Existing Schemes

If you have an active workplace scheme, chances are it's been there for many years. They often tick over without any attention to whether they are competitive, suitable for the members or whether better alternatives are available. Over time, take-up rates dwindle and employees lose interest - often despite considerable contributions being available from their employer. Worse, legacy pensions such as closed DB schemes can be a continuing drain on the business and can hinder strategic plans. Yet much can be done to improve existing and legacy pension schemes given professional input and experience.

Aspira's Workplace Pensions Assessment will examine all the company's existing schemes, reporting on subjects such as:

  • Scheme advice and support services, charges and investment options - reviewing the existing arrangements versus alternatives now available.
  • Scheme design and suitability - exploring whether the schemes meet the needs of different employee groups, the new legislative requirements and governance best practice.
  • Legacy scheme planning - assessing options for dealing with closed schemes, including buy-out and enhanced transfer programmes.