When did your organisation last review its pension? Does it reflect the changing needs of your business and its employees? Is it competitive?
The pensions landscape changes quickly. Over the years innovation in financial services has greatly improved the features of corporate schemes such as group personal pension plans whilst competition has significantly reduced the associated costs.
Over time and without review, schemes can become outdated and uncompetitive. A pension audit can help your organisation assess:
- what the features of the existing scheme are
- what the costs to the business are
- what the member charges are
- how competitive the scheme is
- what support is available from the provider
Pension contributions are a significant expense for any business so it is critical to know your organisation is able to offer a modern, competitive pension plan.