The Pensions Regulator (TPR) has launched a suite of new guides to help employers with limited pensions experience select a good-quality pension scheme for auto-enrolment.
An employer’s guide to selecting a good-quality pension scheme for automatic-enrolment helps employers evaluate whether a scheme is well run, offers value for money and protects employees’ retirement savings, without being costly or complicated.
It has also published a guide to management committees for employers called Monitoring your pension scheme, which is aimed at employers that select a group personal pension (GPP) plan or a master trust for their workforce, and may choose to be more closely involved in the running of the scheme.
Andrew Warwick-Thompson (pictured), executive director for DC (defined contribution), governance and administration at TPR, said: “Choosing and running a good-quality pension scheme is key to the success of automatic-enrolment. Many employers already run a good scheme, but most organisations will be embarking on this journey for the first time.
“These guides will help employers and those advising them to feel confident about selecting a scheme that is well suited to their workforce and business requirements.
“Not every employer will want to be closely involved in the running of their own pension scheme and instead will choose a good-quality multi-employer master trust or group personal pension (GPP) plan.
“However, those engaged employers that do want to take a more active role can help to ensure the scheme is better run and lead to a more comfortable retirement for their workers. Monitoring your pension scheme can guide them on how to do this.”