Accountability is Key
The face of the pension world is continually changing. For many businesses juggling hectic workloads, this presents constant and time consuming challenges.
However, there is no escaping the fact that regular reviews of your workplace pension scheme and keeping abreast of new options as they become available is imperative. Not only may it save you time and money in the long run, but it provides reassurance that you are still embracing a good quality, sustainable and cost-effective scheme.
In April 2015, game-changing legislation was introduced. It stipulated that if your company is operating a workplace pension scheme (which includes most contract based schemes) you are required to establish your own Independent Governance Committee (IGC). Primarily this is a safeguarding initiative to ensure that your scheme is maximising performance and delivering good value for members.
Since then, many employers have set up governance committees to assist in the management of their scheme (which may have additional advantages of motivating employees to join and engage).
If your business is a small or medium enterprise (SME) the prospect of having your own governance committee may appear to be both an impractical and uneconomical proposition.
But, working with us with the weight of our professional governance service behind you, is a very sound choice.
At Broadstone, we have a ‘tried’ and significantly ‘tested’ approach. A dedicated personal governance adviser can quickly and efficiently over-see your scheme, clearly communicate the benefits of the scheme to your employees and help fulfil your workplace pension duties.
The many key benefits include:
- Potential cost savings compared to traditional governance services
- Assurance that your scheme is running efficiently and productively
- Visible demonstration to your employees of your responsibility and support
- Tangible evidence of employee appreciation
- Early identification of new legislation and changes to regulations and taxation
- Close monitoring of employee engagement and funding levels
- Opportunity for employee representation
- Proactive monitoring of risks
- Help and guidance in establishing your management committee
- Comprehensive governance reports
- On-going reliable input, advice and guidance