Despite the fashion for LA law style legal firms in some of the big cities in the UK nowadays, there is still a veritable army of small to medium law firms out there providing services to communities across Britain. So many of us need the services of a solicitor for all sorts of reasons, from property purchase to making wills, they take care of all our legal needs and we tend to expect them to take care of all their own. However, providing an adequate pension to their employees is becoming more of a challenge as retirees are living longer and opting for a professional service that specialises in legal pension schemes is becoming popular with local law firms all over the UK.
Most of us lay people think that lawyers and solicitors have it all sussed when it comes to their finances and they do seem to do pretty well, compared with the average. However, pensions are a financial product and managing pension funds is best left to the experts – companies who specialise in providing pensions. This means that all the administration is taken care of in a much more effective manner than if the pension scheme is administered in house.
There’s also the fact that legal beagles are not necessarily experts in investments. Any funds invested on behalf of employees really should be handled by trained experts who know exactly what they’re doing. After all, you wouldn’t expect your solicitor to come and mow your lawn on a regular basis just because he handled the purchase of your house, would you?
It’s also a more cost-effective option to use a professional pension firm to take care of the company’s pension requirements. After all, these people are doing exactly the same thing for so many other clients that they can get the job done quickly and efficiently.
With an aging population in the UK life expectancy is longer so retirement itself is longer. This means that the investments made in pension funds need to stretch much further to provide members with a decent income. Pension providers really do need to make canny investments in order to ensure their members receive an adequate income in later life and this really is best done by the experts.
It’s not just lawyers and solicitors who work in the legal industry. There are small armies of back up and support staff that enable these people to do their jobs and these workers are just as deserving of a decent income in later life as anybody else in the field. There are office staff, researchers, paralegals and clerks, all of whom contribute to the success of any legal company. All these people will be retiring one day and their future needs need to be addressed. The most logical and transparent way of doing this is to use the services of an expert legal pension scheme provider, just as companies in other industries engage with pension providers in their field.