From automatic enrolment to changes to default investment strategy and the lifetime allowance, it can be difficult to keep up with the many changes to pensions strategy and legislation. It is vital that your business remains compliant and your workplace pension arrangements remain relevant going forward. As part of our benefits offering, we offer employers the opportunity to review their workplace pension solution with one of our specialist consultants.
WHAT IS A PENSION REVIEW?
A pension review allows an organisation to assess their auto-enrolment processes, ensuring that the employer duties are being completed correctly and that procedures are compliant. We can also evaluate whether you and your employees are getting value for money from your current provider, given the recent changes in pension provider pricing models.
WHO NEEDS A PENSION REVIEW?
The pension review process is aimed at anyone who has responsibility for their workplace pension solution.
Many organisations are focusing on balancing the benefits and risks of pension provision, with attention being paid to how effectively employers meet their responsibilities. This can place considerable pressure on an organisation and is an area that The Pensions Regulator monitors closely – you need to be confident that the decisions you make are the right ones for your organisation and your employees. This is where Busy Bees Benefits can support you.
HOW DOES A PENSION REVIEW WORK?
Our holistic approach at Busy Bees Benefits means you’ll have access to specialist pensions consultants with considerable experience in delivering numerous successful auto-enrolment and workplace pension review projects. In addition, we can also introduce you to specialists from across our business, who can support your organisation with other employee benefits including platform solutions, group risk, health and wellbeing.
We understand that every organisation has its own specific challenges, issues and objectives, and our service seeks to balance the needs of both the workforce and sponsoring employer.
We also offer some specific services to support your workplace pensions solution:
- Pension Governance: This service has been developed in line with The Pensions Regulator’s six principles to support good member outcomes, so that you can be confident your scheme is well managed and compliant.
- Re-Enrolment: Ensuring ongoing compliance with your regulatory responsibilities and governance objectives.
- Audit: Checking that the ongoing processes within your automatic enrolment solution are compliant ensuring that the reputational and financial risk associated with fulfilling the employer duties are minimised.
- Employee Communications: Working with you to ensure “good member outcomes”. Help with understanding the impact of the employee demographics and formulating the most effective communication strategy.
- Scheme Switching: Providing guidance around scheme suitability and supporting specific changes, including transitioning to a new pension provider if necessary.
- Strategic Guidance Around Salary Sacrifice: Assisting in the design of your pension solution to ensure both employer and employee achieve best value for money.
- Ongoing Guidance: Providing updates on legislative changes and market practice scheme-specific guidance to employers to ensure timely and appropriate adjustments to their workplace pension solution.
To complement our pension consultancy services we can also offer consultancy services in the following key areas:
- Risk and Healthcare
- Business Protection
- Voluntary Benefits
- Technology-based communications solutions
- Financial Wellbeing
If you’re interested in finding out how a pension review can support your business, call us on 0330 333 9100 or email email@example.com.