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The Pensions Trust to launch multi-employer scheme for third sector
Pension provider The Pensions Trust has announced its intention to launch a defined contribution (DC) multi-employer offering for the voluntary sector
SmarterPensions, The Pensions Trust’s new DC concept, will aim to provide the platform for its ‘qualifying workplace pension schemes’ and will be available to employers and members.
The costs of the scheme are said to be competitive to that of other super and master trusts in the DC market. Full details are expected later this year with a roll out in early 2013.
Stephen Nichols, chief executive of The Pensions Trust, said: “While there are super/master trusts for all sectors, we feel many of them are too new and generic, and don’t understand the special needs of charities and not-for-profit organisations. The Pensions Trust works exclusively in the charitable and not-for-profit sector and we have over 65 years’ of experience in understanding our customer base.
“Over the last year, we have listened to what the voluntary sector would like to see from its auto-enrolment offering, as well as the retirement concerns of members, and have been developing our new concept in line with this.
“We understand the needs of the employers in our sector. They want to be able to offer their employees the decent pension benefits that a good employer should while reducing their costs and administrative burdens. On top of all this they also want to be able to deal with the requirements of auto-enrolment in a simple and hassle free way.”
For the member experience, Nichols said, the Trust is working with ideas such as target date funds and online interactive access, so investment performance can be monitored live at any time.
More information can be found on the SmarterPensions website.