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How to select a workplace pension

Whether you've yet to reach your staging date, or have already passed it - you'll need to review the workplace pension you’re using to enrol your employees to ensure it is 'qualifying'.

Conditions of a qualifying scheme

A qualifying scheme should meet the following conditions:

  • It's a registered pension scheme.
  • Contributions comply with the minimum amounts required under auto-enrolment.
  • There are formal agreements between the parties that the minimum contribution requirements will be met in the correct way.

From April 2015

  • A charge cap of 0.75% applies to members in the default fund.
  • Consultancy charging is banned.
  • Your provider must have an independent governance committee in place, with a duty to act in members' interests.

From April 2016

  • 'Active member discount' is banned.
  • Advisor commission is banned.

Eligible jobholders who aren't already members of an existing qualifying scheme must be auto-enrolled into an auto-enrolment pension scheme.

Conditions of an auto-enrolment scheme

An auto-enrolment scheme should meet the following conditions:

  • Meet the requirements of a qualifying scheme; outlined above.
  • There should be no scheme provision, such as a minimum age or length of service, that prevents workers from being automatically enrolled into the scheme.

Request a free pension review

Alternatively, request a free pension review by phone on 0117 314 1783 or email us.

Find out about registering your pension

Free Employer's guide to auto-enrolment

Employer's guide to auto-enrolment

Get a head start on what you need to know about workplace pension reforms and auto-enrolment in one clear, easy-to-read guide.

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Employer's Guide to Corporate Vantage

Corporate Vantage: our workplace savings solution.

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