Speaking at the Pensions Management Institute’s Administration Summit, Wake told delegates auto-enrolment designs should incorporate a “business as usual” ethos.
“It is not about staging dates, it is about day in, day out; forever into the future. You will be doing continual assessment, monitoring, postponement and continual auto-enrolment coupled with opt-in and opt-out processes,” she said.
“If you focus on what you are going to be doing long into the future, your staging date becomes a one-off snapshot of your normal processes. So make sure you get it right for the future.”
Tesco operates a defined benefit career average revalued earnings scheme for its 300,000 strong workforce, and became one of the first companies to auto-enrol workers earlier this year, after using postponement from its 1 October 2012 staging date.
Wake, who is responsible for the company’s auto-enrolment structure, said schemes should also determine payroll capabilities and its change processes as well as a clear design and delivery process for communications.
On data, she added: “Do as much as you can clean up your data in advance of staging, but remember the business as usual. It is all very well cleaning up in advance, but what you want is clean data going in every time.”
Read more: http://www.professionalpensions.com/professional-pensions/news/2251586/schemes-should-focus-on-longterm-aims-for-ae-tesco#ixzz2NPGs8NGe Professional Pensions – News and analysis from the pensions market. Subscribe now.
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