So in this world of Auto Enrolment and the mine field of choosing which pension provider to choose, what should employers and employees be asking providers?
Questions to ask providersQuestions you should ask about the legal requirements include:
- Does the scheme allow at least the minimum contribution levels?
- Does the scheme allow staff to join it without providing any information?
- Does the scheme allow staff to join it without making any choices, eg about where their money is invested?
- Do you ensure that the investments on offer are appropriate now and in the future?
- Will you regularly review costs and charges to ensure they are still value for money?
- Is compensation available if anything goes wrong?
- Are members’ options clearly communicated as they approach retirement?