We know change is a constant theme in the world of workplace pensions, but recent headlines demonstrate this is just as true for pension providers.
If your scheme is affected by a change in provider, are you assessing the impact?
Are you considering the Governance of your scheme?
For many employers, the general position is that your employees must be enrolled into the scheme and a default fund arranged by you, but they pay the charges, they take the investment risk, they may anticipate a reasonable retirement income, and they are responsible for complex decisions at retirement.
In this context, would they expect you to be monitoring the scheme and provider?
It is likely that many would, and this is one of the reasons that the Pension Regulator recommends that employers establish a pension governance process4.
Change will undoubtedly continue. If you want to discuss establishing a pension governance process and/ or the implications of the sale of your scheme, please feel free to talk to us.
Tel : 0345 565 1617
Email: employee.benefits@pib-insurance.com
PIB Employee Benefits
We are an independent benefits consultancy delivering innovative advice and services to employers. Our pension team are specialists in automatic enrolment and Governance. We know that a well-designed and communicated employee benefits programme can be a vital business tool.
The Pensions Regulator is the statutory regulator for workplace pensions.
The Financial Conduct Authority does not regulate auto enrolment and occupational pensions.
PIB Employee Benefits Limited is an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority. PIB Employee Benefits Limited is registered in England & Wales. Company registration number 10315612, Registered Office: 6th Floor 68 Lombard Street, London, United Kingdom, EC3V 9LJ.
1 The Telegraph, 23 Feb 2018
https://www.telegraph.co.uk/business/2018/02/23/standard-life-aberdeen-confirms-3bn-insurance-sale
2 Corporate Adviser, 22 Feb 2018
https://corporate-adviser.com/now-pensions-put-sale
3 BBC News 12 Oct 2017
http://www.bbc.co.uk/news/uk-scotland-scotland-business-41592949
4 Monitoring your Pension Scheme, The Pension Regulator, July 2013 http://www.thepensionsregulator.gov.uk/docs/employer-management-committees.pdf
