If a private sector company takes on the running of a local authority facility, or if they take on the former employee of a local authority, they may be required to continue contributions to an employee’s previous pension scheme.
A pension bond guarantees the value of the contributions being made should the private sector company cease making pension payments on behalf of the employee.
Are you sub-contracting for a local authority? Are any of your staff former employees of a local authority? Call The Channel Partnership today on 01275 817320 to discuss your surety bond needs.