A quality defined contribution (DC) option
If you are a trustee of an occupational pension scheme, you will be all too familiar with the onerous duties and responsibilities that come with your role. Finding a suitable pension arrangement for your defined contribution (DC) section or additional voluntary contributions (AVC) can be tricky, particularly where this is only a small element of your scheme.
The Pensions Regulator has six principles for a high quality DC pension scheme:
- the scheme should be designed to be durable, fair and deliver good outcomes for members
- a comprehensive governance framework should be established at outset, with clear responsibilities and accountabilities
- anyone accountable for scheme decisions and activities must understand their duties and be fit to carry them out
- ongoing governance and monitoring should continue throughout the life of the scheme
- the scheme should be well administered with timely, accurate and comprehensive processes and record keeping
- member communications should be clear and enable informed decision making
The BBS MasterPlan includes all features needed for a high quality DC pension scheme, as outlined by the Regulator, and is able to receive both new contributions and transfers of existing funds. As a master trust arrangement (part of SuperTrust UK, established in 2005), the MasterPlan benefits from independent management by professional trustees. The BBS MasterPlan has obtained independent master trust assurance which ensures you meet the requirements of the Pensions Regulator’s code of practice regarding governance and administration.
To help your members understand the decisions they need to make, clear and engaging communications are included as standard. Statutory money purchase illustrations (SMPIs) and additional communications and support can also be provided – you choose the most suitable options for your scheme and budget.
Find out more
For more information on how the MasterPlan could benefit you and your members, click here to see the key features of the scheme.