Pensions big with IT firms

Employees working in the IT sector receive a benefits package that typically includes a group personal pension (GPP) or a stakeholder pension scheme with employer contributions of 6%, according to a report released by Aon Consulting. The majority of employers (approximately 80%) within the sector offer this.

The IT sector employee benefits: an insight report, published in February 2008, also found that a typical package for IT professionals is likely to include life assurance to the value of four-times salary with no death-in-service pension provision and group income protection (IP) at 75% or two-thirds of salary (less state incapacity benefit), with a 26-week deferred period and unlimited claim duration (to normal retirement date).

Group IP was provided by all of the 363 firms surveyed, while 67% offered group life assurance of four times of basic salary.

What benefits are offered in the IT sector?

Group income protection †100%

Group personal pension/stakeholder pension scheme †80%

Group life assurance of four times basic salary †67%

Source: Aon Consulting’s IT sector employee benefits: an insight report