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Workplace Pension Advice for Employers
Your workplace pension scheme is central to your HR strategy. Workplace Pensions can be complicated, so it pays to work with an expert like our Workplace advisers.
As an employer, you need to offer a workplace pension scheme to your eligible employees. Just because it’s mandatory to offer auto enrolment, doesn’t mean it’s easy to set up and manage a workplace pension scheme. Don’t risk being fined by The Pensions Regulator (TPR) – get support from Wren Sterling to pay pension contributions right on time.
Getting workplace pension advice
Auto enrolment is part of business life and although the initial rush to set up a scheme has subsided, there are still key decisions for firms to take. This includes deciding whether their current scheme offers value for money for employees, whether appropriate governance is in place and whether all associated processes are compliant.
Talking to a financial adviser who specialises in advising businesses on employee benefits can help you stay compliant and get value for money.
Our workplace pension services
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Audit
Workplace pension schemes might seem like a bit of a drag on time and money, but done right, your workplace pension scheme can become a real asset to your business, attracting and retaining employees. When Wren Sterling audits your Workplace Pension Scheme, we will step through a matrix of criteria to understand the appropriateness of the scheme for your business and your employees and we will help you communicate our findings to your stakeholders.
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Scheme selection
Following an audit, we find that the vast majority of our clients ask for a market review of their pension scheme. Our independence and long associations with the pension industry’s best-known brands means we can advise you on the most appropriate workplace pension scheme for your business based on the findings of our audit and your business strategy. Whether your priority is value for money, or more bespoke retirement savings options, we will present the best options for your business and work alongside you to onboard and integrate the scheme.
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Pension scheme governance
The Pensions Regulator requires all workplace pension schemes to “establish and operate internal controls that enable you to manage the risks that relate to your pension scheme. You must set up a process to identify, evaluate and manage risks on an ongoing basis.”
Benefits of workplace pension advice
Save time
Setting up a workplace pension scheme can be very time consuming, and if not set up correctly ongoing administration problems and communication issues could take up even more time.
Get help with complex rules
You must fully understand TPR’s rules prior to setting up the workplace pension plan. Your workplace pension scheme can be audited at any time, and if found not compliant, you can be penalised. To avoid any penalties or fines get help from an expert.
Communication
Employers need to keep their employees informed of any news or changes to their workplace pension plan, and complete a Declaration of Compliance for The Pensions Regulator. If any employees wish to opt out, the employer cannot influence their decision – another reason to have an impartial expert on your team.
