| Once you’ve been with the company six months and provided you are under the age of 60, you will be able to join The Olympus KeyMed Pension Scheme. The Scheme is an important part of the benefits package you receive at Olympus KeyMed and offers you & your family some financial security during your employment and into their eventual retirement. |
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The Scheme operated by Olympus KeyMed is an expensive benefit to provide and is extremely competitive when compared with those offered by many major national employers. From the moment you join the Scheme, you will begin to build up your own fund, which will eventually be used to buy pension benefits when they retire. For example, for every £1 an employee pays into the Scheme, the company will pay £2, up to a government set limit.
In the event of a Pension Scheme member’s death whilst employed by Olympus KeyMed, a separate spouses’s and children’s pension will be provided.
You should be aware that:
- Any contributions paid by employees are completely tax-free (under current tax rules), therefore if you are a taxpayer, it costs less than you think to save for a pension through the Scheme.
- Your fund builds up with the contributions paid in by both you and the company.
- At the time of deciding to join the Scheme, the company will make a contribution to the cost of independent financial advice to allow you to make an informed decision as to what is best for you.
- As a member of the Plan, employees are ’Contracted In’ to the State Second Pension (SP2), so your pension from the Scheme will be paid on top of any State pensions to which you are entitled.
- The company has the right to terminate or vary the Scheme but this will not affect funds already built up.
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