I love pigs. What’s not to like? They seem cute and cuddly when we’re young, yet somehow I could park that fact on my journey to adulthood and become a great worshipper of all things pork related. I often wonder whether fans of Bolton Wanderers (nicknamed the Trotters) ever think of porky treasures when they sing ‘we love you Trotters, we do!’ I know I would.
Here are my four favourite pig-related things:
So how often should employers go to market, to review and potentially change their workplace pension provider? In the bad old days of commission, Smash & Grab Corporate Advisers Ltd might find a reason or three to do so every two years, such as:
Now that commission has gone, funnily enough, there seems to be less of an advisory appetite to get the sleeves rolled up quite so often. Objectively, I think there is a good reason to formally review the workplace pension provider and its proposition every five years. There should also be a light-touch review at every governance cycle (probably six monthly).
When there is a need to formally test the market, I am a great advocate of not just running a beauty parade, but also visiting the providers to meet the people actually running the show. During such a visit in 2015, the decision not to use one major provider was pretty much settled when the security guard nearly came to blows with a governance committee member, who had a blue badge parking need.
I am certain now of one very clear point. Moving away from a pension provider should never be done so on a whim. Employees tend to be hugely unsettled by it, unless the engagement and education plan is spot on. Done properly, it also requires a significant amount of input from employers (no matter what a predatory adviser might tell you).
So, as a general rule, this little piggy would be happier back at the farm.
This article was first published with REBA on 31 May 2017.