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B&CE pension scheme will cover all workers

INDUSTRY pensions and benefits provider B&CE is extending its operative stakeholder scheme to cover all construction staff.

The not-for-profit body manages pensions for over 220,000 site workers. From next month firms will be able to offer all construction staff accident and life cover, as well as an EasyBuild stakeholder pension.

Brian Griffiths, chief executive of B&CE, said: 'We were approached by a number of construction firms about extending our benefits package.

'Employers will no longer have to run two schemes to cover operatives and office staff, which should cut costs.' He added: 'It is too early to say how many will sign up but we believe we have a good benefits and pension package.' B&CE is targeting mediumsized construction companies that employ up to 300 staff.

The move to open the scheme to all follows the Turner pensions review. This proposed that Government should shake up the pension industry and force all employers to make a 3 per cent salary contribution to staff stakeholder pensions.

The B&CE stakeholder pension falls broadly into line with these proposals. Under the scheme, a 25 year-old who contributes £10 a week, matched by an employer contribution, could expect an annual pension of £6,000.

Because B&CE is a nonprofit making body, it has pegged management fees to 0.65 per cent.