The provision of group pension schemes not only makes great business sense, but, following legislative changes, is now a statutory responsibility for all businesses.
Research has consistently shown workplace pensions among the highest valued of all employee benefits. A 2019 survey by insurer Aviva revealed that employees placed a company pension second only to provision of 22-35 days' paid annual leave as their most popular benefit.
It's a tasty carrot for employers to offer, one which is also now backed by a legal stick. Following implementation of automatic enrolment legislation, employers are required to provide and contribute to a workplace group pension scheme.
A much desired, must provide benefit
Statutory auto-enrolment law applies to most staff although they may choose to opt out of a scheme you provide. In practice few do, with MoneySavingExpert reporting over 90 percent take advantage of the benefits offered. That again speaks volumes about the value employees place upon provision of a workplace pension scheme.
For you as an employer, the key question is which type of group personal pension scheme best suits.
Here you can rely on RBIG's expert advisors to guide you through the maze, taking into account your auto-enrolment obligations as well as wider objectives, such as enhancing your employer brand to assist staff recruitment and retention.
At RBIG we recognise that as well as meeting their legal responsibilities, employers want to invest in the current and future wellbeing of their employees. Doing so signals they care, presenting them as an employer it's good to work for, a company that they might want to work for.
A well structured group pension scheme can tick both boxes.
In order to devise a scheme that best meets your business's obligations, objectives and budget, our pension experts will conduct a thorough audit. This will take into account your corporate structure, number and type of employees and any existing provision of pension and other employee benefits .
Having carefully discussed your options with you, they will then present a bespoke solution which, based on their experience and expertise, they regard as the best group pension scheme for your business.