3 telltale signs that your business might need expert help managing its workplace scheme

The workplace pension you offer your employees is likely the second biggest financial incentive you provide, after the salary you pay.

A flexible and well-managed scheme with funds aligned to your company and staff values can help your employees feel seen and appreciated, boosting morale.

But for your HR manager, the ongoing demands of running a scheme can be tough. In an environment of shifting rules and changing legislation, it might even begin to feel like a full-time job in itself, preventing your key personnel from looking after your employees in countless other, and equally important, ways.

At Parker FA, we’re on hand to help. As workplace pension advisors, we can use our expertise to ease the strain on your HR department, picking up the slack in areas that might otherwise be neglected or forgotten.

Keep reading for a look at three key signs it might be time to call in the experts.

3 telltale signs that your business might need expert help to maintain its workplace scheme

At Parker FA, we understand that a high-quality workplace pension can strengthen your brand, help you attract and retain talent, and positively impact our society and the planet. We also know that maintaining a scheme, alongside a day job, can be incredibly hard.

Here are three signs that you and your HR department might need professional guidance.

1. You’re struggling to keep pace with changing legislation

While large-scale reforms like Pension Simplification (2006) or Pension Freedoms (2015) might be relatively rare, smaller changes are happening all the time.

From auto-enrolment to the recently announced changes to employer National Insurance rates, allowances and thresholds are in constant flux and rules are ever-changing. Keeping up-to-date with government policy alongside the other demands of an HR manager role can be difficult.

Guidance from professionals can help in several ways, including:

• Relieving the pressure on you and your business’s finance department by answering technical queries

• Reducing company liability where rules and regulations are complicated and the financial implications of missteps are significant

• Allowing you and your staff to focus efforts elsewhere, where talents can be put to better use.

As financial advisors, we’re constantly developing our understanding to stay on top of changing legislation, and this could mean that you don’t have to.

2. Your scheme’s ongoing management fees are too high

Alongside complicated regulations, more routine pension admin tasks can be forgotten or postponed during a busy working day.

Maybe you’ve intended to complete a pension scheme review but haven’t been able to find the time. Or you have employees asking about salary sacrifice or the sustainable funds your pension scheme offers.

We can help by completing a comprehensive review of the scheme you offer and asking key questions to ascertain if it’s really fit for purpose.

Our review might uncover exorbitant ongoing charges or a lack of fund choice that means your scheme isn’t best serving your employees. This might mean a move to a new scheme is required, and we can help manage the paperwork and administration of this too, ensuring your employees are kept up to date and informed, with all the information they need to make the right decisions for them.

3. Your scheme doesn’t align with your company’s values

Sustainability and ESG funds (focused on environmental, social and governance factors) have been in the public consciousness for decades now, but the sector is still evolving.

As your company has looked to align its processes with its changing priorities and values, you might find that your pension scheme has been left behind.

Older pension schemes are more likely to have default funds that don’t align with your company’s values on sustainability issues and they might have fewer to choose from. This could make it difficult for your staff to align their money with their own values.

A newer scheme could offer greater flexibility and ESG funds, as well as allow staff to better manage their retirement through the use of online portals. Tech like this can help to increase engagement with potential knock-ons for morale, and ultimately, productivity.

You might not have time to scour the market for the best new pension scheme for your business, but we do, so be sure to get in touch.

Get in touch

Managing the complexities of a workplace scheme in an everchanging pension landscape can be tough, but we’re on hand to help. Contact us to talk about what we can do for you.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.