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Is your pension scheme administration process compliant? Could you be fined?

Pension scheme trustees are faced with a large number of legal obligations and responsibilities.  Trustees must have in place a governance framework through which they can be confident that their obligations are being fulfilled.

Every scheme will have an appointed Administrator, to whom administrative functions are delegated though responsibility remains with the Trustees.  Failure to monitor the administration services can have serious consequences, including fines and/or prosecution, not to mention reputation damage.  Good governance and controls can avoid costly mistakes.  Trustees need to be confident that their appointed administrator is fulfulling the compliance requirements in an effective manner.

 Read more on how Mercer can help

The cross industry survey was conducted in late 2011 with the objective of gathering information on how organisations are currently planning for 2012 rewards and benefit planning.  The survey results also highlight a number of areas where companies have recently made changes to their reward programmes.

Some interesting facts emerged from the analysis such as:

• The number of organisations projecting a decrease in staff numbers for 2012 has dropped to 25% (from 34% in 2011). Over 20% of organisations are making changes to their incentive plans, grading, performance management or approach to job evaluation. 
    
• The majority (85%) of organisations plan to assess employee engagement levels in their organisations in 2012, primarily through employee surveys. 
     
• In addition, 76% are planning initiatives to address employee engagement including communication programmes, learning and development opportunities and employee recognition programmes.

 I would like to a receive a copy of the Reward Planning 2012 Survey Report
     

 Learn more about employee engagement