Employee benefit packages are a vital consideration for any employer who wishes to attract and retain the best talent, as well as maintain a loyal and committed workforce. One of the main components
of any employee benefit package is corporate pensions or savings provision. Most employees now regard retirement provision as a key part of their remuneration package.
Companies undertaking specialist activities, or operating from regions such as Africa, invariably recruit a high proportion of their workforce from overseas. The relocation, orientation and training of expatriate employees require considerable investment from the employer, making staff retention all the more important.
Any business must also be aware of local employment law wherever they have a presence and need to ensure that any employee benefit obligations are met. Sovereign has extensive experience in designing and operating corporate pension schemes. Our clients range from large international businesses to smaller firms just starting out.
Sovereign will work with the sponsoring employer to design an employee benefit plan to meet that company’s specific requirements. An important aspect of any employee benefit plan is its constitution. Sovereign offers trust-based solutions in which the assets of the plan are held in trust for the beneficiaries (the employees). The advantage of this approach is the legal separation of the plan’s assets from those of the sponsoring employer. This provides an additional layer of comfort to employees and protects the plan from any party seeking to lay claim to the assets of the business.
The trustee of the plan will be one of Sovereign’s fully licensed and regulated or registered professional trust companies in jurisdictions such as Gibraltar, Guernsey, the Isle of Man, Malta or Hong Kong. This ensures professional management of the pension scheme within a robust regulatory framework.
Sovereign also offers individual portable pension arrangements for internationally mobile employees and senior staff.