A simple workplace pension solution | The BBS MasterPlan

A simple workplace pension solution

Key benefits of The BBS MasterPlan include:

Designed for 2015 pension freedoms

Pension scheme members who are age 55 or over can now take their defined contribution (DC) pension savings however they wish. When members of The BBS MasterPlan wish to draw on their pension savings, they have the option to:

Employer governance requirements automatically met through master trust structure

A master trust is a multi-employer pension scheme where each employer has its own section. The BBS MasterPlan is part of the SuperTrust UK master trust arrangement (launched in 2005) and benefits from independent oversight by professional trustees. This expert oversight helps ensure:

Employers using the MasterPlan therefore avoid the burden and expense associated with having to govern their own pension scheme.

The BBS MasterPlan has obtained independent master trust assurance which demonstrates that the scheme has been subjected to an independent review of the description, design and effective operation of its governance and admin practices against a defined set of control objectives.

Low member charges – within the auto-enrolment charge cap

From April 2015, where a workplace pension scheme is being used for auto-enrolment, new regulations cap annual member charges for investment in the scheme default fund at 0.75% of funds under management.

With the MasterPlan, annual management charges for members start at just 0.5% per annum (with no other charges) - well within the new charge cap.

Auto-enrolment friendly

The BBS MasterPlan meets the requirements to qualify as an auto-enrolment pension scheme. Participating employers are free to set their own contribution rates – from simply paying the minimum required for auto-enrolment compliance right up to a bespoke scheme design to help attract and retain the best employees.

Many employers also need help with the day-to-day administration and management of auto-enrolment, for example:

For a complete outsourced solution, employers can also use our auto-enrolment management service. Designed to ensure full compliance at minimum cost, this service includes access to 4mystaff, our specialist auto-enrolment software.

Secure online member access

To help make managing their pension savings as easy as possible, secure online access for members is provided as standard with the MasterPlan. Through our easy-to-use member website, 4myplan, members can:

Professionally selected and monitored investment options

The BBS MasterPlan offers a range of carefully selected investment funds, which are monitored by the trustees. For those members who want to make their own investment decisions, the MasterPlan provides access to 11 funds, covering all major asset classes. Crucially, for members who aren’t comfortable selecting investments, the MasterPlan offers a choice of default fund so you can choose the most appropriate option for your scheme.

All of the investment funds are managed by Legal & General Investment Management Ltd.

Expert management and administration

Efficient, accurate administration is fundamental to the smooth running of any pension scheme. At BBS, our philosophy is: ‘get it right, first time, on time, every time’. We monitor our performance carefully and continuously and are ISO9001 (processes and procedures) and ISO27001 (security and systems) certified.

To find out more

For more information on how The BBS MasterPlan could benefit you and your business, please contact James Stanfield directly on 0117 937 8764 or click here to make an enquiry.

I have a high level of confidence in the service and advice provided by BBS.

Jim McAuliffe

Finance Director, Bristol Airport