Employee Benefits Consultancy
PENSION SCHEME GOVERNANCE
Governance should focus on the fundamentals of the scheme; charges, high-quality investment funds and effective administration, but should also place an equal priority on ensuring members are getting good outcomes from their decisions; contributions, investment and retirement.
Good communications and governance both aim to achieve the same thing: better outcomes for your members.
Ensuring your pension scheme is well run
Beyond the duty of care to your people, good governance makes sound business sense. With minimum contributions now at 8%, more money than ever is being paid into the pension plans of your employees.
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. In our view, your company pension scheme should receive as much attention and consideration of the return achieved as any other business project or investment.
Good governance is about good member outcomes
Having a strong governance structure in place reassures you and your members that your scheme is well run. A good governance process will also identify and manage any risks to members’ retirement savings, preventing any future problems.
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.
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Is your pension delivering good outcomes for your members?
An introduction to...
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