It's time to rethink exactly what good pension governance is because it's critical to the operation of an effective workplace pension scheme.
For today’s workplace pensions, a sound governance structure can mitigate risks, avoid costly litigation and enhance efficiencies. And perhaps most importantly, it can also help ensure good outcomes for you and your employees by bringing clarity and simplicity to a topic many find complicated.
"It is important that members have confidence that they are saving into safe and durable products capable of delivering good outcomes"
The Pensions Regulator
A workplace pension scheme is a key part of your reward strategy, helping to motivate and energise your people.
Good governance helps you create a benefit that members engage with and value.
It enhances your wider reputation as an employer, helping you to attract the best new talent and retain existing talent.
It supports good member outcomes, giving your employees a route to retirement.
A robust governance structure helps you understand and adhere to current regulations and best practice.
It can enable your people to understand how much you value them. And how you’re investing in their future.
At its most basic, good governance helps members build savings. But, good governance offers much more too.
It can take employees on a journey, engaging and inspiring them to think about their financial future.
By giving them clear, practical information, they’re able to make the right decisions at the right times.
This is about much more than a simple cost/benefit analysis. Fundamental questions need to be asked and different scenarios explored.
From financial to regulatory, and through to reputational, a high-quality governance process can help manage and mitigate different kinds of risks.
Pension schemes might be about the future, but they can be an attractive part of your reward package today.
Good governance is about more than meeting the minimum legal requirements. It’s about maximising potential to ensure processes are robust and compliant.
Keeping a keen eye on your pension scheme means you can spot problems and opportunities faster and keeps the focus on member outcomes.
Here are a few key features of our pension governance service:
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