Complications have arisen from new legislation brought on by auto-enrolment. Whilst this has enabled more people to save for the future, it has created a range of possible issues should your business fail to be compliant. We use our expertise to clarify the auto enrolment process to provide you with the knowledge and understanding to avoid penalties and support employers when things can go wrong.
We can provide you with comprehensive support using our experience & expertise in both DC (defined contribution) and DB (defined benefit also known as final salary) arrangements. Whatever type of scheme you operate, we’ll ensure that your pension process is simple and stress-free.
Why provide a Workplace Pension Scheme?
Workplace Pension legislation has introduced the need to provide your employees with a Qualifying Workplace Pension Scheme.
The benefits of a well-run, efficient workplace pension are plentiful, for both employee and employer alike. For your workforce, they will feel as though they are supported financially as their pension is continually topped up from regular contributions. Those contributions are then in turn invested in a range of asset classes through a suitable default investment fund which should be reviewed on the regular basis.
A workplace pension plan gives peace of mind to your employees as they build a suitable pension fund for retirement.
We will provide dedicated support throughout the entire review and implementation process to help your employees engage with their pension savings, as well as the options that are available to them at retirement.
For you, the employer, a quality pension plan has the ability to build your reputation as a company that cares for the future of its employees. This will help to attract employees to your business and maintain high employee retention.
Reviewing Your Pension Plan
Governance to your workplace pension scheme is crucial to its long term success. Many employers have not reviewed their pension providers since auto enrolment was introduced in 2012. Importantly, its employees may no longer be getting a good deal from their pension arrangements.
Employers can significantly benefit from regular governance reviews to analyse the performance and suitability of the current workplace pension scheme.
Need further information?
If you want to find out more about our pension arrangements then please get in touch by filling in the contact form or alternatively you can get in touch using the details below: