The latest from our Scottish consultancy team, based in The Capital Building on Edinburgh's St Andrew Square

Are we still not there yet?!

And indeed, where is ‘there’?

Yup, over 3m British children are still regularly asking “Are we there yet?” and if you are a parent you’ll just need to get used to it because there doesn’t appear to be an end in sight (if you believe tabloid newspaper surveys).

We already know we are still on a journey with workplace pensions. But for defined contribution pensions there is good news with some consensus on what the end state might look like.

Saving for longer is already in the pipeline, with the proposal to start auto-enrolment from age 18 through to state pension age and with separate plans to extend state pension age to at least 68.

On the pension contribution front, The Pensions & Lifetime Savings Association, an independent organisation focussed on helping UK employers like you help everyone to get better outcomes in retirement, advocates at least 12% pension contributions of which 6% is paid by employers which is arguably the ‘good’ option, or 15% of which 10% is paid by the employer which could be described as the ‘great’ option.

However, there’s a lot more to ensuring your employees have a good retirement outcome than just good contribution levels. Again, the PLSA highlights that robust scheme governance, the right default investment choice, fair charges and a strong employee communication and engagement strategy, amongst other things, can all make a material difference to the overall quality of your pension scheme and ultimately to your employees’ retirements…not to mention the running of your business….more on that in my next blog!

And don’t forget, all of this can be a differentiator for your business helping you to attract and retain key staff.

If you need help assessing how your pension scheme stacks up, speak to us.



Posted by Nick Frankland

Topics: Workplace Savings, Retirement, Pensions

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