We provided the tools to help our client's members arrive at the answers themselves
Our client had a large number of staff affected by the latest changes to the annual allowance and lifetime allowances, in both their DB and DC schemes. They were worried that affected staff wouldn’t take action, and subsequently blame the employer.
Our client had the mindset to help their employees arrive at the answers themselves. To help them achieve this we helped them to put in place a structured set of communications, incorporating written material, online tax videos, and seminars.
At the same time, we worked with them to provide their employees with access to the LCP Tax Modeller, so they were able to analyse their own position, and take any necessary action.
This combination led to a workforce that was aware of the changes, and that action may be needed. The seminars had such a high uptake that they were rerun several months later again, to coincide with the publication of the schemes Pension Savings Statements.