This is a scheme overseen by a group of trustees. It may be a trust-based scheme operating as a defined contribution (DC) workplace pension scheme or a defined benefit (BD) plan. If you are unsure, contact us and we should be able to find out if your company is running a trust-based scheme.
Why do companies move away from a trust-based pension?
Usually, from our experience, companies transfer from their own trust-based pension over to Smart Pension due to cost. After reviewing the costs of paying for their own trustees, governance, scheme administration and investment strategy, companies tend to conclude that moving to a master trust pension provider is far more cost effective.
Simple economies of scale mean that if a smaller trust-based pension scheme switches to a larger pension scheme, the costs of running the scheme (including admin, investment and governance) are much less because they are shared amongst participating employers.
Could I improve my trust-based pension scheme rather than closing it down?
Is it going to be expensive and difficult to switch over to Smart Pension?
Our experienced pension experts will manage the transfer and you will have a dedicated -point-of-contact throughout making it a smooth process. Working together may enable us to reduce the cost for you and your members.
Is the quality of the data in your pension scheme good enough?
Don’t let the data held within your pension be a barrier to switching pension schemes. We’ll work with you on getting the data accurate during the transfer process.
Smart Pension handles a transfer to a different provider with ease and professional attitude (2021)
The transition from another pension provider to Smart Pension has been seamless and my staff now get access to a huge range of extras that you just don't get with our previous provider. (2021)