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We know that efficiency is important to your business. So we’ve created this podcast to explore one way you might be able to make managing your pension schemes easier – by combining them in one place.

We talk about how you can transfer your existing pension schemes to The People’s Pension – and why you might want to.

The introduction of automatic enrolment has led to an increase in schemes that are no longer open to new contributions. We call these ‘legacy’, or put more simply, ‘old’ schemes.

Rather than have 3 different schemes running, say for different levels of staff or deferred members, you can move them all to one scheme. That makes managing the scheme easier and more efficient.

In this episode, we’ll run through the various ways The People’s Pension can help…it can be used as the default vehicle if an old scheme is being wound up, or it can accept bulk transfers of specific groups of members.

It’s open to all transfers from DC trust-based and contract-based schemes. There’s no minimum or maximum size of transfer either.

Transcript

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Hello and welcome to the latest podcast from The People’s Pension.

This is the third in our series of five podcasts. This time we’ll cover the reasons why you’d want to consider having some or all of your schemes in one place.

Let’s get cracking…

I’m now going to talk about how you can transfer your existing pension schemes to The People’s Pension. Literally hundreds of customers have asked us about this in the last year alone.

The simple answer is that ‘it’s definitely worth considering’. Well, we would say that wouldn’t we! But I’ll go on to explain the reasons why in a minute.

The introduction of automatic enrolment has led to an increase in schemes that are no longer open to new contributions. We call these ‘legacy’, or put more simply, ‘old’ schemes.

If you have an existing defined contribution scheme that you no longer make contributions to, then it could be beneficial to move it to The People’s Pension. If your existing scheme is a defined benefit scheme, then the picture is a bit more complicated.

With both scheme types we’d recommend that you take advice about what’s best for your employees. Advisers may charge for any help or advice they give you.

Rather than have three different schemes running, say for different levels of staff or deferred members, you can move all of them to one scheme. That makes managing the scheme easier and more efficient.

The People’s Pension can help in various ways. It can be used as the default vehicle if an old scheme is being wound up, or it can accept bulk transfers of specific groups of members. It’s open to all transfers from DC trust-based and contract-based schemes. There’s no minimum or maximum size of transfer either.

So what are the main benefits for your business?

Cost is a big consideration. Running multiple schemes can be expensive, especially if different third parties manage the ongoing administration and investment of the scheme.

Transferring schemes can reduce the administration burden for your staff and therefore the cost to your business. And there are no ongoing fees for employers either.

What’s more, we can provide all employee communications, including those required by law – which means your employees receive a consistent message about their pension. This makes it easier to keep track of who’s received what and when.

Which leads me on to how else we can make things a lot simpler for you. Regulatory changes have made the trustee role more complex and time-consuming. And as many company appointed trustees are also managers in the business, this means time away from day-to-day management to maintain the pension scheme.

The People’s Pension has an independent trustee board – a panel of experienced trustees, whose job it is to manage the scheme in the best interests of its members. So you can leave the running of the scheme to them and know it’s in safe hands.

Combining pension pots helps employees keep track of their pension savings – because their money is all in one place – and so plan better for their retirement. It can also help members manage costs by paying only one administration charge.

Finally, we provide a scheme that’s fit for all employees.

They have access to a range of investment choices, including risk-rated lifestyle profiles or they can choose from a range of funds, including a Shariah Fund and an Ethical Fund. So, there’s lots of choice, no matter what their attitude to investing is.

And in addition to these benefits, if you move a scheme to us:

  • You’ll be guided by our implementation team to help you through the transfer.
  • You’ll get the support of our award-winning customer service teams, who will work with your existing administrators to ensure a smooth transition.
  • You’ll have access to our proven expertise in dealing with complex payrolls, small pots and multiple employers of all sizes.
  • And we’ll keep your employees informed about what’s happening.

So, that’s the end of this podcast

Thanks for listening. We hope you found it useful.

Look out for our next podcast, where we’ll cover how it can be beneficial for your employees to move their other pensions to The People’s Pension. And how it can reduce admin for you.

Remember, you can find plenty more information on our website – www.thepeoplespension.co.uk. We have different sections aimed at employers and employees – both are full of useful information.

Plus, don’t forget that you can download most of our communications online – from our resource library and communications toolkit. There’s also our help and support section where we hope to answer any questions you may have.

Of course, if you have specific questions about your scheme and if you want to discuss how to transfer other schemes to The People’s Pension, please give us a call:

01293 586 643

We look forward to speaking to you.

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Look out for our next podcast...

Our next podcast – on Tuesday 31 October – will cover how your employees can combine their pension savings in one place.

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