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Scheme Review Case Study

BRINGING TO LIFE THE POTENTIAL BENEFITS

Regularly reviewing your workplace pension scheme arrangements could be beneficial to you, your employer clients and their employees

Scheme Profile

  • 100 scheme members
  • £280,000 annual premium – made up of £175,000 employee and £105,000 employer contributions
  • £1.9m assets under management

Current pension arrangement

  • £100 per month employer fee 
  • 0.75% total annual fund charge (TAFC) 
  • Not on salary exchange 
  • Investments have not been reviewed since 2016

Costs and charges review stages

Check the existing scheme charges

Investigate benefits of salary exchange for the employer and for employees who are members

Confirm cost savings for employer and for employee members

Review the overall scheme proposition

Present recommendation to employer for consideration

Employer decision

Arrangement under Scottish Widows Group Personal Pension

Arrangement under Scottish Widows Group Personal Pension

  • No monthly employer fee meaning a £1,200 per year saving for the employer
  • 0.36% total annual fund charge (TAFC) meaning an overall saving for all employees of £7,410
  • Salary exchange arrangement, saving the employer £24,150 (based on 13.8% of employee’s premiums)

 

With Scottish Widows, you, your employer clients and their employees will be provided with a high standard of service, accredited by the CCA, from day one.

 

Our members also receive award winning ongoing engagement* which aims to educate and support them throughout the lifetime of the scheme. We recognise the value that member engagement can have and how this can lead to potentially stronger retirement outcomes.

*WBS Financial Education Provider of the Year 2022