Guide to reviewing workplace pensions

by Richard Hulbert
Insight Analyst (Wealth and Protection)

April 2018

Many employers are now realising they can change their pension provider to avoid frustrations or save time and money, and so we are seeing the secondary market bursting into life. This document takes a closer look at reviewing existing workplace pensions.

In February 2018, all existing businesses in the UK with one or more employees had to have established a workplace pension and auto-enrolled their employees into it.

This guide is designed to help advisers identify triggers for change, re-evaluate the suitability of the existing workplace pension scheme, identify good governance, and evidence value for money while highlighting opportunities that benefit all parties.

With over 70 retail workplace pension schemes to choose from, there is no shortage of options. Therefore, the guide also highlights some of the pitfalls to avoid, including recommending indirect discrimination as defined by the Equality Act 2010. 

Finally there is also a one page checklist to help guide advisers through the evaluation process and evidence the suitability of their advice.

The document is accredited by the CII/PFS and CISI for up to 45 minutes of structured CPD.

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