Q An operator looking into the possibility of a pension
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scheme asks how far existing schemes are limited to non-manual workers in large organizations.
AAssuming here that "large organizations''
is intended to refer to companies with payrolls running into 100s if not 1,000s, there is a common misconception that pension schemes are the near-monopoly of large concerns.
Out of a total of 60,000 pension schemes operated in 1963 in the private sector of industry, 48,000 had 50 active members or less. incidentally, indicative of the growth of pension schemes, the corresponding figures in 1956 were 37.500 and 28,200 respectively.
The proportion of members in private sector schemes in 1963 was: non-manual only, 30 per cent, manual only, 40 per cent, and both non-manual and manual 30 per cent.
But although such figures are useful in indicating the national trend, road transport operators intending to set up their own pension schemes should be in no doubt as to the need for individuality in each scheme if maximum benefit is to be obtained. The number of ways in which alternatives to provide for different features can be combined is enormous. This accounts for the great diversity of schemes which by no means falls into a few simple type groups.