Each employer will have differing requirements that will be best fulfilled by different arrangements. Xafinity can help you select which vehicle is most appropriate for your organisation to help you comply with your requirements, and optimise return on investment in your most important resource; your employees.
Whether the scheme an employer uses for automatic enrolment is new or not, it must meet certain, specific criteria set out in legislation. The scheme cannot impose barriers, such as probationary periods or age limits for members or require staff to take action to join, or remain, in the scheme. Whichever vehicle is adopted, it is important to remember that compliance with auto-enrolment requirements is the employer’s responsibility. Some of the key differences between the different types of arrangements are set out in the table below.
With the breadth of choice, it is perhaps worth considering how different types of arrangements are able to satisfy the six elements which the Regulator believes are necessary to deliver members of DC pension plans the outcome of an adequate income in retirement.
The Regulator is clear that DC pension provision is not about minimising costs; its about achieving value for money - it is about providing members with appropriate levels of support to deal with complex investment, funding and retirement decisions.