In order to help employers comply with their duties and successfully manage a company pension scheme, Vintage has recently launched a dedicated Group Pension Service.
The service is designed to act as a plug in to businesses which will assist management and HR teams in reducing the considerable workload, burden and potential liabilities that come with auto-enrolment.
The Vintage Group Pension Service is made up of two parts; engagement and implementation, followed by ongoing support.
Engagement and Implementation
This process helps businesses to meet their obligations before and on their staging dates and includes the following;
- Meeting with the employer to discuss the objectives and assessment of workforce.
- Review employee qualification to the scheme.
- Expert advice and guidance given provided to employer with regards to scheme type and options.
- Provision of a full report detailing each employee’s status, breakdown of costs, recommended scheme and the reasons supporting recommendation.
- We will control the communication between employer and employee by making a full presentation which will provide a background to pensions, auto-enrolment and an introduction to their scheme.
- Free initial consultation with employees should they wish to discuss their circumstances in more detail, whether to opt in or out and to ensure that their funds are invested according to their risk profile.
- We will liaise with the pension provider to ensure that the scheme is set up correctly and within agreed timescales and that all legal requirements, such as the registration of the scheme, are in order.
- Where appropriate, a full review of any existing pension schemes will take place.
This process helps employers meet their obligations beyond staging date and includes the following;
- Registering and ongoing re-registering the scheme with The Pension Regulator
- An annual review of the scheme suitability
- Maintaining full records on the employer’s behalf
- Ensuring that correct contributions are deducted and paid into the scheme
- Managing all opt-outs and opt-ins, processing refunds and re-enrolment of workers
- Adding/removing employees as well as amending categories when personnel changes are made
- Liaising with scheme provider on all matter relevant to the scheme
- A dedicated adviser on hand to assist with all technical enquiries from the employer
- An open ‘hotline’ available to all employees who wish to discuss their pension options and to answer any queries they might have
For more information about the Vintage Group Pension Service and how we can benefit you, or to arrange a free initial consultation then please do not hesitate to contact us.