With today's flexible working patterns involving employees in more frequent job changes, attracting and maintaining the right personnel means offering the right combination of security and flexibility.

As an employer, you set the terms for membership and you can provide additional benefits without the burden of additional responsibilities. How much you contribute is entirely up to you. You can structure the scheme to incentivise performance and loyalty by, say, rewarding more senior employees through contributing higher levels to their pension.

On retirement, up to 25% of each employee's pension fund can be taken as a tax-free lump sum, with the balance then available to provide an income.