they were laid off from their jobs. There are different benefits that can be gained by participating in this scheme including medical care, life assurance, travel insurance and other retirement schemes. There are also a number of perks that are available to those who wish to become a member of the scheme. One of these is the travel insurance element of the plan.
Main Attraction Of The Scheme
The main attraction of the scheme is that its contribution rates to the pension fund are tax-free. In addition to this, the scheme has no restrictions on the number of members that can become members. As such, it is open to anyone regardless of their age or their disability. However, those who become a member need to meet certain criteria that include having a source of income and possessing a specified age. Those who cannot meet these criteria are not allowed to join.
Allows Its Members To Opt For A Simplified Payment System
The scheme allows its members to opt for a simplified payment system. They can choose a single monthly payment or an annual return, where they would have their payment delivered once a year. Additionally, there is also the option of having both types of payments made to them. Payments can be made in the form of a lump sum, a line of credit and even a debit card.
Another aspect of the pension scheme is that all members are required to take out Life Cover. Life Insurance is a unique aspect of the scheme that has many advantages. First, it guarantees that the member will continue to receive some form of income should they die. The amount of the payout depends on a number of factors such as the member’s age, health and the duration of their employment with the company.
The scheme’s Life cover differs from that of other pension schemes. It also differs from that of life insurance policies. This is because it offers a wide range of benefits and cover options. These options include investments, investment enhancement cover and investment return protection cover.
Retirement Bonuses Are Also Part Of The Scheme
Retirement bonuses are also part of the scheme. They are paid to members at various intervals throughout the course of their service. The amount of the bonus is linked to the members’ retirement ages at the time they become eligible for them. Plus points are granted at each stage of service, meaning that the later you become eligible for a bonus, the greater it will be.
The scheme also incorporates a number of other additional features. One of these is insurance on sickness benefits. As part of the scheme, if you or any member of your family becomes ill, you are guaranteed a certain level of income support until you have recovered. You can also claim benefit in the case of long term sickness. In addition, you are entitled to council tax and national insurance benefits if you reside in England. These benefits are also guaranteed in case of death.