ongoing workplace pensions support
Why is ongoing pensions support important?
The Pensions Regulator has set out six principles for good design and governance of workplace defined contribution schemes. The first three principles relate to your scheme set up. The remaining three principles relate to the ongoing monitoring of your workplace pension scheme:
- Principle 4: appropriate default strategy - Schemes should benefit from effective governance and monitoring through their full lifecycle. This principle looks at the ongoing governance and running of the scheme, including the internal controls and monitoring needed to ensure that the scheme continues to meet its objectives, and continues to be run with the best interests of its membership in mind.
- Principle 5: effective performance assessment - Schemes should be well-administered with timely, accurate and comprehensive processes and records.
- Principle 6: communication to members - Communications should be well designed and delivered to ensure members are able to make informed decisions about their retirement savings. This is from joining the scheme through to making decisions about converting their pension pot into a retirement income, including promotion of the Open Market Option.
How we can help
- We can implement your pension scheme and help you to plan effective member engagement strategies.
- We can integrate your scheme with financial wellness programmes to help ensure that your employees are getting the most from their employee benefits and saving adequately for the future.
- We will also provide you with annual contribution reviews.
Get in touch with a workplace pensions management expert