UPDATED FOR 2026
By David Pye, Head of Client Development
Summary
David Pye explains why SMEs should regularly review their workplace pension provider to ensure the scheme remains good value, meets regulatory requirements and delivers strong outcomes for employees.
Reviewing your pension scheme matters more than ever
Many organisations (and individuals) stay with the same providers for insurance, utilities or mortgages simply because it’s the easiest option. But when you’re responsible for a workplace pension scheme with a million pounds or more, that approach can create risks.
Employers running an automatic enrolment pension must meet the auto-enrolment duties set by The Pensions Regulator, so it’s important to ask whether your workplace pension scheme:
- still delivers good outcomes for employees
- offers competitive charges and investment options
- provides the level of support your workforce needs
The good news is that switching providers is far easier than it used to be. Broadstone works with SMEs across many sectors to review existing schemes and help employers identify better options where appropriate. In this article, we look at some of the key areas employers should review.
Talk to our EBC team about how we can help.
Costs could have reduced in your workplace pension scheme
One of the main reasons to review your pension provider is cost. If your scheme hasn’t been reviewed for several years, you and your employees could be paying more than necessary.
Charges across the pensions market have generally fallen, so reviewing your scheme can help determine whether it still offers good value.
When assessing your provider, look at:
- the annual fees paid by employer and employees
- the range of investment options available
- the quality of customer service and support
You can also look at independent reviews, awards or testimonials to understand how the provider is viewed within the pensions industry. Because pensions can be complex, many SMEs choose to work with an expert who can review providers and explain the options clearly.
Read more: Think salary sacrifice is just for pensions? Think again
Keep workplace pension member information up to date
Managing a pension scheme means keeping employee information accurate. Staff circumstances change regularly, and failing to update records can create administration issues or compliance risks.
The Pensions Regulator requires employers to meet several auto-enrolment duties, including:
- assessing staff eligibility for enrolment
- paying the correct pension contributions
- monitoring staff age and earnings thresholds
- completing re-enrolment every three years
Even if no employees need to be re-enrolled, employers must still confirm they have met their duties.
Read more: How inclusive design can improve workplace pension engagement
How confident are you in the governance of your workplace pension scheme?
Governance and legislation around pensions continue to evolve. Employers should be confident that their workplace pension scheme is well run and continues to meet the needs of employees.
Key takeaways
- Ensure your workplace pension scheme remains competitive, with appropriate investment options and service levels.
- Help employees understand their retirement options so they can make informed decisions.
- Choose a provider that communicates clearly with members and supports engagement.
- Review your pension provider regularly to ensure the scheme continues to deliver strong outcomes for employees.
If employees feel their pension is well run and offers the options they need, they are more likely to value the benefit and feel engaged with their employer.
Making a change to a new pensions provider that benefits everyone can be a powerful way to show staff that you care about their future.
