Monitoring and reviewing your pension scheme
It is important to review your pension scheme to ensure it remains compliant following changes to pension scheme legislation, ensure it is of good quality and continues to meet your needs, as well as those of the workers.
Regularly reviewing and monitoring your pension scheme will help you identify and manage the key risks to your workers retirement savings. There can be a number of benefits for you and your workers if you take a more active role in your scheme. These include:
- Early identification of administration problems
- Better value for money
- Improved employee engagement and awareness of employer contributions
- Improved member understanding of their retirement savings
- Fewer member complaints
It can be difficult to keep up to date with the multitude of legislative requirements and regulatory guidance associated with running your company pension scheme let alone to be sure you are fully compliant.
Click here to view our ‘Pension Governance’ flyer