Reviewing and introducing a new group pension scheme from start to finish

The problem

Our client realised their existing pension scheme was not up to industry standard or providing their employees with the best options. They were looking for a company to undertake a full review of the existing scheme, then recommend, implement and provide the ongoing management of a new one.

With our help, our client now has a highly beneficial group pension scheme that provides future financial security for the company­ and employees, whilst giving all parties control.

The results

At a glance, our work implementing our client’s group pension scheme:

  • ensured the company met its legal obligations;
  • provided a more cost effective solution;
  • increased employee satisfaction;
  • minimised the time our client had to invest in introducing the scheme;
  • was effectively communicated to all employees,
  • and continues to be valued by employees today.

In detail

“I’m the Finance Director at a medium size firm and was charged with reviewing our existing corporate pension arrangement,” our client explained.

“I needed to make sure the scheme was competitive, met the needs of our employees and was compliant with our legal obligations. I kept getting email notifications from the Pensions Regulator and, frankly, was unsure if we were sticking to the rules”

Canter Holland was the trusted partner our client was searching for to:

  • evaluate the needs of the company and their employees;
  • review the existing arrangement;
  • find new arrangements that match requirements;
  • explain the different options,
  • and implement the chosen solution.

Our solution

We started with a look at expected business growth and gained a clear understanding of the financial pension commitment that the business wanted to make. We spoke directly to each employee to see how they perceived the current arrangement and what changes they would like to see.

Our review of the existing scheme revealed it to be expensive and below industry standards in client reporting and online functionality, which is a must for modern pension schemes. We outlined the requirements for a new scheme and tendered this to the entire market, securing favourable terms with a number of pension providers, providing our client with choice.

Once a preferred arrangement had been secured, our experienced team managed the entire pension scheme change, from the old provider to the new. We advised each employee on an individual basis, ensuring they completely understood their options and the overall benefits.

Canter Holland is providing on-going administration of the scheme, ensuring that current legislation is adhered to.

The results

Speaking of the results achieved, our client said: “We couldn’t be more pleased with the result. Our employees are engaged. The Board fully understand the new scheme and see tangible benefits to the business. We’re saving money, are fully compliant with current legislation and ‘future-proofed’ against expected changes. Outsourcing Canter Holland has really made my job easier.”

The implementation of a new pension scheme has been a hugely beneficial for our client. Their employees feel valued, understanding the investment that the business is making in them personally and how they will be safeguarding their future with a structured financial plan. The scheme has improved staff retention and provides a good incentive for new employees.

By outsourcing the delivery of the scheme our client has reduced costs and freed internal labour resources. They can be confident that the company is fully complaint with current legislation, is future-proofed against further legislation change and reassured that it will be managed efficiently and effectively.

The benefits of outsourcing:

  • Improved efficiencies – the scheme is run by experts;
  • Future-proofing – the latest, legally compliant, information will always be available;
  • Internal labour resources are freed up,
  • Your business can focus on core areas.

Learn more about how employee benefit schemes can benefit your business:

Call 0845 127 1444 or