Smiths Ltd had a group pension scheme in place but, as with many pension schemes, it had not been reviewed for some time. Smiths were concerned that although the scheme was auto enrolment compliant, it might not be the best solution available for their 100 or so employees.
Due to the considerable size of the pension scheme and the annual contributions, they needed an adviser and scheme provider who would be available for advice and support whenever needed.
Smiths Ltd didn’t want a ‘flash’ salesman (as they put it!) but wanted to deal with someone who would understand their requirements and look after their employees. In addition, they wanted their employees to be educated on the benefits of saving for retirement in general; how much they should save, how much risk they should take and what their options were at retirement.
On close analysis, we found that the current pension scheme was outdated and producing poor returns for its members. We therefore transferred the company from their old scheme to an all round, much better, new one.
We dealt with both the old and new pension scheme providers simultaneously, to ensure a smooth transition. As you can probably imagine (especially if you’re involved in company pensions!) there was a huge amount of paperwork to process! We also arranged meetings to see all the staff individually across Smith’s two locations. Group pension plan presentations can often be somewhat ‘dry’, so we placed great importance on creating engaging and informative content for the group meetings, that showed the impact they had on indivudals.
Smiths Ltd employees are now members of a much better pension scheme and can look forward to regular face to face retirement planning advice, if they want to take advantage of it. We’re also there for Smiths whenever they or their employees have a question, a great weight off their mind which lets them get on with what they do best.