Things to consider when starting a pension scheme

[Hades]

I want to start a contributory pension scheme like PayPal sigma and the likes but what I things I have to put into consideration since this is a field I have little or no idea on so what I put in place when starting the business

 

[Lekside127]

Things to consider are:
Age at which you will retire.
Number of people that are depending on you.
Your current salary

 

[Sariana23]

If you want to start saving for your retirement, you must set an amount to save either monthly, quarterly or annually. You can do it through banking agencies in your country or, failing that, you can also do it by registering with an insurance company that is dedicated to the pension part.

 

[Alexandoy]

The first thing to consider is if there is a pension plan that is regulated by your government. That is the safest. You can enroll in that pension plan by paying your monthly contribution. The more you contribute the higher the pension will be when you retire. However, there is a maximum amount of contribution and likewise also a maximum amount of monthly pension. Right now the maximum monthly pension is just $200.

 

[Highflyer]

In defined occupational schemes they should be a percentage of salary and be around half that of the employer with the total contribution ideally being at least 15% of salary. Private pension plans should allow for flexible contributions. Management charges should be as low as possible.

 

[Erik4150]

You need to consider a lot of things like the age you would like to retire and what plans you have after retirement. Private pension schemes are better that government pension scheme because they are flexible and can be tailored to what you want, so I think it is the best option for you.

 

[Tiwa]

I want to start a contributory pension scheme like PayPal sigma and the likes but what I things I have to put into consideration since this is a field I have little or no idea on so what I put in place when starting the business

I m wondering why you would want to go into a business you have little or no idea about.Its possible to enter into an industry with little knowledge of it but not like one that involve enormous legal factors.Running a pension scheme is no joke. We are talking about people's reward for a lifetime in active service.A lot of laws and regulations is involve .You don't want to be continuously slapped with litigations .

 

[Ojonuyo]

It is a nice plan for you to start saving for your retirement from the very first day you started working. You must not wait until you are retired and start waiting on your pension salary to survive. You need to plan ahead for the unexpected, what if your pension do not arrive on time.

 

[Ridorz]

That will be a good Idea to start a pension scheme when you are still working and earning salary. But If you really want to start a pension scheme and you do not have any ideas about it, I will advise you to move closer to someone that has already did such thing, so that you will know all necessary details of it. So, you will able to do about it. Anyway, it advisable to start pension scheme.

 

[Richard92]

Most of things that you need to consider while starting a pension scheme are your salary, the number of days you have to work and also how old you are. All these are to be considered when starting a pension scheme. Pension scheme is very important for every worker, so as a wise worker you must start the scheme while you are still in service.

 

[Samuel77]

In my own point of view, there are many things to consider when starting a pension scheme, you must first consider the purpose for the pension, if you are going to use your pension to invest in a business or if you are going to use your pension for your children school fees or if you are going to use your pension to be paying your bills.

 

[Klashlly]

Things to consider when starting a pension scheme​

shop around to give yourself the widest choice and take your time to get as much information as you can before you decide. ...
compare products from different providers. ...
make sure you can afford the contributions. ...
check what charges you'll you have to pay and when.

 

[Mawome]

Pension scheme or plan is best set when you have little or nothing to spend money on. Whatever scheme or plan you are making, it shouldn't be when you have many things to do with money, I don't know if am making any point? This should be among the thinks that should be considered before setting pension scheme.

 

[shakky2]

this is based on personal decision of what you have chosen to partake in or settle your life with at a later time.by following all these will make you realise how to deal with the pension scheme by taking note of how much will be suitable for the plans you have then you can divide this to your monthly savings

 

[EMMANUEL]

Things to consider when starting a pension scheme​

So far, I will say that it depends on the kind of company you are associated with and like wise the level of output rendering into your pension package, it also comes along with the rate of salary you receive thinking on the deduction rate.
Pension company have different policy making as regards there schemes.

In defined occupational schemes they should be a percentage of salary and be around half that of the employer with the total contribution ideally being at least 15% of salary. Private pension plans should allow for flexible contributions. Management charges should be as low as possible.

 

[Adexgrace]

I really do love this idea because lots oa people wait till retirement before planning for it. But planning ones retire involves some certain consideration such as how many businesses are into aside ypur job. Your monthly income and the rest.

 

[Nurudeen]

If you want to start a contributory pension scheme the best way to do this is to first investigate the company you will be trusting your money with. There are a lot of scheme out there who swindle people's Money with the guide that they will start paying when the owner retires but they are fake So just do your due diligence before starting

 

[Trexxxy]

I think it is important you define your goal clearly. What is the amount you are aiming for and how would it help you live a stress free life?. What age will you consider yourself retired and what plans do you have for the funds?.

 

[Nicklas22]

1.The level of funding you as an employer are prepared to give.
2.What income you want your pension to deliver to your employees.
3.The extent to which you will have to consult with employees about changes to the scheme(s) you offer.
4.Whether you want to be able to change your pension scheme easily. Generally you will not be able to do this retrospectively, so it's important to try to get it right first time.

 

[idhans]

I want to start a contributory pension scheme like PayPal sigma and the likes but what I things I have to put into consideration since this is a field I have little or no idea on so what I put in place when starting the business

it is very important that you enroll in a pension scheme that is genuine so that you will not regret at the end of the day. You have to make sure that your pension funds is in a different account so that you will never be tempted to use the money for irrelevant things