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The New Pensions Act is accelerating the trend towards defined contribution (DC) schemes. Employees will bear more risk, at the same time employers still have an interest in well-performing schemes. The DC Governance tool makes it easier for employers to keep an overview.
Because of the New Pensions Act, all pension schemes will become DC schemes, whereby employees bear risks and at the same time employers feel responsible and have an interest in well-performing schemes. Specific tools can help employers with this 'new paternalism' by giving them insight into their employees' pension performance.
When it comes to retirement, employers continue to feel a great responsibility to take good care of their employees. Not only financially, but also to give them the tools and enable them to make choices that fit their personal situation. Offering choices and flexibility should be accompanied by a form of protection so that employees retain the prospect of a solid financial future.
To achieve those objectives, PwC's DC Governance tool is a good way to go. This tool allows you to keep track of whether various developments in your company still fit with the chosen DC product. Which options are being used? What are the investment returns? What risks are your employees taking? What is the expected pension and is it sufficient for actual retirement? These kinds of questions are not only on your mind. Your employees also need this information. PwC's DC Governance tool uses information provided by the pension provider, information from the employer and public information to see at a glance how the scheme is doing and where adjustments need to be made.
PwC can support you in identifying the level of investment risk your participants are able and willing to take. Would you like to find out more? Or receive a demo? Then get in touch via the contact form.