TPR launches guides on choosing pensions for auto-enrolment

The Pensions Regulator (TPR) has launched a suite of new guides to help employers with limited pensions experience select a good-quality pension scheme for auto-enrolment.

An employer’s guide to selecting a good-quality pension scheme for automatic-enrolment helps employers evaluate whether a scheme is well run, offers value for money and protects employees’ retirement savings, without being costly or complicated.

It has also published a guide to management committees for employers called Monitoring your pension scheme, which is aimed at employers that select a group personal pension (GPP) plan or a master trust for their workforce, and may choose to be more closely involved in the running of the scheme.

Andrew Warwick-Thompson (pictured), executive director for DC (defined contribution), governance and administration at TPR, said: “Choosing and running a good-quality pension scheme is key to the success of automatic-enrolment. Many employers already run a good scheme, but most organisations will be embarking on this journey for the first time.

“These guides will help employers and those advising them to feel confident about selecting a scheme that is well suited to their workforce and business requirements.

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“Not every employer will want to be closely involved in the running of their own pension scheme and instead will choose a good-quality multi-employer master trust or group personal pension (GPP) plan.

“However, those engaged employers that do want to take a more active role can help to ensure the scheme is better run and lead to a more comfortable retirement for their workers. Monitoring your pension scheme can guide them on how to do this.”