Providing advice, reassurance and support.
Pension Scheme Wind Up
How we can help
At Broadstone our advisers have a wealth of experience in this field with the capabilities necessary to see you through what could otherwise become an arduous time.
Additionally, when you work with us, you can rest assured that we will ensure your winding up process adheres to all necessary regulations. We realise that something as integral as this process is an important step for any business, therefore we maintain a level of communication throughout the entire process which will ensure you feel fully updated at all times.
There are many reasons for winding up a workplace pension scheme.
Most often it is due to financial limitations, but whatever the motive, if the employer no longer wants to support the scheme winding up can be a daunting prospect especially given the strict code of conduct as directed by The Pensions Regulator.
Unfortunately, the process is complicated and lengthy (taking at least 18 months). As trustees, you are obliged to keep the employer informed of progress, including the provision of a detailed valuation of the scheme and how money is to be apportioned. It is imperative that you seek expert independent advice and the appropriate support to avoid unnecessary delays and unforeseen costs and comply with your statutory responsibilities.