The Workplace market for pension schemes has seen a significant amount of change over the last 10 years and shows no sign of stopping with both the latest “Mansion House” reforms and announcements. In addition, a more informed and financially aware workforce demand easily accessible information. The level of expectation on employers about the quality of the scheme they have chosen has risen. How the scheme has performed will be questioned by staff….
It is against this backdrop of significant change that employers made a choice, ticked the Auto Enrolment box and have largely speaking moved on to the next topic on the ‘to do’ list.
The problem here is that this might not be the best strategy as the market continues to evolve and consolidate. Most may not know what changes are around the corner, or whether the current scheme met its investment targets last year or the year before or in the last 5 years? What about all the other factors that make up a good scheme? Admin/Transfers, ease of access?
Independence in this area is key, especially as providers seek to engage directly with employers, through the distraction of shiny Apps or strong words on Environmental investing. We cut through all of this, presenting the employer with an overall picture of the market, explaining where the current scheme sits and communicating all of this to staff. What we know is Independence of choice is key, we have no bias, no agenda, no sale required. We Consult, we explain and together with a business, we can decide whether change is required.