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Recruiting, motivating and retaining quality staff is a key preoccupation of many businesses and getting the rewards-mix right is an important ingredient. Companies often provide benefits such as pensions, life assurance and ill-health protection arrangements to retain contented and efficient staff.
Directors may prefer to establish a separate pension plan from that of their employees because the term of their employment may be a fixed number of years, their tax position may be more complicated than other employees, or they may prefer to set up a form of self-administered scheme more suitable to their circumstances.