You should review any existing pension scheme to ensure that it satisfies the automatic enrolment rules, if you wish to use it for that purpose, or to check that it remains compliant following any change in pension scheme related law.
You should also review the scheme to ensure it’s of good quality and meets the employer’s needs, as well as those of your staff.
Key points
- You should review your scheme either formally or informally.
- Think about if the scheme is still suitable for you and your staff.
Review a DC scheme
The best way to review the quality of an existing defined contribution (DC) pension scheme is to speak to the trustees or scheme provider. You should ask them whether it complies with the required governance standards and charge controls. You can also ask to see the scheme’s annual chair’s statement, which will disclose the extent to which it meets the required standards.
If you need to select a new scheme and are interested in carrying out a more detailed assessment of the quality of schemes offered by providers, go to what to look for in a pension scheme.
You can find pension scheme providers in a number of ways, including by using an adviser. You should ask providers some key questions to help you check their scheme meets the automatic enrolment legislation and is of good quality. For more information go to choose a pension scheme.
While it’s not a legal requirement for employers, you may want to consider putting in place some monitoring of the scheme to ensure it’s being run well. See our guide on monitoring your pension scheme:
DB schemes
Detailed guidance
Our detailed guidance is aimed at professional advisers and employers with in-house professionals.
Detailed guidance 4: Pension schemes under the employer duties