Pension Scheme Governance

Having a strong pension scheme governance structure in place reassures you and your members that your scheme is well run, and can help identify and manage any risks to members’ retirement savings, preventing any future problems.

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The importance of pension scheme governance

Agenda:

1. What is good governance?
2. Reviewing your workplace pension
3. Benchmarking value for money
4. Member choices and decisions
5. Communication and education

Date: Wednesday 29th May

Time: 11:00am (GMT)

 

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Good member outcomes

One of the key focus points should be helping your people make informed choices and behavioural changes. These can make big differences to peoples’ outcomes at retirement and this is a sometimes overlooked area where a sound governance framework can help.

Helping your members make good decisions

"Good communications and governance both aim to achieve the same thing: better outcomes for members. We are committed to helping your members make the right decisions."

Tania Parmar
Consultant

Supporting your broader HR objectives

Beyond the duty of care to your people, good governance makes sound business sense. Ensuring these arrangements are valued by your people, contributing to corporate goals and supporting broader HR objectives should really be a core objective for your business.

 

 

"May I thank you for the excellent webinar earlier this week. Pension scheme governance is at last being accepted as an important issue for DC schemes and this point was made well."

 

Stephen Argent
Senior Business Development Manager

 

Member choices and decisions

The factors that will have the greatest impact on an individual’s retirement fund are determined by the decisions they make; investment, contribution and retirement choices.

If governance is to ensure improved member outcomes then member decisions, as the area with the biggest impact on outcomes, should be considered as part of your governance process.

4 in 10 employees that are eligible for auto-enrolment are "under-saving"

Source - ‘The Department for work and pensions – Dec 2017

Helping you establish a Pension Governance Committee

The best way to ensure effective pension scheme governance and achieve good member outcomes is to establish a Pension Governance Committee – we tend to call it a Pension Advisory Committee (PAC).

Establishing a PAC is a great way for employers to ensure their pension scheme is well run, enabling good member outcomes and that a ‘best practice’ approach is taken whenever possible.

Some typical areas to monitor for an effective Governance process would be:

  • Suitability of the default fund
  • Appropriate contribution decisions
  • Appropriate investment decisions
  • Efficient and effective administration
  • Value for money
  • Appropriate decumulation decisions

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Our approach to pension scheme governance

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