Workplace Pension Health Check

All employers in the UK must offer a Workplace Pension scheme by law, but it isn’t enough to put a scheme in place and then forget about it. This is important for several reasons as the decisions employers make in relation to their workplace pension are going to come under increasing scrutiny from regulators.

The Pension Regulator’s (TPR) Corporate Plan 2021-24 clearly sets out its intention to focus on ‘good decision-making for employers’ in 2022-23 and 2023-24. The Ink Group has already responded to the joint TPR/FCA ‘Call for Input: Pensions consumer journey’ consultation and we have developed a structured framework for helping employers with Management Committees (or more general scheme audit requirements for smaller employers).

We use consistent criteria for all schemes. These are broken down into ‘Quality indicators’, including Charges, Financial Strength and ESG Credentials, which we then address in more detail. We consider these indicators to provide a comprehensive checklist for employers to be able to assess the quality of their workplace pension scheme on an annual basis.

If you haven’t reviewed your workplace pension for a few years and would like to have a ‘health-check’ to ensure the pension remains suitable, please get in touch with Angela Ward angela.ward@theinkgroup.co.uk