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Governance

Good governance means taking a step back from the day-to-day and looking at the bigger picture. Are your workplace pensions and benefits operating as they should and providing the desired outcomes? Automatic enrolment, pensions freedoms, the Pensions Regulator, risk management and internal controls are just some of the reasons why an effective pensions governance framework is no longer a ‘nice to have’.

Our governance services range from simply providing initial support and advice to help you create an appropriate governance framework, through to ongoing comprehensive governance support. This can include, but is not limited to: leading/chairing your governance meetings, providing and interpreting scheme data and management information (MI), analysing and reporting on risks, and in-depth performance and behaviour analysis. Although the workplace pension is typically the focus of our governance services, this can be extended to also cover some or all of your other benefits.

The Pensions Regulator has defined six key principles for good quality pension schemes, and these form the foundation of our approach to pension scheme governance:

  • Essential characteristics: designed to be durable, fair and deliver good outcomes for members.
  • Establishing governance: creating a governance framework with clear, agreed accountabilities and responsibilities.
  • People: ensuring those accountable for decisions and activity are fit and proper individuals and understand their duties.
  • Ongoing monitoring: ensuring that regular governance reviews are undertaken to maintain ongoing compliance.
  • Administration: accurate, timely processing and record keeping.
  • Communications to members: ensuring that communications are appropriate for their audience, and designed and delivered to keep members informed.

Want to know more? Why not contact us to discuss how we can help you create and maintain an effective pensions governance framework.