As a business specialising in employee benefits, it should be a given that our internal pension scheme is run to a high standard. Like many new generation companies without Defined Benefit legacies, our company scheme was set up as a Group Personal Pension (GPP). A potential problem with GPPs is that they can quite easily sit at the side and can continue to operate with minimal engagement from the Employer.
When auto enrolment requirements were announced, an internal group was established to guide our scheme through the process. As part of this review, the business looked closely at the needs of employees and their engagement with the GPP. This resulted in the commencement of our own internal DC Governance Committee. The committee would have key responsibilities in improving employee engagement with the scheme and monitoring performance.
I volunteered to join the committee as I was interested in representing the interests of my colleagues and developing my own knowledge of workplace pension arrangements. The Committee is approaching its first birthday which would seem the ideal time to share my 6 key lessons learned: Read more »