It is the employer’s responsibility to choose and operate a suitable workplace pension. They have a duty of care to provide employees with a good-quality scheme – one that operates with their interests at heart and which gives them the potential to achieve the best possible outcome.
Since the introduction of auto-enrolment in October 2012, much higher numbers of new pension schemes are being established than ever before. The effect of this has been that traditional providers are becoming increasingly selective about the business they take on and it is now common for employers to be turned away, or to have terms and costs imposed that are not competitive.
This has in turn led to the introduction of national “multi-employer” pension schemes that pool together the employees of many different businesses. This enables costs to be spread across larger numbers of members and means that there are fewer restrictions on joining. However, to keep costs down, these “master-trust” schemes usually have fewer features and provide less choice to the members, particularly with regard to contribution levels and the availability of different investment funds.
Why One Scheme was set up
One Scheme was set up to overcome these issues. Our aims were to provide great value for money, but also retain the features and choice that members have a right to expect. We think that we’ve achieved those aims:
- No minimum premium levels.
- Accepts transfers from other schemes.
- Guaranteed acceptance for any size employer.
- Multi-employer master trust – for reduced cost and administration.
- Low charges, giving great value and better outcomes.
- Simple choice of 3 core funds, to suit cautious, balanced and adventurous investors.
- A range of additional funds, from some of the world’s best known investment managers.