Workplace Savings Consultancy
Why do you need it?
Are you complying with current legislation? How can you be sure that the workplace savings you offer are the most suitable benefits? Do you have the most appropriate provider to facilitate and encourage your staff to save for retirement?
Effective management of your workplace savings can help you to stay on top of your pension scheme, keep your employees engaged, and maximise your investment in benefits.
- Staying compliant
If you fall foul of the required compliance it can be very time consuming to put things right and you may have to pay a costly fine.
- Maximising return on investment
Demonstrating to employees the value of your investment in the workforce and helping them understand what’s on offer.
- Managing people risks
Disengaged employees are less productive, meaning your business is less profitable.
How we can help
We work with you to reduce the risks linked to your workplace savings arrangements, making sure you remain compliant with legislation. We act independently of benefits providers to give you appropriate advice and solutions. In reviewing your workplace savings, we help you to maximise your spend and return on investment, re-engage your employees with their pensions and ensure they are preparing for retirement.
Product benefits and features
Scheme design and provider selection
We review your workplace savings provider and their capabilities to make sure that they are providing you with the most appropriate solutions. This helps to ensure you are getting value for money for you and scheme members. We can also provide you with advice on default fund choices, contribution structures as well as helping you to design salary exchange programmes.
We can implement your workplace savings 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 benefits and saving adequately for the future. We will also provide you with annual contribution reviews.
Management and reviews
Our team supplies day-to-day management of your scheme and provides you with regular updates on the progress of the pension plan, including monitoring of management information and the default investment fund performance. We also proactively provide you with explanations of important legislative changes to ensure your workplace saving schemes are compliant and up to date.
We can support you by regularly monitoring your provider to help ensure you and your members have the best solution. We can also assess your workforce to help you understand demographics, investments and behaviours to boost member engagement. We also manage and provide you with auditable tracking of the pension scheme performance.
An office move was having a negative impact on employee engagement, with employees worried about the impact this would have on their work life balances.
The UK division of a global parent had been tasked with reducing costs in the business. The employer paid an administration charge for their pension plan with a provider amounting to a total charge of £45,000 per annum.