Transforming a Tech Company’s Workplace Pension Scheme: Case Study

A Surrey-based Tech Company with over 70 employees was recently introduced to Integrity365 to discuss their workplace pension provision.

The firm had a long-standing pension arrangement in place which had not been reviewed for several years, and the existing adviser offered a light touch governance service, so the client did not feel they had a true understanding of the competitiveness of the scheme.

As Senior Corporate Consultant at Integrity365, I regularly audit workplace pension schemes for businesses to ensure that they and their employees are receiving value for money. In this case, the initial review highlighted that the scheme was lacking in several areas and was not, in fact, providing value for money which would limit the outcome for employees at retirement.

Having considered our observations, Integrity365 was appointed to help achieve the following objectives:

Through a comprehensive market review, we were able to secure a competitive and modern pension scheme that provided more for the business and its employees. In fact, the new pension scheme saw a 66% reduction in Annual Management Charge compared to previous. Furthermore, the new pension provider offers high-quality engagement tools, such as an easy-to-use app, to assist employees in accessing and interacting with their pension more easily.

By introducing Salary Exchange, we were able to provide National Insurance savings for both employer and employees. The business saved £24,000 in NI, which allowed them to reinvest into the business to provide further valuable employee benefits. Many employees also put their NI savings to further use by increasing their pension contributions to provide more for them at retirement.

As well as the app which makes viewing their pension savings easier, we also implemented a range of activities to educate employees, make them feel more confident in their pension decisions and understand what they have saved for retirement.

We now hold companywide webinars to teach employees how to engage and maximise their pensions, as well as pension clinics where employees can speak 1-on-1 with an Independent Financial Adviser for more specific areas.

Over a 12-month period, we helped the client meet these objectives and transformed their pension provision, as well as now providing a greater level of ongoing support which gave the client more confidence in their scheme.

We provide ongoing reassurance by monitoring and reviewing the scheme on their behalf, ensuring it works as efficiently as possible. Furthermore, we are also able to support with ongoing compliance, ensuring statutory Automatic Enrolment requirements are adhered to in order to prevent a breach and potential fine by The Pensions Regulator.

Overall, there were great monetary benefits provided following this initial review, and employees have provided fantastic feedback which, in turn, has assisted the business with retention of quality personnel.

If you would like a review of your current workplace pension scheme, please do not hesitate to get in touch at craig.pritchard@integrity365.co.uk or call 0117 450 1300.