MANAGING CHANGE IN WORKPLACE PENSIONS
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1 MANAGING CHANGE IN WORKPLACE PENSIONS
2 CHANGES IN THE LAW: -autoenrolment -age discrimination -tax issues COMPETITIVE ADVANTAGE: -attracting the best -retention -level playing field HARMONISATION -pension provision -employment terms -global DRIVERS FOR CHANGE TO PENSION PROVISION ECONOMICS: -cost -balance sheet risk BUSINESS NEEDS: -M&A Activity -internal restructuring -bidding for Gov t contacts HR REMUNERATION POLICY: -flexible benefits
3 DRIVERS BEHIND A WORKPLACE PENSION STRATEGY
4 FACING CHANGE: FACTORS FOR CONSIDERATION Minimum legal and contractual requirements including tax considerations, State pension provision, Gov contracts Budget constraints Nature of organisation e.g. culture, ethics, brand, sector, employee financial sophistication Management attitude to pension risk Effect of proposal on recruitment and retention e.g. market sector/competitors pension provision UK vs. global strategy
5 WHO NEEDS TO BE INVOLVED? Admin IT
6 PLANNING FOR CHANGE Project plan and budget key milestones on timing prior commitments of key personnel contingency approvals Securing external support for project team benefit consultants, legal, financial, investment and actuarial advisers Identify any stumbling blocks /risks seek to eliminate them or mitigate their impact document your thinking
7 COMMUNICATING CHANGE Strategy for Union engagement (if relevant) Develop communications strategy Draft communication materials Formal consultation exercise required? pensions consultation 60 days employment consultation issues - UK-wide sites, shift patterns etc
8 DB FINANCES A REMINDER
9
10
11 WHAT TO LOOK OUT FOR WHEN CHOOSING A PROVIDER
12
13 PRIORITY ORDER Security financial strength Investment strategy Costs & charges Governance (e.g. administration, IT, communication practices) Personnel
14 CORPORATE ACTIVITY
15 CORPORATE ACTIVITY AND PENSIONS What type of corporate activity? - sale/purchase of a company i.e. shares change hands - assets transferring into/out of a company includes internal restructuring, outsourcing/in-sourcing Undertake initial basic due diligence: - Intended deadline and reporting lines - Which employees are involved/where based - Current pension provision trust or contract-based?
16 WHAT TO DO ABOUT PENSIONS (DON T PANIC!) Establish minimum legal requirements Investigate scope of likely contractual obligations Establish current pension provision including: type of scheme (trust-based/contract-based/ DC/DB) contribution rates (employer and employee) pensionable salary information
17 LEGAL REQUIREMENTS: SHARE SALE/PURCHASE Effect on employment contract Effect on pension provision: no change to pension promise any issues with continued provision historic Beckmann liabilities
18 SHARE SALE JONES (GARDEN) RETAIL LTD PENSION SCHEME Jones (Garden) Retail Ltd PS DB PARTICIPATING EMPLOYERS 30 DB ACTIVES 6 DC ACTIVES DC PRINCIPAL EMPLOYER 2 DB ACTIVES 100 STAKEHOLDERS WIDESPREAD HOUSEHOLD INC HOUSEHOLD GROUP PLC HOUSEHOLD UK PLC JONES GARDEN (RETAIL) LTD
19 BUSINESS TRANSFERS AND TUPE
20 BUSINESS TRANSFERS TUPE* Business transfer: transfer of a business, undertaking or part of a business/undertaking where there is a transfer of an economic entity that retains its identity Service provision change: - engaging a contractor to do work on company s behalf (outsourcing 1 st generation) - reassigning an existing outsourcing contract (2 nd generation) - bringing the work back in-house (in-sourcing) Automatic transfer principle: employees follow the work *Transfer of Undertakings (Protection of Employment) Regulations 2006
21 BUSINESS TRANSFERS: TUPE AND PENSIONS What transfers? All rights, powers, duties and liabilities under or in connection with any contract of employment Any collective agreements What about pensions? Exemption: so much of a contract/collective agreement as relates to an occupational pension scheme i.e. benefits for old age, invalidity or survivors do not transfer under TUPE
22 LEGAL REQUIREMENTS TUPE AND PENSIONS Contract-based pension schemes (inc. GPPs) - Employer and employee contributions age and service-related structures - If not in the contract of employment, an implied term - Minimum auto-enrolment requirements Occupational pension scheme trust-based: - Employer must offer matched contributions of up to 6% of pensionable pay - trust-based to trust-based easement
23 COMMUNICATION WITH EMPLOYEES - TUPE Transferor to provide "employee liability information" Not less than 28 days before relevant transfer date Penalty: up to 13 weeks gross pay per employee for noncompliance Transferor and transferee obliged to inform and (sometimes) consult recognised trade unions/elected employee representatives of affected employees -"long enough before the relevant transfer - consultation required if measures are envisaged - transferee to provide measures information to transferor
24 PENSIONS TRAPS FOR THE UNWARY Harmonising pension benefits post TUPE transfer Failing to inform and consult Beckmann pension rights (early retirement, redundancy) Inadvertently triggering a section 75 pension debt (DB schemes)
25 COMMUNICATION
26 COMMUNICATION The challenge of getting a simple message across
27 OUR CHALLENGE We have the challenge of getting a complicated message across
28 TWO TYPES OF COMMUNICATION Regulatory The minimum requirements for the information schemes must provide Voluntary Over and above the regulatory
29 LACK OF KNOWLEDGE Some lessons from research on how people react when faced with financial choices Widespread lack of knowledge and understanding of pensions and investments People are risk averse and loss averse preferring to minimise losses rather than seek gains People claim to value choice, but in reality do not exercise it In practice, as few as five investment options may be enough Generally, people do not change their investment choice Tolerance to risk changes as retirement approaches Members take more interest in their pension as they approach retirement Source: Individual investment behaviour, a brief review of research Bristol University (January 2009)
30 GOOD COMMUNICATIONS Help demonstrate the value of the scheme Motivate people to join and members to plan for their retirement Reduce scheme admin costs by anticipating member concerns and queries, and dealing with them
31 PENSIONS QUALITY MARK The Pensions and Lifetime Savings Association s PQM suggests that you can test effectiveness by asking three simple questions: Does it have impact? Is it clear? Is it accurate?
32 WHAT DO MEMBERS WANT TO KNOW? Before they join a pension? When they are in a pension? What will it cost me? What will I get out of it? What will I get out of it?
33 SOME BASIC RULES OF PENSION COMMUNICATION
34 AUDIENCE Think about the needs of those receiving the information Think about the likely levels of pension understanding Automatic enrolment will increase the number of people with little or no pensions experience
35 TEXT Break text into smaller sections Use graphics and pictures Case studies or examples relevant to the audience will help Use headings and subheadings
36 CONTENT % # &! $ 1 Avoid jargon 2 Information Make use of what is readily And don t use a glossary unless you absolutely have to video available in the public domain 3 Instructions If the reader needs to do something, give precise instructions on how and by when 4 Plain English Write communications material with Plain English principles in mind
37 TARGETED COMMUNICATIONS Consider targeted communications, using segmentation based on: Age Salary Jobholder status Interactive material means that members only look at what is relevant or of interest to them Click here for an example
38 BENEFITS Good communication is worth it Schemes with well informed members will have: High participation rates Higher retention Better engagement
39 CHECKLIST FOR IMPLEMENTING A NEW SCHEME Establish/align a plan Decide/delegate ownership of assignments create a working party Consider legal aspects e.g. need for consultation Agree target implementation date Agree the scheme type Agree the contribution structure Agree scheme rules e.g. eligibility Agree default investment fund/investment strategy Appoint pension provider/consultant Agree communication strategy * Remember auto-enrolment requirements*
40 MANAGING CHANGE IN WORKPLACE PENSIONS
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