Workplace

This bespoke employee benefits service delivers for our corporate clients

• Compliance with pension legislation and regulations
• Clear employee communication services – if an employer is providing a pension and perhaps other employee benefits is it not important for their employees to understand what they have and the value of those benefits?
• A regular employee benefits review – to ensure that the benefits provided meet the needs of our corporate clients and their employees taking account of product developments.
• The best value – we are independent and therefore have access to the whole market for pensions, group life, income protection and critical illness products.
• A range of specialist services including:
  • Advice and providing solutions for employees impacted by the annual allowance and lifetime allowance
  • Communication and advice to employees to implement a change to existing arrangement, eg pension increase exchange (PIE). Our experience and knowledge mean that employers, trustees and their current advisers can trust us to get the job done correctly and on time.
  • If you have a communication or advice project relating to pensions or another employee benefit it is likely we have done it before.

Pension provision & auto-enrolment services

Auto-Enrolment (AE) legislation imposes certain ongoing statutory obligations on all employers.

Autonomy Workplace will work with the Scheme Governance Committee and the Scheme provider to assist the Client to meet all of its ongoing AE obligations including the requirement to;

• Pay regular contributions into the Scheme.
• Monitor the age and earnings of all employees, and any new staff joining.
• Process any opt-in, joining or opt-out requests.
• Keep and maintain accurate records.
• Provide prescribed information to employees.
• Re-enrol any opt-outs every three years.
• Review the Scheme Default Arrangement.

Autonomy Workplace will advise the Client on the impact of any changes to the minimum quality standards for qualifying AE schemes including, but not limited to, changes to;

• Scheme governance requirements.
• Minimum contribution levels.
• The ceiling on charges borne by Scheme members.

The Client undertakes to provide Autonomy Workplace with such information as it requires to facilitate the provision of these Services.

Scheme Certification

Autonomy Workplace will advise the Client if there is a requirement to certify the Scheme against one or more of the alternative quality tests. Where a certificate is required, Autonomy Workplace will;

• Advise the Client on the timescale for certification.
• Assess the Scheme against the relevant alternative quality test(s).
• Advise the Client whether the Scheme satisfies the relevant alternative quality test(s).
• Advise the Client on the initial certification period and the subsequent renewal dates.
• Provide the Client with a suitable wording for the certificate.

It is the Client’s responsibility to certify the Scheme against the relevant alternative quality test(s) within the timescale specified and to ensure that the certificate is renewed annually. 

The Scheme Governance Committee

Autonomy Workplace will work with the Client to:

• Establish a Scheme Governance Committee and agree the terms of reference of the committee.
• Agree and document all accountabilities and responsibilities.
• Identify and manage any conflicts of interest.

Arrangements for Governance Committee Meetings

Autonomy Workplace will;

• Arrange and attend one Scheme Governance Committee meeting each year.
• Produce and issue an agenda for consideration by the Scheme Governance Committee in advance of each annual meeting.
• Produce and issue an investment report in advance of each annual Scheme Governance Committee meeting.
• Prepare and issue the minutes for the annual Scheme Governance Committee meeting.
• Ensure all actions are undertaken by the relevant parties within agreed timescales.

Investment Reports

Autonomy Workplace will monitor and report on;

• The on-going suitability of the Default Arrangement chosen for the membership.
• The performance of each of the individual funds within the Default Arrangement against stated performance objectives.
• The member borne charges of the individual funds within the Default Arrangement.
• The impact of all investment charges on the investment returns achieved by the individual funds within the Default Arrangement.

Autonomy Workplace will, at least once every three years, undertake a full review of the overall suitability of the Default Arrangement, taking into consideration any changes to the membership demographic, the charging structure of the underlying funds, the performance of the underlying funds, any significant changes in financial markets and any significant changes in legislation.

Member Communications

Autonomy Workplace will assist the Scheme Governance Committee to communicate the findings of each meeting to the Scheme membership including information on;

• The performance of each of the individual funds within the Default Arrangement.
• How risk is managed as the members approach their normal pension age.
• The conclusion of each investment strategy review and any actions taken.

Autonomy Workplace will work with the Scheme Governance Committee and the Scheme provider to ensure that the membership receives sufficient information to enable them to make informed decisions.

The communication process can include group presentations and individual employee/member clinics (usually 20 minute one to one meetings).

Administration Audit and Scheme Provider Review

Autonomy Workplace will, if requested by the Scheme Governance Committee, extend the governance service to include an audit of the records held by the Client to determine whether;

• The Scheme records are accurate and member choices, where applicable, have been correctly recorded.
• The Client has complied with all of its administration, communication and record keeping obligations.