BCC pension eases headaches
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• The Bus and Coach Council has got together with investment house Save and Prosper to launch a new pension scheme specifically designed for the bus and coach industry.
Under the Social Security Act 1986 every employee has the right to his own pension scheme. This could cause headaches for operators who will have to administer the different plans.
Barry Hoye of the Bus and Coach Council believes that most operators will opt for this scheme, which is designed around some of the bus industry's idiosyncracies.
"Key elements include complete portability," says Hoye. "The pension can move around with the employee without any loss of accrued benefits. The scheme also deals with the seasonality in the industry — coach drivers not normally considered to be 'permanent' employees will be eligible to join the scheme.
"Operators will like the simplified administrative system and employees will like the increased benefit this pension plan can offer," he _says.