Working for companies that offer pensions makes you eligible for income after retirement. More so, securing employment with them provides access to savings plans and pension schemes designed to increase retirement benefits.
Besides government jobs, which are mandated to provide retirement benefits, many private companies in the UK are willing to set up employees for robust pension packages. If the idea of financial stability in your golden years appeals to you, here are six promising companies you should consider.
List of companies that offer pensions in the UK
Amazon
Employees at Amazon have access to a pension scheme which they fund by contributing part of their income. The company also offers matching contributions of up to 5% of their income. A pension plan is part of the employee benefits package and is available exclusively to permanent employees.
Amazon provides financial advisors to guide employees on the pension schemes available. They also make it possible to defer compensation for long-term savings.
Hewlett Packard
At Hewlett-Packard, the pension plan structure is influenced by the employee’s position, years of active service, and location. The company provides an employer-funded defined benefit plan for individuals who meet the service requirements.
Additionally, there is a 401k scheme that allows contributions from employees. To encourage their savings, HP offers matching contributions up to a specific amount. Payments may be received as a lump sum or monthly payments.
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Apple
Apple UK a multinational corporation and technology company offers a 401K plan rather than a traditional defined benefit This aims at assisting employees with retirement savings. On this plan, workers can contribute their post-tax or pre-tax income up to the IRS annual limit. However, the company supports the plan by matching 50% of the first 6% of employees’ eligible pay.
Employees can also purchase company stock with a 15% discount to enhance their retirement savings. The matching contribution for this plan is vested once the contribution starts.
Aviva
Aviva is one the leading insurance, wealth, and retirement companies that offer pensions in the UK. Employees are eligible to start saving for retirement from day one. The company is known to provide the most competitive workplace benefits in the UK.
Employees get to contribute to a pension plan that is generously matched by the employers. For example, if a worker contributes five percent of their income, Aviva matches with at least 14 percent.
There is also a salary sacrifice method that allows immediate contributions from salary before tax. With this option, employees can save on National insurance contributions while increasing their retirement benefits.
Unilever
Unilever, a British multi-national consumer goods company ranks among the top companies that offer pensions in the UK. Employees are provided a benefits envelope worth 25% of their pensionable income. They can either choose to save some of this or allocate it towards their pension. With this plan, they get access to lifetime retirement income.
Where no decision is reached, 15% is automatically saved for retirement benefits while 10%Â goes toward pay. Unilever covers the operational costs and extra costs this plan incurs. Other retirement benefits include life cover and ill-health benefits.
Royal Mail London
Royal Mail London has improved their pension scheme over the years to meet employees’ satisfaction. For starters, they offer a defined benefit plan based on salary and years of service. The company then contributes 15 percent of their pensionable pay for additional savings.
Here, 13 percent of workers’ contribution is diverted to the guaranteed lump sum while the remaining two percent goes to ill health and death in service benefits. At retirement, employees receive a lump sum of about 25% tax-free. The remaining amount will be used to purchase an annuity.
