Top five reasons employers transfer their workplace pension
- “It saved money”
Many of the more resource heavy providers charge a monthly admin fee to the employer, and will have additional charges for the employee. More modern, high-tech providers don’t need to add these charges as they have stream-line and efficient technology platforms that automate the process.
- “It saved my staff loads of time”
Since the start of auto enrolment, a common complaint from business owners has been that administering their workplace pension proved to be very time consuming. The amount of times it takes to transfer payroll data has also been a common problem. Switching to a provider with a smooth, streamlined and automated platform designed specifically for ease and speed of use can save valuable time. Providers that focus on direct payroll integration also allow companies to submit their payroll data with the click of a button
- “It was a better quality scheme”
The Pensions Regulator highly recommends choosing a provider with the Mastertrust Assurance Framework accreditation. This guarantees a high quality scheme. Awards are also given out every year by industry bodies in recognition of providers and schemes that stand out from the crowd.
- “It was surprisingly quick, easy and simple to transfer…and completely free”
More cutting edge providers will have streamline and efficient transfer processes in place, and expert transfer support teams. Some will even assign a named member of staff to help you every step of the way. This will guarantee a quick, easy and seamless transfer process that won’t cost you a penny.
- “It offered me and my staff lots of additional benefits”
Added incentives offered by some providers can be hugely beneficial to employers and employees. Benefits may include employer benefits platforms (allowing you to save money on everyday essential business spends), robo-advice offerings (helping you and your staff to achieve financial wellbeing at a fraction of the cost of a financial adviser), members apps and more.
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