If you’re going to help your clients make the right decisions for their business, you’re going to need quick and easy access to all the relevant information. You’ll need information on costs, scheme make-up and the support they have. Here are some of the questions you should be asking:

Cost

• What’s the current contribution cost of running the scheme?
• How many current members are there as well as potential new members?
• What is the likely take-up rate once auto-enrolment comes in?
• What will the increase in contributions be like if all employees are auto-enrolled and don’t opt out?
• How does this compare to the legislative minimum contributions?
• If the current scheme doesn’t meet the necessary criteria for an auto-enrolment scheme, how much will it cost to change it?
• What other costs need to be considered, for example communication, consultation and legal costs?
• How can the cost be managed?

Scheme make-up

• What’s the make-up of the scheme in terms of age, salary, years of service, grade and so on?
• Do contributions vary by grade, age, years of service?
• Do employees view the scheme as an important employee benefit?
• Is there a high turnaround in the scheme membership (new joiners versus leavers)?
• Do members invest in many different funds or not?
• In which funds do they mainly invest in?

Tracking down this information can be a time-consuming and a lengthy process. But if your clients have their scheme with us, you can use our online management information system, Mi Data, to extract this information on an individual scheme, a company or your aggregate book basis. If you’re not registered for Mi Data, do it now.

Next step.