Two categories at the Employee Benefits Awards 2015 highlight the great work UK employers are doing on defined contribution (DC) pension schemes.
‘Best DC pension default investments’, a category introduced in 2013, recognises employers that have made a concerted effort to offer an effective default investment strategy for their DC pension scheme that is appropriate for their workforce.
Jobs and Business Glasgow won this award in 2014 for its strategy, which focused on behavioural finance research that aimed to match member expectations better with their path to, and outcomes at, retirement.
The ‘Best DC pensions change’ award acknowledges the most effective strategy to drive pensions change.
For example, perhaps an employer has taken the opportunity to review and change their existing pensions provision, or introduced greater flexibility for staff around their at-retirement options ahead of the changes announced in the Chancellor’s 2014 Budget.
Judges will be looking for well-considered, innovative strategies with clear objectives and quantifiable results.