Lee Mannion | Tuesday 23rd November, 2021
So you’re thinking about changing workplace pension provider. Congratulations, you’re on your way to making your most expensive employee benefit actually feel like a benefit.
Your company’s pension scheme should be a reflection of your brand. It’s a great way to make your employees feel valued, and picking the right workplace scheme can go a long way towards boosting engagement and, ultimately, retention.
Many people stick with their existing employer pension for years, even though:
Of course, moving your entire team to a whole new pension scheme is daunting. Even if it's to one of the UK's best pension schemes. Despite the many benefits, it’s natural to wonder: is it worth it?
Here’s the good news. Switching your pension provider is nowhere near as much of a hassle as you might think. In fact, it’s a doddle.
In this article, we’ll walk you through how to change workplace pension provider, step by step.
The first question you’re probably asking is can you change workplace pension provider? You may have not even realised switching providers was possible. Are you locked into one provider for life?
Absolutely not. You’re free to move your team’s pension provider at any time. In fact, you could drastically improve engagement with your workplace pension scheme by doing so - all without spending a penny extra on employer contributions.
There are 3 main steps you need to take to switch over your workplace pension.
The first step is an obvious one. Find your new workplace pension provider.
There are a variety of options available in the UK - each with its own pros and cons. It’s important to take the time to work out which option is right for you.
For example, if you have a large team, you won’t want to spend your days answering all the questions your team has on accessing and managing their pension. You’ll want a provider that offers resources and support.
Looking for something for a start-up? You’ll want a pension that is flexible and modern- something that feels as cutting-edge as you are.
The next step is to inform your current provider that you’re switching and let them know which scheme you’re moving to.
An email or call with your account manager will do the trick. Then, the two pension providers will take care of the move itself, letting you know when everything is ready.
Then, you can get ready for the final step.
Finally, you’ll need to let your team know what’s happening.
It’s a good idea to quell any concerns about their money. You’re switching for a reason, so outlining any benefits to employees will help this. You'll also want to highlight if you're switching to a salary sacrifice pension.
It’s also normal to experience an uptick in pension questions during this team - many employees will use this as a reminder to look into their pension, their plan, contributions and more.
It can be a good idea to book a ‘welcome session’ with your new provider to help field these questions.
Penfold will give an overview of the platform, how it works and distribute a welcome pack to all new customers.
We’ll also assign you a dedicated pension manager - who you can direct any and all queries too (like how pensionable earnings work), leaving you free to focus on what matters.
We’ll even integrate into your work chat platform so we’re ready to take any and all questions.
Switching your team over to the Penfold pension scheme is easy. Just let us know where you’re switching from and we take care of everything.
Penfold is the cutting-edge, cost-effective workplace pension scheme that your team will love. We integrate with your payroll and manage all the admin for you. No more regulatory returns. 1-on-1 customer care.