Benchmark your DC scheme with our free DC MOT pension audit
Take our DC MOT – a pension audit for challenging times
You provide pension and employee benefits to recruit, retain and motivate staff – and to support HR planning by enabling your staff to afford to retire. However, the climate emergency and the global pandemic have caused people to reconsider what they value. And the rising cost of living is damaging mental and financial wellness – and thus employee productivity.
In addition, changes to tax, legislation and DC pensions are increasing the costs and risks you face. The opportunity to carry out a pension audit of your DC scheme has never been more timely.
The DC MOT is also a chance to review the relevance and value of your employee benefits and policies linked to environmental, social and governance (ESG) issues that have climbed the agenda in the past few years.
Mercer’s extensive knowledge and market insight will help you plan for the road ahead. Our DC MOT will benchmark your pension and benefits against other UK employers – and against Mercer’s view of best practice for defined contribution schemes. The DC MOT pension plan review will propose improvements that could save money, increase value and reduce risk for you and your employees.
Three areas that the DC MOT could help schemes:
DC MOT: A pension audit that could save money, increase value and reduce risk
Mercer provides defined contribution advice to schemes with combined assets of more than £50 billion and helps more than 3 million defined contribution members plan for their future.
In this pension plan audit, Mercer’s expertise, scale and advice will give you a valuable insight into what is important when it comes to your people and their benefits. There are four stages:
Review current and future requirements.
Assess how well your benefits perform.
Consider improvements available to you.
Deliver value to you and your people.
Market-leading 12-point plan
Savings VehicleVehicles and providers have evolved. Have yours kept pace with what is important to you?
ChargesOur research shows many pensions are poor value. Are you and your staff paying too much?
Tax EfficiencyTax & NICs are increasing. Can you mitigate their impact to you and your people?
Age, Ethnicity, GenderDiversity, Equity & Inclusion are key for employers. Are your benefits aligned to your beliefs?
Auto-enrolmentCosts and risks are rising. Have you considered all options to keep you safe?
Broader BenefitsPeople’s wants and demands have changed. Are you providing what staff value?
Financial WellbeingCOVID-19 and cost of living rises exert immense pressures. Are staff adequately supported?
EngagementPensions are a key recruitment and retention tool. Do your people understand and value them?
Executive SupportHigh paid staff face specific challenges. Are you and they incurring unnecessary costs?
Retirement OptionsIncorrect decisions can cost over 60% of savings. Scams cost more. Are your staff safe?
EnvironmentCOP26 focused global attention. Does your pension align with your and your people’s views?
Retirement AdequacyMany staff can’t afford to retire, creating HR, succession and business risks. Can yours?
Mercer’s DC MOT combines a comprehensive pension plan review with a fresh examination of your associated employee benefits. Using our 12-point plan, we will focus on aspects that are important to you as a UK employer. Using anonymised data from other schemes who have completed a DC MOT we will explain how you compare and provide insight into how other UK employers are addressing the challenges you are facing. We will highlight actions that could save money, increase value and reduce risk for you and your employees.
By completing our DC MOT survey, you will receive a:
- Free benchmark report.
- Free meeting with a Mercer DC expert.
- Free DC Spotlight each quarter, highlighting areas relevant to you.
- Free copy of Mercer’s Annual DC Survey.
First steps towards an effective pension audit
We advise you to think clearly about where your DC scheme has room for improvement before undertaking a pension plan review. Based on our 12-point plan, here are some questions to consider.
- Have your savings vehicle and provider kept pace with changes in the industry?
- Many pensions are poor value. Are you paying too much?
- Have you considered how to mitigate the impact of tax increases on you and your people?
- Do your broader benefits provide the features that staff value and do your employees understand them?
- Are you providing enough support for your employees’ financial wellbeing?
- Are your pension and benefits aligned with your and your people’s views on ESG and diversity, equity and inclusion?
- Can your employees afford to retire and make way for the next generation?
- Are you and your people safe from increasing risks linked to auto-enrolment and incorrect decisions?
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