Signs That You Need To Change Your Pension Scheme
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. Is it time to change pension manager? Read on for signs to look out for.
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.
Still wondering is it time to change pension managers? Does your staff literally drag themselves into work? Do they do the bare minimum to not be dismissed. If so, you and your company are in for difficult times. Unmotivated staff often mean a grumpy office atmosphere. With that comes subpar performance and lost 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.
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.
Your administration is helter skelter
Let’s face it, most company Human Resource departments were only meant to handle so much. Issues of pension investments and administration require a fine eye for detail. Fund management can be simplified by engaging a professional fund manager. They would take the hassle outof contribution payments and provide detailed reports to members.
Is it time to change pension manager? Speak to us today to find out how we can help you.