Working together to run a workplace pension

Delta Fabrics Limited

Delta Fabrics is a medium sized furniture company with two directors and four key managers.

They have 25 employees ranging from drivers to warehouse operatives, and in this industry there is high turnover of staff.

Under auto-enrolment legislation, Delta had to set up a pension scheme in 2017. They had enlisted their accountant to deal with its setup and management. 

Delta’s directors realised that over the years, input from the accountant had become sporadic. They had been made aware some auto-enrolment responsibilities were being missed and that member communications were not always provided on time.

New employees often had various queries and this was taking up a lot of the finance manager’s time. Many of these queries were regarding opting out, which seemed to create problems with each month’s payroll. 

Delta came to us to see if we could help them.

Delta Fabrics

The outcome

We met with Delta and their accountant to fully understand the existing setup and the problems that were being faced.

It came to light that the accountant had wanted to help their clients meet their obligations in 2017, but they had underestimated the ongoing work required to run the scheme.

It was agreed that we would work alongside the accountant, to assist them each month with member opt outs, communications and pension legislation duties.

Delta also asked us to produce a member handbook that would be provided to their workforce annually, with the aim of reducing staff uncertainty over pension and general human resources issues.

We now work in close collaboration with the company and their accountant, to provide a more robust and comprehensive solution.

A pension is a long-term investment and the value is not guaranteed.  Any advice or considerations are personal to each individual’s circumstances.  The value of investments may go down as well as up and you may get back less than you invest.  Advice on auto enrolment pensions is not regulated by the Financial Conduct Authority.