Keeping an eye on the future…

Richard Catt gives a flavour of the type of service offered through B&CE, the CFA’s pension membership benefit provider.

DURING recent months, when several of my articles have featured a CFA benefit, I hope it’s become clear just how many areas of your business there are where the CFA offers support - all under one membership.

I’m talking about the day-to-day issues that simply have to be handled and where the CFA can provide a solution. We find the best options and provide them to members, so they don’t have to do the time-consuming research. We may also get you a better deal because of economies of scale.

When I started work, I vaguely remember a chat with HR where they said it is was never too early to start paying in to a pension scheme – wise words I’m glad to say I didn’t ignore.

Like so many things, the world has moved on and the heady days of final salary schemes are long gone, and so are many of the companies that offered them, which probably says a lot.

More recently, government introduced an ‘incentive’ to save for retirement through auto-enrolment. It’s another one of those things that wasn’t universally welcomed by small businesses because of the additional administrative burden.

If you have one member of staff or more, you have to mandatorily enrol them into a qualifying pension scheme every three years allowing them to opt out if they wish. At the CFA we researched the market quite thoroughly because; first, we wanted to update members and second, we needed a compliant scheme ourselves.

We used an outside consultant to independently advise us of the options available. There seemed to be two obvious routes and one was a company we were already working with. I’ll hand over to B&CE here to further explain what it does:

B&CE, provider of The People’s Pension, is a not-for-profit organisation, dedicated to making a difference to the lives of working people. Founded more than 75 years ago, we began providing simple financial employee benefits to the construction industry. Our award-winning auto-enrolment, workplace pension scheme, The People’s Pension, launched in 2012 and now has almost four million members across all sectors including retail, hospitality, and construction.

Our rich heritage means we’re experts in providing good value products that working people need.

How does The People’s Pension support our customers?

Our not-for-profit values mean we can put our customers at the heart of everything we do

We are governed by a board of experienced, independent trustees who put the interests of our members first

We have a low and easy to understand 0.5% annual management charge, with no other member charges

Our award-winning customer service team at our UK call centre are ready – without scripts or time limits – to listen, care and help

What are the benefits to having an auto-enrolment pension?

The great thing about a workplace pension, like The People’s Pension, is that it’s not just you putting money aside for your future. On top of your regular contributions, your employer and the government will also put money into your pension, which over time will all rack up and make a huge difference to your future.

To find out if you’re saving enough for your retirement you can use our budget calculator, or our life expectancy calculator can give you an idea of how long your pension savings will need to last. Find out more at

There have been changes this year – employees now have to contribute 3% of their salary and employers are required to put in 2%. Next year employees will be required to put in 5% and employers will be required to contribute 3%.

So, there you go, that gives you a flavour of the type of service offered through B&CE, the CFA’s pension membership benefit provider. I mentioned above that the consultant we used identified two basic routes. The other was in fact the government’s own NEST scheme. But on balance, our independent financial advisor recommended B&CE and so that is the scheme that the CFA also adopted for our own employees.
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Richard Catt is ceo of the CFA