With so many providers, how do you find the best workplace pension for you?
How can you be sure that you’re offering the best workplace pension possible for your workers? It’s essential to get this right, as it’ll help with staff retention and could also have serious impacts for both your workers and your business if you don’t.
Here we’ll discuss what key factors you should consider, to help you make an informed decision.
Characteristics of a good workplace pension
First, let’s take a look at what a good workplace pension looks like and what you could question to aid your choice:
- How much support do they offer? Does the provider offer all worker communications, or simply sends out statutory communications? Being able to offer your workers clear and simple information that is easy to understand is key.
- Are they a master trust provider? Choosing a scheme with Master Trusts Assurance is a clear indicator that the provider is meeting good standards of governance and administration and protects your workers from poor experiences.
- Are they compatible with your business? This is also very important; if the provider doesn’t recognise your payroll provider, then it is going to be very difficult to implement the necessary payroll assessments to take contributions each week/ month, depending on your payroll frequency.
- Provide a good return on investment – it might sound obvious, but you need to be confident that the scheme is working well.
- Be affordable – for both the business, and the employees. Check the administration charges that could be incurred by both your business and your members, and make sure they are offering good value for the service you receive.
NOW: Pensions’ workplace pension offering is likely amongst the best out there:
Here at NOW: Pensions, we serve thousands of employers, and hundreds of thousands of workers – from a wide range of industry sectors. Our team have a wealth of experience in providing simple solutions, helping you to comply with auto enrolment rules and other legislation without getting caught up in lots of administration and jargon.
With a wealth of experience, we provide a simple and straightforward solution to workplace pension auto enrolment, allowing UK employers to comply with legislation and be able to offer their workers with a quality workplace pension, without getting weighed down with an overload of administration.
We provide a dedicated support team, making your experience as easy as possible.
You can also transfer existing pensions or a personal pension to us.
For more advice, please contact us and we’ll be delighted to help answer your questions and get you started on providing the best possible pension for your employees, and business.