Louise Farrand examines how one company has made the most of re-enrolment
As some companies get to grips with auto-enrolling their staff into a pension scheme, others have already moved on to the next hurdle. Companies that were among the earliest to auto-enrol their staff are now grappling with re-enrolment. As they re-enrol staff, some are seizing the opportunity to review their pension arrangements.
Daniel Harvey, the chief executive of workplace pensions specialist The Pension Counter, was approached by a client for help reviewing their processes. For one of his clients, auto-enrolment had been a complicated process.
The company had around 2,000 members of staff operating from 180 locations. It was operating an onerous payroll process, with almost every permutation possible, from weekly and monthly payrolls to zero-hour contracts. There was also a lack of integration between the payroll software and the pension provider.
After reviewing the situation, Harvey and his team recommended a change in provider. After conducting a thorough audit of the mastertrust market, they appointed The People’s Pension.
He says: “We had seen a track record of The People’s Pension dealing with companies which had a high staff turnover, which this company had. We concluded that they are financially stable. We were impressed by the support which they provide not just to us advisers, but to the employer and employees. It’s a very well-managed pension fund, with solid investment funds.”
The company worked hard to communicate the benefits of the new pension scheme to staff, in the hope that many would move into the new arrangement. The company’s HR department, The Pension Counter and The People’s Pension worked closely to create a communications plan.
And behind the scenes, The People’s Pension and the Pension Counter were working closely together to make sure that the transition was seamless for employees who opted to move their money.