Good Pension Administration is Routine

Gracechurch have a very hands on approach to administering Group Personal Pension Plans, based on standard routines.

We prefer to meet every new member of staff shortly after they join, this first meeting normally involves the following:-

1. A brief description of what happens if a member of staff dies before or after retirement, options upon reaching retirement and what happens if they leave the employer.
2. We also deal with any general Pension queries or specific problems that have been encountered in the past.
3. A brief questionnaire is completed to obtain personal details which are then used to prepare a bespoke report and quotation based on the staff member’s own circumstances.
4. We carry out an affordability check to ensure that the individual will not end up in financial difficulties by paying into the scheme.
5. We also provide an explanation of investment risk to ensure that the most appropriate Pension fund is selected for the individual’s own circumstance.

About a month later a second meeting is arranged to discuss the personalised report and quotation and complete the necessary paperwork to enrol the staff member into the scheme.
Second meetings normally occur in the first half of the month to ensure that the employer’s payroll department can make the necessary adjustments for that month.

Advantages of the above system of administration

1. Ensures that all new employees are offered membership into a Pension Scheme within three months, thereby adhering to Stakeholder Pension regulations.
2. All queries relating to the Pension Scheme are dealt with by Gracechurch at these meetings, therefore very little involvement is required from HR or Accounts.
3. This system makes it extremely easy for members of staff to join the Pension Scheme, therefore high take up rates are achieved with more staff being tied into their employers.
4. Advice can be provided regarding staff working or retiring abroad, as well as other general Financial Advice.