The decision that affects one scheme member can often affect everyone, so the stakes for good decision making have never been higher.
Appoint an internal leader for your Group Personal Pension.
Appoint a suitably qualified external pensions advisor.
Together calculate the target member benefits.
Decide on and introduce or review your Group Pension Scheme provider.
Good decision making requires clear leadership, an ingredient vital to the initial and on-going success of any Group Personal Pension Scheme. Because of its importance the Group Personal Pension is often a job taken on by the Finance Director or another senior team member.
Ideally, having the internal appointment of a leader who is ultimately responsible for choosing, managing and holding to account the external advisors on behalf of every member.
Like most well executed plans, the starting point should be mapping or charting your course for Group Personal Pension success. Ensure you enhance the assets you have already accumulated while setting target retirement benefits for each and every member.
Once you know your target benefits you can start comparing and contrasting the different Group Personal Pension providers with your advisor. Normally you can narrow the market down and then select the best suited to your company needs from the remaining candidates.
Group Personal Pension Transfer
It is never too late to change direction and quite often transferring an existing Group Pension Scheme is exactly what is needed to get the members benefits back on track.
Group Pensions are transferred for many reasons including poor administration, underperformance and obsolete charging structures.
Prior to transferring it is good practice to undertake a full review of the scheme assets and target member benefits to establish any potential shortfall.
Now once again the appropriate mapping or charting for Group Personal Pension success can be done.
Do not under estimate the size of this financial planning task, get advice and help from suitably qualified individuals early on in the process. Not only will it save you time, in the long run it will save you money and will allow you to feel supported when making difficult decisions.
If you are considering transferring your Group Personal Pension Scheme and would benefit from an introduction to a suitably qualified advisor then complete our form now.
Auto-Enrolment and Group Personal Pensions
Essentially the Government is shifting the burden of responsibility from the public purse to the private sector. Company pension reforms mean rules are changing about the way employers run their pension schemes.
The plans are for compulsory pension contributions by employers, auto enrolment of employees and the requirement for a default fund.
Failure to comply with a more stringent set of rules will probably result in penalties and fines.
At The Complete Pension Guide 2017 we encourage you to be prudent and take advice early to avoid the matter becoming a last minute forced situation without thought or good planning, complete our form today.
Protecting Your Group Personal Pension Members
Several steps can be taken to ensure adequate protection is in place to protect your members and their benefits. Remember you are planning for the best case scenario while being prepared for the worst.
Make sure that your advisors are regulated by and registered with the Financial Services Authority (FSA).
Check that they have a clear complaints procedure in place that is easy to follow and that takes matters seriously.
Next check that they carry sufficient personal indemnity insurance (P.I) and are also insured to conduct this type of business, Group Personal Pensions.
Finding and working with an advisor that is highly recommended should greatly reduce the chances of an unsatisfactory appointment. This is where The Complete Pension Guide 2017 can really help, so either start towards establishing your Group Personal Pension or transferring your scheme by completing our form today.