Grove scheme audit and review

If you already have a pension scheme, you'll need to establish whether it will comply with auto-enrolment regulations. You'll also need to decide whether to use the scheme (subject to necessary changes) for all employees or start an alternative arrangement for some employees. oh and you'll need to establish internal contribution, record keeping and notification procedures to make sure that you comply (there are fines for non-compliance, you know!).

Is that it?

Well no, not if you want to make your scheme work and comply with legal requirements and regulatory guidance. Best practice means regularly reviewing:
  • Advisers
  • service providers like insurers, administrators and investment managers.
  • Charges
  • Contribution structures and membership conditions
  • Compliance with the law and regulatory changes
  • Member communication, that members know how the scheme works, what their options are and value the scheme.
  • Assessing and managing risks associated with running the scheme, including the risk of members seeking legal redress if things go wrong.

    • We can help

    For fixed fee of £3000 + Vat (and some time spent with us understanding your scheme and objectives), We'll review your scheme and processes for compliance (now and in the future), best practice and cost effectiveness. We'll also provide a summary key governance issues for your records.

    If you would like to commission a report or just chat about it for now, please contact us