Scheme health check

You offer default fund(s) which matches the needs of your Members because you undertake regular Member analysis. The default(s) have clearly set out objectives and are dynamic in allowing risk control. You have a self-select range with clearly defined objectives and risk ratings.

You interrogate investment performance, risk and objectives, challenge advisors and have investment expertise within the trustees. You may have an investment committee that dedicates time to regularly reviewing the market for alternative thinking and strategies.

You have robust policies which are regularly reviewed, and stress-tested.

You have already embedded ESG considerations into your investment strategy and have detailed analysis of charges and transaction costs. You have assessed the need for post-retirement options and offer high-quality retirement options appropriate to your Members.

You have highly skilled trustees who are selected in line with a robust policy with several professional trustees. The trustees have training and development targets which includes personal development of relevant skills and topics.

A comprehensive collective and individual competence review is undertaken regularly, and any appointments must demonstrate a high level of skills.

You have timetables, policies and documented processes which ensure consistent running of meetings, management of conflicts and decision making. You have a risk register where those factors identified as high risk are regularly discussed and mitigations proactively sought, the register is given regular meeting time to be discussed and is reviewed in its entirety annually.

You have contracts in place with service providers and relevant KPIs against which you measure the provider annually alongside a comprehensive triennial review.

You carry out a standard annual audit but have also put in place additional relevant audits to ensure excellent service quality and cyber security controls.

You have a detailed contract in place with a high-quality third-party administrator or have specialised in-house administration capabilities which provide comprehensive management reports regularly with attendance at trustee meetings to continually develop the service. You undertake an annual review against relevant KPIs and an in-depth triennial review of the market.

Your Members receive email communications but can elect to receive paper and have access to a dedicated helpline manned by skilled pensions professionals. You have a sophisticated, secure Member website allowing Members to self-serve including inbuilt education and interactive decision making.

Your administrator has comprehensive data protection and cyber security controls which are clearly documented, reviewed and stress tested which may include specific external auditing and penetration testing.

You regularly receive data quality and record keeping reports alongside in-depth assessment against industry best practice standards.

You operate a suite of consistently laid out communications which are appropriate to the method of communication. You have standardised all terminology and use simple language to communicate complex topics. You include a clear call to action and ways of enhancing Member decision making through online tools or telephone support.

You seek feedback at all engagement points and have a robust process for reviewing themes and specific requests. You collate and demonstrate how feedback from employers, Members and third-parties is considered.

You offer a sophisticated and engaging Member website with interactive assistance for better decision making. You utilise third-parties and additional services to ensure your Members understand pensions alongside their wider finances and can access the level of guidance and advice that is appropriate.