Britannia unveils phased pension plan

07 July 2006
A new pension scheme from Britannia Building Society will allow employees to tap into a new phased approach to retirement, called "Your Future – Take Control".

One of the new flexible options gives its employees the ability to continue working past retirement age but to work for only four days a week - drawing one-tenth of their pension in place of the fifth working day.

The changes brought in as part of the A-Day alterations to pension rules and regulations has allowed for much more flexibility with retirement funds and savings plans and Britannia is keen to give its employees the advantage of every available new loophole.

"Britannia has taken particular advantage of new legislation that allows greater flexibility in how people take their pension," said Gareth Edwards, worldwide partner of Mercer Human Resource Consulting.

"They have given members the information and tools they need to help them to plan their retirement," he added.

Industry analysts believe Britannia's new pensions could be a model for how pension schemes will operate in the future, allowing people greater freedom to choose from a wider range of options as retirement approaches.

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