Signs That You Need Help With Your Pension Scheme

A couple having an argument

If you think that not having a pension scheme for your employees is a cost saver on your part as an employer, then think again. A pension scheme not only offers many benefits to you, but also to your employees. Making the mandatory contributions to the Government insurance and pensions authority may not be enough, here are some signs to look out for to help you make your decision as to whether you need to set up a scheme or not.

  1. You have a high rate of staff turnover – Have you noticed that you constantly have new staff coming in every few months to fill in jobs of a permanent nature? High staff turn over is one of the first signs that you need to look over what you are offering your staff members. Statistics show that companies who offer pensionable employment by way of a pension scheme, attract and retain staff more than companies who don’t. Having a company pension scheme offers a sense of security to employees because it’s a safety net for their life after their working life is over. This safety net extends to their loved ones in case of any sudden loss of income stemming from injury, illness or even death.
  2. Unmotivated staff: If your staff literally drag themselves into work and do the barest minimum to not be dismissed, you and your company are in for difficult times. Unmotivated staff often means a grumpy office atmosphere and subpar performance which in turn means you losing revenue as your employees will not be willing to complete tasks on time. Having a pension scheme results in greater commitment and work satisfaction for your employees.
  3. You’re paying too much on your company investment accounts – for companies that do have a pension fund of sorts, you opting to handle things inhouse means you are personally responsible for each and every investment you chose to pay into. Sometimes these risks are not spread evenly, and you may suffer huge losses in the process. You end up with an emptier bank balance as you shell out more to keep your investments afloat.
  4. Your administration is helter skelter – Let’s face it, most company Human Resource departments were only meant to handle so much and not issues of pension investments whose administration requires a fine eye for detail. Fund management can be simplified by way of engaging a professional fund manager who can take out the hassle of contribution payments and providing detailed reports to members. 

Speak to us today to find out how we can help you.