how to choose a workplace pension
TRANSCRIPT
Workplace pension due diligence
The Choices taskforce of the Friends of Auto Enrolment proudly presents……
Henry TapperDirector First ActuarialFounder Pension PlayPen
Who will provide choice? Source ; NEST Insight 2015
Our support is focussed on accountants and payroll agents using commercial software
What the Pensions Regulator saysIf you offer a solution that links to one or more specific pension schemes
(e.g. the payroll software is set up to link best with a specific scheme)…..
you should make your client aware that there may be other pension schemes available that could be more appropriate for their staff.
If you don’t do this, there’s a risk that you could be seen to be restricting an employer’s ability to actively choose their own pension scheme.
Informed choice reduces capacity issuesOld way – CSV file
• Manual intervention• Security issues• Time challenging
New way - API technology - • Touch of a button• Secure• Using common data standards
The industry should aim for 50% of data transfers to be by APIs by the end of 2016
Things can go wrong
The majority of propositions we research are not offered on our platform. None of the above passed our due diligence
Choice in the news
For your information!.
The Choices Taskforce of Friends of Auto-Enrolment have produced two important documents
How to choose a pensionA Choices Factsheet
Thanks to David Stripp/ Liz Cole/Andrew Evans/David Rich/Jon Parker/Richard Hulbert/Jerry McGahan
With help from Neil Esslemont