3 Things That Will Make Your Pension Provision Better for Everyone
Is your auto-enrolment pension still working for you?
Remember when auto-enrolment became mandatory and you rushed to tick the compliance box? You're not alone. Thousands of UK businesses selected the first reasonable pension provider they found – like grabbing the nearest umbrella when rain hits.
Fast forward to today, and the pension landscape has transformed dramatically. According to The Pensions Regulator, over 10.7 million workers have been automatically enrolled since 2012. That default provider you chose years ago might be costing both you and your employees more than you realise.
Three Game-Changers for Your Workplace Pension
1. Look Beyond the Default Providers
When auto-enrolment legislation kicked in, many employers went with big-name providers for ease and convenience. The market has evolved significantly since then, and many employers are yet to review their original scheme.
A study found that annual management charges can vary by as much as 0.5% between providers – a difference that could increase a pension pot by approximately 15% over a typical career.
Today's pension marketplace offers:
- More competitive fee structures that save your employees money
- Better education and therefore engagement for employees
- Better digital experiences and streamlined administrative processes
- Greater flexibility and customisation options
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2. Align Your Pension with Your Benefits Strategy
Your pension shouldn't exist in isolation from your broader benefits package. Research shows that 70% of employees are more likely to stay with an employer that offers above-average retirement benefits.
Consider how a well-optimised pension plan, when combined with a carefully curated collection of employee benefits, can:
- Enhance recruitment by offering above-minimum contribution matching
- Improve retention through exceptional education and guidance
- Support your sustainability goals through ethical investment options
- Reflect your company values through the providers you partner with
3. Empower Employees Through Better Communication
Even the best pension scheme falls flat if employees don't engage with it. Only 27% of workers feel confident they're saving enough for retirement, while 44% admit to rarely checking their pension value according to a report by Scottish Widows.
Modern pension providers offer vastly improved communication tools that can transform engagement. Employees who receive regular pension education are three times more likely to feel financially secure.
Look for providers offering:
- Clear, jargon-free education materials
- Interactive projection tools that make future planning tangible
- Mobile apps that put pension management at employees' fingertips
Time for a Pension Review?
If you haven't revisited your pension provision since setting it up, you're missing opportunities to create better outcomes. We specialise in helping employers navigate the evolved pension landscape. Our team conducts comprehensive reviews, identifies improvements, and handles the entire transition process.
Ready to see if your pension provision could work harder for you and your employees? Visit Bravo Benefit's Pension Services to turn this regulatory requirement into a genuine benefit for all.
